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Ghana News

UMB Launches LockSaver Account to Encourage Savings Among Workers

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UMB, a leading indigenous Ghanaian bank, has launched its LockSaver account to mark workers’ day. This new savings account enables both private and public workers to save money consistently at an attractive interest rate. Originally launched in 2021 for workers on the Controller and Accountant General’s payroll, the LockSaver account is now available to all workers in Ghana, regardless of sector or level of income.

The Executive Director of Business, Nii Amankra Tetteh, highlighted the importance of savings in the life of every worker. He stated that the pride of every worker is the ability to save for a rainy day and retirement, as it makes one feel fulfilled at work. Tetteh emphasized that the typical Ghanaian worker understands the value of savings and knows the importance of consistently putting money away for the future.

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The LockSaver account offers an industry-best interest rate of 8% per annum. The General Manager of Consumer Banking, Samuel Sakyi-Hyde, noted that the account takes into account the sociological realities of the Ghanaian worker. He explained that the Ghanaian worker loves to save but is often unable to resist the social pressures that force them to hit those savings in an unplanned manner. The LockSaver account, therefore, allows the worker to lock away their savings, sequestering it from temptation and embedding a culture of savings.

The LockSaver product is available in every UMB branch in Ghana. The bank is licensed by the Bank of Ghana and operates out of 35 branches across Ghana, with its headquarters in Accra. UMB has been bringing a uniquely Ghanaian perspective to banking since 1972 and celebrated its 50th anniversary in 2022.

For the most part, UMB’s LockSaver account is an excellent initiative to encourage savings among Ghanaian workers. The account’s high-interest rate and locking mechanism will help workers save for a rainy day and retirement, promoting financial security and overall wellbeing. As Ghana seeks to develop its economy, encouraging savings among workers is critical. The LockSaver account offers an excellent opportunity for all workers, regardless of sector or level of income, to grow their wealth and secure their future.

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