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Business News of Tuesday, 6 July 2021

Source: www.ghanaweb.com

UMB launches ‘Lock Saver Account’

A photograph taken at the launch play videoA photograph taken at the launch

• The ‘Lock Saver Account’ is to help government workers save up some money before their retirement

• It is a partnership initiative between the UMB and the Controller and Accountant General’s Department to boost customer confidence in saving

• The product will also serve as the guarantee for government workers to access loans


The Universal Merchant Bank (UMB), has launched a new banking product called the ‘UMB Lock Saver Account’ which will help customers save while they bank with the entity.

The ‘Lock Saver Account’ is an initiative by the bank in partnership with the Controller and Accountant General’s Department to help public sector employees save before they retire.

Speaking at the Launch, Nana Dwemoh Benneh, Chief Executive Officer, Universal Merchant Bank said, the initiative was developed to leverage on the Controller and Accountant General’s innovative third-party reference systems to provide innovative savings products for the Ghanaian Worker before he or she goes on retirement.

“Every Ghanaian knows the value of savings. It is embedded in our folklore. For example; 'yeh nom nsuo kye ope' or 'wu sum bodia, sum kwedu’. Our research indicated that Ghanaians want savings that can be ‘locked away’, very much like in the old susu system. Savings that you can truly access when the need is keen. This is why we have designed this unique savings account to complement our offering to the Ghanaian worker. A savings account that any worker can access, that delivers one of the best savings interests in this market and allows for long-term savings,” he said.

He added, the package is targeting government workers at the moment but plans are in place to roll it out onto the private sector in the coming years.

With the ‘Lock Saver Account’, Benneh explained, the customer will get the opportunity to sign on it anytime through the bank and the Controller and Accountant General’s Department by furnishing them with details of the customer and the amount to invest.

He continued: "The package also makes it possible for the customer to open an account with an amount of Gh¢50.00, and invest for a minimum of 12 months after which the customer could have access to his or her money but could also keep investing without withdrawing till his or her retirement.

The customer could also earn an interest of up to Gh¢500 while saving on the new product. The customer could walk into any of the UMB branches across the country and sign onto the product by giving details to the customer service operator.

The product will also serve as a guarantee for government workers who want to access loans once they have signed up onto the system and made some contributions up to a year."

UMB is a Ghanaian Bank that was established in 1972 for the welfare and well-being of Ghanaians.

UMB is one of the leading banks in the country that supported the government's flagship programme, One-District-One-Factory, to rope in revenue that can help create more factories for the growth and development of the country’s economy.



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