UMB launches game-changing ‘Lock Saver Account’ to safeguard future of gov’t workers

The Universal Merchant Bank (UMB) on Tuesday, July 6, 2021, launched an innovative savings account, tailor-made for government workers.

The product is geared towards securing a comfortable future for clients after retirement.

This was outdoored at a ceremony held at the head office of the Bank, where the Controller and Accountant General of Ghana, Mr. Kwasi Kwaning-Bosompem was the guest of honour.

The introduction of the account is the first time a Ghanaian bank is offering other products via the Controller and Accountant General's industry-leading TPRS system.

The system has so far been used by banks in Ghana to provide loans to government workers. The UMB savings account, marketed as the Controller Locksaver Account, allows government workers to secure a savings account that enables them to save at their own pace and value.

The account boasts of higher interest rates than the industry average and is touted as key to enabling government workers to achieve a 'save-to-invest' loop.

Speaking on the new initiative, the CEO of UMB, Nana Dwemoh Benneh, referred to a survey conducted by the Bank's research team, which indicated a great desire for savings products amongst Ghanaians.

“Overall, the Ghanaian worker understands the value of savings. The challenge has been creating a culture of consistent, untouched savings over a period, to achieve a goal. This product allows government workers to save towards this, using the same channel through which their loans and other credit facilities are managed,” Nana Dwemoh Benneh remarked.

The UMB CEO added, “UMB is proud to be the first Bank in Ghana to provide workers the ability to save as well as access affordable loans, thus adding value to financial well-being. This initiative is in line with our Bank's focus on supporting public sector projects, as a proud indigenous Ghanaian Bank.”

In his remarks, the Controller and Accountant General, Mr. Kwasi Kwaning-Bosompem said, it is a matter of pride that this innovation has been achieved on the back of their own innovation at the Department-the TPRS platform.

"TPRS is a testament to the government's agenda for digitalization and we are proud that a Ghanaian Bank, UMB has innovated with this platform to offer Savings products. I anticipate and are hopeful that other banks and insurance companies will take a cue from it and offer similar value to government workers," he stressed.

Touching on the importance of Savings, the Controller further noted Savings are key for the worker and the economy.

“This is why the Ministry of Finance and the Bank of Ghana has created sanitized environment in the financial services ecosystem and with interest rates. I urge all Ghanaians, especially workers to save some of their earnings every month, no matter how modest as this over time will build up and cushion the worker at critical times,” Mr. Kwasi Kwaning-Bosompem noted.

The event was attended by other senior officers of the Controller and Accountant General's Department, UMB customers, and representatives from key workers unions.

About UMB

Universal Merchant Bank (UMB) is a full-service financial institution specializing in customized banking products and services. UMB opened on March 15, 1972 and is a leading Ghanaian indigenous bank with considerable financial expertise.

UMB is recognised for its entrepreneurial approach, innovative use of technology and distinctive banking solutions. UMB currently has thirty-six (36) branches, three (3) UMB Centres for Businesses, 1 UMB PPP Incubator Centre and a vast network of ATMs. UMB is also ISO 27001 and PCI DSS certified.

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