Payboy Company Limited has terminated its agreement with Menzgold Company Limited to facilitate the payment of the embattled and now-defunct gold firms customers’ locked-up funds.
This follows the arrest of Payboy officials by officers from the Economic and Organised Crime Office (EOCO), on Friday.
EOCO indicated that the company was operating without the requisite licences from either the Bank of Ghana or the Securities and Exchange Commission.
In a statement dated 29 May 2020, the management of Payboy said: “We have indicated to Menzgold Ghana Company Limited our decision to opt out of the ‘Payment Facilitation Agreement’ we signed on the 7th February 2020. Among others, we indicated that we would NOT admit any Menzgold customer at our premises on the basis of negotiating and facilitating mutually acceptable payment mode or manner for the indebted client.”
Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.