UMB launches special savings account for civil servants
Universal Merchant Bank (UMB) has launched a tailor-made savings account for civil servants.
The product introduction is the first time a Ghanaian bank has offered such offerings through the industry-leading TPRS system of the Comptroller and Accountant General. This system has so far been used by banks in Ghana to provide loans to civil servants.
The UMB Savings Account, dubbed the “Controller Locksaver Account,” will allow government employees to secure a savings account that allows them to save at their own pace and to their own worth. The account boasts a higher interest rate than the industry average and is touted as essential for enabling government employees to achieve a “save to invest” loop.
Speaking on the new initiative, UMB Managing Director Nana Dwemoh Benneh referred to a survey conducted by the bank’s research team, which indicated a great desire for savings products among Ghanaians.
“Overall, the Ghanaian worker understands the value of saving. The challenge has been to create a constant and intact savings culture over time, to achieve a goal. This product allows government employees to save for this purpose, using the same channel through which their loans and other credit facilities are managed. »
He added, “UMB is proud to be the first bank in Ghana to offer workers the opportunity to save and access affordable loans, adding value to financial well-being. This move is in line with our bank’s focus on supporting public sector projects, as a proud indigenous Ghanaian bank,” he said.
In his address, the Comptroller and Accountant General, Kwasi Kwaning-Bosompem, said, “It is a matter of pride for us that this innovation has been achieved through our innovation within the department. The Third Party Reference System (TPRS) is a testament to the government’s digitization agenda and we are proud that a Ghanaian bank, UMB, has innovated with this platform to offer savings products. I anticipate and hope that other banks and insurance companies will emulate it and deliver similar value to government employees.
Addressing the importance of savings, the Comptroller and Accountant General added that “savings are essential 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 working people, to save a portion of their income each month, no matter how small, as this over time will accumulate and dampen the worker at critical times.
The event brought together other senior staff from the Department of the Comptroller and Accountant General, UMB clients and representatives from major labor unions.