Menzgold clients fume over delay in dividend payment

Gold dealership firm

According to a report by Accra-based Class FM, Menzgold is no longer making over-the-counter payments, with clients now required to fill forms that would enable the payment of their dividends through the banks.

One of the aggrieved clients is reported to have said that his money has delayed for close to a week despite filling the said forms.

Checks, however, indicate that the delay in payment has come as a result of some clients providing wrong bank account details.

The management of Menzgold has also moved to quell any misconceptions, explaining that the dividends of clients will certainly hit their accounts soon.

The gold dealership firm said it has encountered problems with its over-the-counter payment, making it necessary for clients to be paid through their respective banks.

Meanwhile, some customers said they are uncomfortable with the situation, pointing to the recent warning from the Central Bank.

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In August, the Bank of Ghana issued a statement warning the general public to desist from dealing with Menzgold.

The BoG said it would take action against the company for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients”.

According to the Central Bank, Menzgold was not licensed to take deposits, but the company has been acting to the contrary.

This was, however, strongly refuted by the management of Menzgold, with the company’s CEO, Nana Appiah Mensah, describing the BoG’s claims as a “joke”.

The company, however, later retreated on its stance, insisting it was now cooperating with the Central Bank to resolve the issue.