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Officials of Payboy Company Ltd. arrested for operating without license

Some officials of Payboy Company Limited have been arrested by the Economic and Organized Crime Office (EOCO).

EOCO, in a release, said that the arrest was effected on Wednesday, May 27, 2020 after its 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.

“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,” EOCO said in a release.

On its Facebook page, Playboy describes itself as a 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.”

The company was recently in the news for allegedly being appointed by embattled gold dealership firm, Menzgold to negotiate a settlement with their unpaid customers.

Menzgold urged its disgruntled customers in a statement to cooperate with the new arrangement “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.

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