Category: News & Events

Universal Merchant Bank (UMB) organized its maiden virtual edition of the annual SME Clinic for over two hundred of its SME customers across different business sectors on the theme, “Running a Successful SME Business in a Disruptive Environment”.

In his welcome address, the Chief Executive of UMB, Mr. Benjamin Amenumey stressed on the Bank’s commitment to its SME customers who have been hard hit by the novel coronavirus, with the decision to offer financial and non-financial support including free business advisory services, extension of loan moratoriums and several other interventions.

He added that the SME Webinar is one of many initiatives the Bank has implemented to continuously engage and gain deeper understanding into customers’ needs and challenges and to improve service delivery, tailor-make products and services specific to the needs of customers, especially in these uncertain times.

In her submission, UMB Director for SME Banking, Madam Charlotte Lily Baidoo, emphasized the need for owners of SMEs to consider managing their finances prudently by allowing for the right amount of balance between risk and profit maximization, thereby ensuring business continuity for posterity.

Speaking on the topic “Harnessing Tech Innovations: a Catalyst for SME Growth”, Sebastian Yalley, the CEO of Global Accelerex Ghana advised participants to embrace new and emerging technology in the service they render to their customers. Finally, presenting on the topic “The Opportunities Presented by Social Media for SMEs”, Faustina Yaa Appiah, of the Marketing and Communications Department of the Bank, also stressed on the need for SMEs to seize the many exciting opportunities on social media to build and grow their brands, reach new markets and ultimately drive sales to dovetail into business profitability.

At the end of the maiden UMB SME Webinar, participants expressed their profound gratitude for the timely nature of the session and for the continuous commitment, UMB demonstrates to its customers.

UMB has obtained the Payment Card Industry Data Security Standards (PCI-DSS) certification from PCI.

 PCI-DSS is the global industry compliance and security standard that is dedicated to secure cardholders’ confidential data. It is also one of the most rigorous security standards in the industry.

This accomplishment reinforces our Bank’s commitment to comply with internationally-accepted security standards that enhance the protection of our customers’ cards information thereby delivering the best service possible. 

UMB, has recorded an impressive 194 percent increase in profit for the half year ended June 2020, despite the impact of the COVID-19 pandemic on the operations of businesses.

The measures taken by various national governments to contain the coronavirus (COVID-19) pandemic across the world have heavily impacted thousands of businesses, especially in Ghana where small businesses make up the majority.

Despite the devastating impact of the current pandemic, the Bank’s profit after tax increased from GHS 5.5million in June 2019 to GHS 16million in 2020, representing a 194 percent increase year-on-year.

UMB also grew its asset base from GHS 2.6billion to GHS3.3billion between June 2019 and June 2020 representing a growth of 25 percent.

UMB, as one of the oldest universal banks in the country that has developed and deployed various banking solutions that meet the needs of today’s large- and small-scale businesses, has committed to supporting businesses through this difficult socio-economic situation.

According to the Bank’s management, the current crisis presents an opportunity to further engage, co-create, and support their clients to recalibrate their operations.

Mr. Benjamin Amenumey, Chief Executive Officer of UMB, commenting on the Bank’s half-year performance noted that UMB, as a business, put in place interventions to manage expenses and these measures culminated in a 10.4% reduction in expenses (year-on-year). Furthermore, the Bank is closely observing local and international developments regarding the coronavirus (COVID-19) pandemic and all the necessary protocols are in place to ensure the safety of their customers and employees.

“Rest assured, that UMB is available to provide you with exceptional service even in these uncertain times. As part of our measures, we had triggered aspects of our business continuity plan in response and anticipation of the impact of the coronavirus (COVID-19) in the environment.”

As a testament to the Bank’s commitment of deploying technology as a banking solution for their customers, UMB has also introduced the ‘tap to pay’ feature for its UMB Visa contactless cards. With the UMB Visa contactless cards, customers can make faster and secure payments on any contactless-enabled POS device or terminal worldwide.

Furthermore, UMB customers can conveniently and seamlessly bank in the comfort of their homes using the innovative mobile banking application, the UMB SpeedApp. Similarly, customers can choose from a suite of electronic channels including 24-hour ATMs as well as the UMB Internet Banking portal.

Not only is the Bank at the forefront of deploying technology to better serve its clients, it is positioning the customer at the heart of all it does in this critical period with many interventions such as financial relief packages to cushion the blow that COVID-19 has dealt many business owners especially those in the SME sector.

Additionally, UMB has rolled out for government workers and public servants, an exciting loan package – the UMB Controller Loan, to help them secure up to GHS150,000 at a competitive interest rate and then pay back within a 48-month period so that they can finance their everyday personal needs.

Universal Merchant Bank (UMB) has presented a full scholarship to the 2019 overall best WASSCE candidate, Melisa Abena Okyerewaa Amoah at a WAEC Distinction Awards ceremony.

This puts to six, the number of times the bank has presented full scholarships to deserving students.

The awards ceremony was held at the Sakyi Asare-Menako Hall on Wednesday, March 11, 2020, to recognize and reward the best performing candidates in the 2019 West African Senior School Certificate Examination (WASSCE) organized by the West African Examinations Council (WAEC).

UMB, with the full educational scholarship, will provide funding to cater for Melisa’s tuition, accommodation and books for the entire duration of her course at the University of Ghana, Legon.

She also received cash of GHS1,000 on her UMB SpeedApp account, a brand new laptop and some branded gift items from the Bank.

The second and third overall best candidates, Nana Adwoa Sereboo Agyemang and Ewurabena Esiboaba Cudjoe were each presented with brand new laptops, cash and UMB branded gift items.

The Chief Executive Officer of UMB, Benjamin Amenumey in his remarks noted, “This scholarship programme is much more than a corporate social responsibility initiative for us at UMB; it is, in fact, a civic responsibility of helping build a great nation through education, which is the passport to a great future.”

He further stated that as an indigenous bank, UMB would continue to empower the youth by encouraging them through such financial interventions, as he believes this will encourage parents to motivate their wards to excel in their respective courses in school for a better, brighter future.

UMB officials led by the CEO; the Director-General of the Ghana Education Service, Professor Kwasi Opoku-Amankwa; Country and Regional WAEC officials; Minister of State in charge of Tertiary Education, Professor Kwesi Yankah and many other dignitaries attended the event.

The overall best WASSCE candidate, Melisa A. O Amoah, and her family expressed their gratitude to the bank for the kind gesture and entreated current second-cycle students, especially the final year students, to be diligent in their pursuit of excellence even beyond the classroom.