Defunct gold dealership, Menzgold Ghana has reversed its decision to require former clients to purchase a verification Access Card in order to verify transactions and validate claims.

The company, founded by Nana Appiah Mensah (NAM 1), backtracked on this directive on Sunday, August 20, after facing strong backlash from its customers and the public.

"Menzgold would cease the production and printing of the PVC Digital Access Cards, which imposes a cost burden," the defunct company said in a communique.

The company said it is resorting to "the printing of the PIN Codes only, for onwards distribution at no cost subject to the following conditions, that; Clients with INVALID status may choose to either walk away or still in the face of the one or several of the ten (10) invalidity status reasons provided, 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 change comes after Menzgold initially announced a customer validation process aimed at facilitating the release of funds for clients whose investments have been held up.

In a letter dated August 18, 2023, the company had emphasized the necessity of this validation process due to the discovery of unacceptable infractions in a significant number of claims during initial assessments.

The earlier statement, issued on August 8th, had stated that Menzgold had completed the validation of transaction supporting documents submitted by customers for vetting. However, it was revealed that more than sixty percent (60%) of the claims contained infractions that invalidated them.

As part of the initial plan, Menzgold introduced the Menzgold Digital Verification Access Card process, which was designed to allow customers to verify transactions and validate their claims.

These access cards were set to be available for purchase at GHs650 each from authorized Payboy Agents.

Customers were expected to use these cards to check their transaction validation status between August 10, 2023, and September 14, 2023.

Additionally, they were required to upload original colored soft copies of supporting documents for their transactions.

Following the public's strong reaction and concerns over the purchase requirement of the access cards, Menzgold has now reconsidered its approach.