The Executive Director of Business at UMB, Nii Amankra Tetteh, has urged them to save for a rainy day or retirement.

As Ghanaian workers marked the annual May Day, he noted that saving is important for workers to feel fulfilled.

“The pride of every worker is the ability to save for a rainy day and retirement. Otherwise, one does not feel fulfilled at work. Overall, the typical Ghanaian understands the value of savings. The Ghanaian worker knows that like the proverbial ant, he or she needs to put something away regularly and consistently, for the future. At UMB we believe that no matter the difficulties, the key thing is to consistently put a little, for that a rainy day or retirement. This is why we have developed the LockSaver account, so that no matter who you are, where you work or how much you earn, you can grow your wealth from savings, for the future.”

Tetteh emphasized that the key to consistent savings is to save a little, no matter how difficult the circumstances may be.

He stated that the LockSaver account offers an opportunity for all workers, regardless of their income or employment status, to grow their wealth and secure their financial future.

Samuel Sakyi-Hyde, the General Manager of Consumer Banking at UMB, noted that the Ghanaian worker loves to save, but social pressures often force them to dip into their savings, hence the reason they need the LockSaver account.

“The unique thing about the LockSaver account is that it offers an industry best rate of 8% per annum. The other interesting thing about the LockSaver is that it takes full cognizance of consumer behaviour and the sociological realities of the Ghanaian worker. Our experience since 1972 tells us that the Ghanaian worker loves to save, the problem is the many social pressures that force this worker to hit these savings in an unplanned manner. The LockSaver allows the worker to lock away the savings, so it is sequestered and there is no incentive to hit those savings, thus embedding the savings culture”, he added.

The LockSaver account was originally launched in 2021 and piloted for workers on the Controller and Accountant General’s payroll. It has now been made available to all workers in both the private and public sectors.