| Business
[ 2014-10-25 ]
UMB launches Future Generation Accounts for children Universal Merchant Bank (UMB), one of Ghana’s
leading indigenous and technologically driven
banks, has launched an array of savings and
investment products for children. Called the
Future Generation Accounts, the four products,
which have been exclusively designed to cater for
specific age groups include the ABC Account, Piggy
Bank Account, Smart Teen Account and Young Adult
Account.
The ABC Account is designed for children from
birth up to the age of five. Opened by parents in
trust for their children, the ABC Account is a
great tool to financially prepare for key
milestones in a child’s life. Whether one is
saving for school fees or simply wishes to teach
one’s child the ABC’s of saving, UMB has
created this product to help parents start early
with their financial preparations for their
children.
The Piggy Bank Account is for children over five
years but not more than 12 years old. It allows
the beneficiary children to enjoy the benefits of
long term savings first-hand while also serving as
an excellent tool to teach children the basics of
financial literacy.
The Smart Teen Account is for children between the
ages of 13 to 16 years. It enables parents to
financially prepare for the fast approaching
tertiary education fees of their wards while at
the same time allowing the teenagers themselves to
learn sound financial habits.
Designed for young people aged 17 to 19 years, the
Young Adult Account allows parents and their young
adults to address the growing financial concerns
and needs that arise as young adults transiting
into adulthood.
For all four types of Future Generation Accounts,
regular lodgements can be set up from the
parent’s accounts into their children’s
accounts making it completely convenient in
growing the account balance.
Mr. Nii Ayikai Ribeiro, Head of Transaction
Banking and Product Development of UMB, remarked
that the introduction of the Future Generation
Accounts is the first of its kind in Ghana.
He noted that “we are the first bank in Ghana to
offer products and services that address all
stages of growth in one’s life. With the
introduction of our Future Generation Accounts, we
can now assist clients from the very beginning,
from birth, through the toddler years, through the
teenage years, through the beginning of adulthood,
through student life and right through to the
golden years of life.”
He further commented “As a bank whose core
philosophy is built on putting our customers
first, we realized that in order to better assist
our clients, we needed to provide them with
products that focus on addressing their key
financial needs at various stages in their lives.
In this way, we are loyal partners with our
clients throughout their lives.”
All Future Generation Accounts include
age-appropriate gifts for opening accounts as well
as gifts for reaching certain savings thresholds.
Other unique benefits include mentorship and
financial literacy programs as well as
celebrations for reaching certain financial
milestones.
The introduction of the Future Generation Accounts
is the latest line of new products being launched
at UMB. The customer-focused bank recently
launched the Aspire Account, a current account for
students aged 18 years and older. The Aspire
Account allows UMB to partner with tertiary
students seeking financial independence.
The Future Generation Accounts and the Aspire
Account demonstrate UMB’s commitment to helping
young people achieve their dreams and aspirations.
This is also in line with their recently launched
New You promotion. The New You promo encourages
all Ghanaians to dream and to aspire by
participating in the New You promo whose grand
prize is GHC100,000. By depositing multiples of
GHC200 into a new UMB account or an existing
account at UMB, customers stand a chance of
winning the grand prize and bringing a New You to
life. Source - MyjoyOnline
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