Ghana: UMB Bank supports workers with specially designed savings account

UMB Bank, an indigenous Ghanaian bank has given workers another avenue through which they can improve their savings. The account dubbed “LockSaver account” enables both private and public workers to save money consistently, at an attractive interest rate.

The savings 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.

Speaking on May Day, Nii Amankra Tetteh, Executive Director of Business said “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 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 save a little for that 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, General Manager of Consumer Banking on his part also noted that “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 across the country. UMB is a leading indigenous bank reputed for bringing a uniquely Ghanaian perspective to banking since 1972. Headquartered in Accra and licensed by the Bank of Ghana, the bank operates 35 branches across the country and operates the popular mobile banking app – UMB SpeedApp. The Bank celebrated its 50th anniversary in 2022.