Universal Merchant Bank (UMB) today launched an innovative savings account, tailor-made for government workers. This was at a media event at the head office of the bank, where the Controller and Accountant General of Ghana, Mr. Kwasi Kwaning – Bosompem was the guest of honor.
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. This 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 higher interest rates than the industry average and is touted as the 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. 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 for us that this innovation has been achieved on the back of our 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 am hopeful that other banks and insurance companies will take a cue from it and offer similar value to government workers. “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 have created a 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.”
The event was attended by other senior officers of the Controller and Accountant General’s Department, UMB customers, and representatives from key workers’ unions.
Source: Ghana Web
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