Payees on the Controller and Accountant General Payroll can now access savings products as well as loans from Universal Merchant Bank (UMB) Ltd.
This follows the launch yesterday in Accra of the UMB Locksaver Account, an innovative savings account, tailor-made for government workers.
The Controller and Accountant General, Kwasi Kwaning-Bosompem, was the guest of honour.
This is the first time a Ghanaian bank is offering other products via the Controller and Accountant General’s industry leading TPRS system.
The UMB savings account, marketed as the Controller Locksaver Account, allows government workers to secure a savings account which enables them save at their own pace and value. The account boasts of higher interest rates than the industry average and is touted as key to enabling government workers achieve a ‘save-to-invest’ loop.
CEO of UMB, Nana Dwemoh Benneh, commenting on the new product, referred to a survey conducted by the UMB’s research team, which indicated a great desire for savings products amongst Ghanaians.
“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, Mr. Kwaning–Bosompem said staff of his department felt elated since the innovation “has been achieved on the back of our won 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 these platform tooffer 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,” he added.
The Controller and Accountant General further noted “Savings are key for the worker and the economy. This is why the Ministry of Finance and the Bank of Ghana has sanitised the 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.