Menzgold verification card: Ghanaians demand complete stoppage of company’s operation

Following an announcement by defunct Menzgold for some of its customers to purchase verification cards to validate their payments, some Ghanaians have demanded that authorities altogether stop any undertakings of the company.

They have also urged the speedy prosecution of its owner, Nana Appiah Mensah, whose alleged fraud case is currently before the courts.

Since the revocation of the company’s license in 2018 by the Securities and Exchange Commission, there has been pressure on Menzgold to repay the investments of its clients.

Nana Appiah Mensah, also known as NAM 1, has since August 2019 made over 30 appearances in court, following a suit by the state against himself, his wife, Rose Tetteh, and his sister, Benedicta Appiah.

The three have been facing 13 counts of defrauding by false pretenses, money laundering, abetment, and carrying on deposit-taking business without license.

In recent statements, Mengold stated that it wanted to pay outstanding claims to its customers; however, it said that about 60% of the customers whose obligations couldn’t be validated would need to purchase digital verification cards for GHC 650 from the company to authenticate their claims.

This request was met with anger from the public, who questioned why the government would give NAM 1 the room to do business in spite of the pending legal case.