May Day: UMB rolls out specially designed savings account for workers

The LockSaver account was originally launched in 2021 and piloted for workers on the controller and accountant general’s payroll

The Universal Merchant Bank (UMB), as part of activities to mark this year’s May Day celebration, has offered Ghanaian workers another avenue to improve their savings.

UMB, an indigenous Ghanaian bank, introduced this offer through its LockSaver account, which enables both private and public sector workers to save money consistently at an attractive interest rate.

The LockSaver account was originally launched in 2021 and piloted for workers on the controller and accountant general’s payroll.

The product has now been enabled for access to all workers in Ghana, in both the private and public sectors.

The pride of every worker is the ability to save for a rainy day and retirement, otherwise one does not feel fulfilled at work. Overall, the typical Ghanaian understands the value of savings.

The executive director of business at the bank, Nii Amankra Tetteh said, “The Ghanaian worker knows that, like the proverbial ant, he or she needs to put something away regularly and consistently for the future.

“At UMB, we believe that no matter the difficulties, the key thing is to consistently put a little, for that a rainy day or retirement. This is why we have developed the LockSaver account, so that no matter who you are, where you work or how much you earn, you can grow your wealth from savings, for the future.”

Samuel Sakyi-Hyde, the general manager of consumer banking, said “the unique thing about the LockSaver account is that it offers an industry best rate of 8% per annum.

“The other interesting thing about the LockSaver is that it takes full cognizance of consumer behaviour and the sociological realities of the Ghanaian worker.

“Our experience since 1972 tells us that the Ghanaian worker loves to save. The problem is the many social pressures that force this worker to hit these savings in an unplanned manner.

“The LockSaver allows the worker to lock away the savings, so it is sequestered and there is no incentive to hit those savings, thus embedding the savings culture.”

The LockSaver product is available in every UMB branch in Ghana. UMB is a leading indigenous bank reputed for bringing a uniquely Ghanaian perspective to banking, since 1972.

About UMB

Headquartered in Accra and licenced by the Bank of Ghana, the bank operates 35 branches across the country. It also operates the popular mobile banking app – UMB SpeedApp. The bank celebrated its 50th anniversary in 2022.

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

UMB is recognized for its entrepreneurial approach, innovative use of technology and distinctive banking solutions.

Apart from its 35 branches, the bank has three UMB Centres for Businesses, one UMB PPP Incubator Centre and a vast network of ATMs.

UMB is ISO 27001 and PCI DSS certified.

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