Menzgold saga: NAM 1 retracts their 'GHs650-for-validation' payback scheme

 Menzgold Ghana, a defunct gold dealer, has changed its mind about requiring former customers to buy a verification Access Card in order to confirm transactions and support claims.

On Sunday, August 20, the company—founded by Nana Appiah Mensah (NAM 1)—retracted this instruction after receiving harsh criticism from its clients and the general public.
In a statement, the now-defunct company stated that it will stop producing and printing PVC Digital Access Cards because it was expensive.
According to the business, it is resorting to "the printing of the PIN Codes only, for onward distribution at no cost subject to the following conditions, that; Clients with INVALID status may choose to either walk away or still adamantly proceed to seek redress or review of the invalidity determination, which shall come at a fee to avoid the abuse of our time, human, and logistics resources."

This modification follows Menzgold's first announcement of a customer validation procedure designed to speed up the disbursement of monies for customers whose investments have been delayed.
The corporation had stressed the importance of this validation process in a letter dated August 18, 2023, as a result of the detection of inadmissible breaches in a sizable proportion of claims during early assessments.
The original announcement, made on August 8th, had said that Menzgold had finished validating the transactional supporting documentation that clients had provided for review. However, it turned out that more than sixty percent (60%) of the claims had violations that rendered them ineligible. 
The Menzgold Digital Verification Access Card method, which was created to enable clients to confirm their claims and verify transactions, was initially part of the Menzgold concept.
These access cards were scheduled to be sold by authorized Payboy Agents for GHs650 each.
Customers were intended to use these cards between August 10 and September 14, 2023, to check the status of their transaction validation.

They also had to upload original, color copies of the supporting paperwork for their transactions.
Menzgold has changed its strategy in response to the outspoken criticism and worries expressed by the public regarding the access cards' purchase need.