Some officials of the third party entity authorized by Menzgold to make payments to its clients, Payboy Company Limited have been arrested by the Economic and Organized Crime Office (EOCO).
In a communique released by EOCO, it said the arrest was effected on Wednesday, May 27, 2020, after preliminary investigations showed that the company was offering some financial services without the requisite license from the Bank of Ghana or the Securities and Exchange Commission.
It said: “The Economic and Organized Crime Office (EOCO) on Wednesday, 27th May, 2020 arrested some officials of Payboy Company Limited, an entity that purports to be into the Marketing and Promotion of Financial Technologies. Initial investigations have revealed that the company was operating without the required licenses from either the Bank of Ghana or the Securities and Exchange Commission.”
Payboy Company Limited describes itself as “a limited liability Professional digital payments solution services marketing and promotions company, that undertakes the marketing and promotions of fin-tecs, which includes a wide range of digital financial solutions with the objective of identifying and presenting these seamless digital financial technologies to corporate bodies and private individuals, who have payment systems channel need,” according to its facebook profile.
Menzgold recently urged its disgruntled customers in a statement to cooperate with Payboy to pay them out, saying; “as we strive to achieve this noble debt settlement objective.”
But EOCO says Payboy is not licensed to conduct such business or any financial transactions and has warned the public not to do any business with them.
“The general public is advised to be circumspect when dealing with companies or individuals if it involves financial commitments.”
The office added that it is still conducting investigations into the matter.
