Universal Merchant Bank (UMB) has launched a savings account tailor-made for government workers.

The introduction of the product is the first time a Ghanaian bank is providing such offerings via the Controller and Accountant General’s industry leading TPRS system. This system has so far been used by banks in Ghana to provide loans to government workers.

The UMB savings account, dubbed the ‘Controller Locksaver Account’, will allow government workers to secure a savings account which enables them save at their own pace and value. The account boasts of higher interest rate than the industry average and is touted as key to enabling government workers to achieve a ‘save-to-invest’ loop.

Speaking on the new initiative, Chief Executive of UMB, Nana Dwemoh Benneh, referred to a survey conducted by the bank’s research team, which indicated a great desire for savings products amongst Ghanaians.

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

He added: “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 proud indigenous Ghanaian Bank,” he said.

In his remarks, the Controller and Accountant General, Kwasi Kwaning-Bosompem said, “it is a matter of pride for us that this innovation has been achieved on the back of our innovation at the department. Third Party Reference System (TPRS) is a testament to government’s agenda for digitization and we are proud that a Ghanaian bank, UMB has innovated with this platform to offer savings products. I anticipate and I’m hopeful that other banks and insurance companies will take a cue from it and offer similar value to government workers.”

Touching on the importance of savings, 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 have created a sanitized 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 worker unions.