Menzgold assures clients over delay in dividend payment

Menzgold assures clients over delay in dividend payment

- Menzgold Company Limited has acknowledged with a firm assurance that customers have no cause to worry over the delay in the payment of their dividend

- Some clients of Menzgold Company Limited have started fuming at various branches of the gold-trading firm over the several days’ delay in payment of their latest dividend

Gold-trading firm Menzgold Company Limited is currently on the receiving end of complaints from some clients following what they describe as a delay in the payment of their latest dividend.

Customers at the various branches of the gold dealership company have been fuming, as they are not used to having their dividends delayed.

Accra-based Class FM reports that the company asked some clients to fill forms to be paid their monies through banks, instead of the previous over-the-counter payments.

Menzgold assures clients over delay in dividend payment
Nana Appiah Mensah, CEO of Menzgold
Source: Facebook

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One of the clients is reported to have lamented the situation, saying his money had delayed for over a week despite filling the forms.

According to him, the delay in payment may be as a result of Menzgold trying to streamline its payment method by channelling clients’ dividends through the banks.

Meanwhile, many customers are uncomfortable with the situation, especially following numerous warnings from the central bank.

George Quaye, Head of Communications at Menzgold in an interview with Graphic Online explained that, Menzgold’s bid to better serve its clients and to regularize some of its processes has led to the delays in payment of dividend.

What has changed is the mode of payment of extra value following our engagements with the relevant institutions. You know that previously clients could make cash calls on their extra value (dividends) directly from the company. Now all payments go through the banks," he opined.

Mr. Quaye further added that “It is safer and more convenient as clients can access their values via a number of options, whether through electronic banking, credit cards or simply by rolling them over into their bank accounts. Yes, we have heard a few complaints of delays, and those bottlenecks are being looked into to ensure that our clients are happy. The process is new and naturally, a few challenges could be expected to which we deeply apologise and assure the few affected customers that we are working with the banks to have them resolved as soon as possible".

It will be recalled that earlier in August, the Bank of Ghana (BoG) warned the public to stay off doing business with Menzgold.

The BoG accused the gold-trading firm of engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients”.

The Central Bank held that the company has no license to take deposits and therefore it was illegal for them to be accepting deposits from clients.

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The BoG subsequently stated that it was in discussions with relevant regulatory authorities to sanction Menzgold.

However, the company denied the BoG’s claim, with its CEO, Nana Appiah Mensah, assuring clients that their monies were safe.

Reports however, suggest that the latest delay in the payments of dividends to Menzgold clients is as a result of the provision of wrong bank accounts by some customers.

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