Category: News & Events

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.

ACCRA , June 7, 2021:  Universal Merchant Bank (UMB) is delighted to announce the appointment of Nii Amankra Kwashie Tetteh  as Executive Director , Business.  He will be responsible for leading the growth agenda for the business lines of the Bank. Nii Amankra is a proven leader in the banking industry with a deep, diverse and impactful career track spanning over 19 years, across markets in Africa.

Prior roles in Nii Amankra’s career include executive apex leadership at Bayport Savings & Loans PLC, where he led the transformation agenda and reported the best results in the 18 years of this Institution. Other significant career milestones include over 12 years of progressively senior executive roles within the Barclays Bank Group (now ABSA) including leadership within the Retail and Business Banking in Ghana, and the Barclays Africa Regional Office. Nii Amankra began his banking career at Standard Chartered Bank Ghana, within its Trade Operations unit in 2001. Nii Amankra holds an advanced degree from the China Europe International Business School, Shanghai and Post-Graduate Certificates fom the University of Leicester, UK and IESE, Barcelona  . He is also an alumnus of the University of Ghana, Legon and Mfantsipim School.

Speaking on the appointment, Nana Dwemoh Benneh, CEO UMB said, “Nii Amankra’s appointment is further testament of momentum and confidence in our growth strategy. We are an indigenous Ghanaian Bank  focused on being the best  and helping our customers  achieve the best of  their aspirations. To attract the highest standard and caliber of Ghanaian talent to our executive team, as we have done here, lends confidence to our strategy and positioning.  I am confident Nii Amankra will contribute to the acceleration of delivering the most exciting and fruitful customer experiences in Ghana.”

Commenting on his  appointment, Nii Amankrah said, “I am elated and look forward to delivering on the aspiration of a strong , world -class Ghanaian Bank . UMB has impeccable credentials and pedigree as a banking leader. We shall push ahead to lead the way to deliver effective, digital and efficient value to our SME, Corporate and Personal Banking customers, with the aim of helping them be the best they can be.”

Nii Amankra has fulfilled all regulatory reviews and has assumed his role.

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