Author: MARKETING

Universal Merchant Bank (UMB) has launched an innovative savings account, tailor-made for government workers. This was at a media event at the headoffice of the Bank, where the Controller and Accountant General of Ghana ,Mr. Kwasi Kwaning – Bosompem was the guest of honour.
The introduction of the account is the first time a Ghanaian bank is offering other products 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, 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 higher interest rates than the industry average and is touted as key to enabling government workers achieve a ‘save-to-invest’ loop.
Speaking on the new initiative, CEO 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. 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, the Controller and Accountant General, Mr. Kwasi Kwaning–Bosompem said “ It is a matter of pride for us that this innovation has been achieved on the back of our won innovation at the Department– the TPRS platform. TPRS is a testament to the governments agenda for digitalization and we are proud that a Ghanaian Bank, UMB has innovated with this platform to offer Savings products. I anticipate and are 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 further noted “Savings are key for the worker and the economy. This is why the Ministry of Finance and the Bank of Ghana has created 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 workers unions.

Customers of Universal Merchant Bank (UMB) in the Northern Region were pleasantly surprised during this year’s Eid festivities, as the CEO of the Bank joined the celebrations in person.  Accompanied by senior executives of the Bank, Nana Dwemoh Benneh the CEO visited with key customers wishing them Eid Mubarak and compliments of the season.

A significant part of these engagements included a courtesy call on the overlord of Dagbon, Yaa-Naa Abubakari Mahama II.  Nana Dwemoh presented items to the Yaa-Naa’s court towards the celebrations and to formally announce his appointment as CEO of the Bank.

Nana Dwemoh Benneh noted, “We take great pride in our heritage as a Ghanaian bank. We hold the view that this heritage denotes world-class and we constantly strive to bring it to life. The key to this is integrating into the lives of the most important part of our business – the CUSTOMER! Also as a Ghanaian bank, we celebrate our culture, and thus there is no way we can be in Dagbon for the Eid, and not pay our respects and ask for the blessings of the Yaa-Naa”.

The Yaa-Naa expressed his deepest appreciation for the visit and the items donated toward the Eid celebrations at the Gbewaa Palace. Speaking through his PRO, he noted, “We in Dagbon and Ghana have to be proud of our own. UMB has been serving us well here in the Northern Region and I pray for Allah to guide the steps of the new CEO to achieve greater successes”.

The Yaa-Naa further admonished the people of Dagbon and Ghana to select Ghanaian banks to support the indigenisation agenda of the government.

The Chief Executive Officer of Universal Merchant Bank (UMB), Nana Dwemoh Benneh has paid a courtesy call on the Asantehene, Otumfuo Osei Tutu II, at the Manhyia Palace in Kumasi.

The visit was to congratulate the Otumfuo on the occasion of his 71st birthday and for Nana Dwemoh Benneh to formally announce his appointment to leadership at the Bank

Nana Dwemoh Benneh, accompanied by some key officials of the Bank, reiterated UMB’s sincerest and most fervent compliments to His Majesty. He further outlined the Bank’s commitment to providing superior financial services to Asanteman and Ghana.

He further stated that as part of UMB’s rich legacy of building and supporting business growth, the Bank had positioned itself as a resilient and digitised SME bank of choice.

The Asantehene Otumfuo Osei Tutu II in his remarks congratulated Nana Dwemoh Benneh on his appointment as CEO of UMB and expressed his confidence and blessings as regards his success.

He charged him to not only uphold the fundamental principles of his forebearers but to build on this to establish a legacy of growth for the Bank. He noted the Bank’s upcoming 50th anniversary milestone and looked forward to being appraised of events to mark this momentous event, in the coming months.

Nana Dwemoh Benneh’s visit forms part of his stakeholder engagement and familiarization tour of the region.

Businesses that successfully adapt to the increasing need to integrate technology into their operations in a sustainable manner will become winners of the COVID-19 crisis, Chief Executive Officer of Universal Merchant Bank (UMB), Nana Dwemoh Benneh, has said.

Speaking at this year’s first Ghana’s Most Respected CEOs Breakfast Series organised by the Business and Financial Times (B&FT) in Accra, Mr. Benneh said the pandemic will create both winners and losers, but noted that only businesses that can sustain their operations in the face of the crisis by adapting to the new normal – relying on technology, embracing remote work and adjusting to changing needs of customers – will emerge winners post the pandemic.

“The winners will be those who can do a proper assessment of what their business model is, what it is they are offering vis-à-vis the current changes we are all experiencing, and then taking advantage of it,” he said.

The event marks the sixth in the series and was themed ‘Business adaptability and sustainability in 2021: the role of impact finance and technology’. It brought together top business leaders to deliberate on how businesses can adapt to the changing face of work in a sustainable way by taking advantage of technology.

Since outbreak of the pandemic in the country a little over a year ago, most businesses have had to change the way they operate; and Mr. Benneh believes that the successful ones have had to rely more on technology and adapt to working remotely – all of which, he added, has come to change the operating model of most firms, and hopefully for the better.

“COVID-19 was a systematic process and almost every business had to sit back and review their operations, and almost every business has had to change the way they operate,” he noted. The successful ones, he added, will also be those that are quick to realise the need for change and then do so in a sustainable manner by embracing technology and innovation.

Sharing the unique experience of UMB, an indigenous financial institution that has successfully overcome the recent banking sector crisis and COVID-19 shock, he said the bank’s success since outbreak of the virus has been achieved by consistently supporting all clients, whether they are winning or they need extra support.

Explaining further, he said this experience has positioned the UMB brand as the financial institution of choice in the country for businesses looking to overcome challenges caused by the pandemic.

“We have found ways to support those whose businesses went down, and also support those who had opportunities to enable them to exploit these opportunities. We have customers which are still recovering that we are still supporting,” he added.

On what Ghanaians should expect from the bank in the years to come, he said: “Our clients should expect partnerships from us. Our commitment is that we want to partner and help them as they evolve their businesses going forward; and because we are an indigenous bank with a specific interest in Ghanaian corporates and SMEs – and even retail customers, our doors are always open as they go through the changes in their various circumstances”.

Source: Business & Financial Times