Payboy Company Limited has terminated its agreement with Menzgold.

The company had agreed to a deal with the troubled gold dealership firm to facilitate the payment of its customers' locked-up funds.

In a statement dated 29 May 2020, the management of Payboy said: "We have indicated to Menzgold Ghana Company Limited our decision to opt out of the 'Payment Facilitation Agreement' we signed on the 7th February 2020. Among others, we indicated that we would NOT admit any Menzgold customer at our premises on the basis of negotiating and facilitating mutually acceptable payment mode or manner for the indebted client."

Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.

The Economic and Organised Crime Office (EOCO), on Friday, arrested some officials of Payboy Company Limited.

EOCO indicated that the company was operating without the requisite licences from either the Bank of Ghana or the Securities and Exchange Commission.