UMB launches Locksaver Account for government workers

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The Universal Merchant Bank (UMB), has unveiled a new savings product dubbed ‘Locksaver Account’ which is tailor-made for staff of government organisations.

The product, which is the first of its kind by a Ghanaian bank, will be supported through a partnership with the Controller and Accountant General’s Department (CAGD), via its TPRS system.

The introduction of the account is the first time a Ghanaian bank is offering a different product on the Controller and Accountant General’s TPRS system, which has so far been used by banks to provide loans to government workers.

The Locksaver Account is intended to provide workers with a reliable savings account to enable them to save at their own pace and value.

The account offers higher interest rates than the industry average, and it is designed to help government workers to achieve a ‘save-to-invest’ loop.

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

“Overall, the Ghanaian worker understands the value of savings,” he said.

“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 the bank’s focus on supporting public sector projects.”

The Controller and Accountant General, Kwasi Kwaning-Bosompem, said banking is currently undergoing a technological transformation due to rising competition, changing customer expectations and improved technological capabilities.

He lauded UMB for being the first bank to take advantage of the TPRS platform to offer savings products to customers, adding that TPRS is a testament to the government’s agenda for digitalization.

“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.”

Mr. Kwaning-Bosompem advised workers to save with credible financial institutions, and not be tempted by promises of extraordinary-high interest rates from questionable establishments.

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