#[email protected]: Bringing a uniquely Ghanaian perspective to banking in Ghana, since 1972 – The Universal Merchant Bank story

0
Universal Merchant Bank
UMB CEO Nana Benneh paying a courtesy call on the Controller and Accountant General in May 2021. UMB provides financing and credit options, including scheme loans to the Controller's Payroll

Universal Merchant Bank opened its doors for business in 1972, as the Merchant Bank of Ghana. The bank was established as a specialized policy bank to provide indigenous merchant and wholesale banking capacity to the Ghanaian economy.

The Bank actively pursued this mandate, becoming a significant solutions provider for institutions and organizations in the economy. In the process, the Bank pioneered, innovated and achieved many milestones.

On 15th March 1972, the bank opened its doors to the public as the premier merchant bank in Ghana and transitioned into a full universal bank and began a retail banking operation.

Subsequently, in 2014, Social Security and National Insurance Trust (SSNIT), which at the time had majority shares in the Bank offloaded its shares Fortiz Private Equity Fund and the Bank rebranded to the Universal Merchant Bank (UMB).

CEO of Mawarko, second left with Nana Dwemoh Benneh, UMB CEO, left and other executives of the bank and restaurant

Today, UMB is a full-service financial institution specializing in customized banking products and services.  The Bank prides itself on being a completely indigenous Ghanaian Bank. UMB is noted for bringing a uniquely Ghanaian perspective to banking, since 1972.

UMB’s strategic intent is to become a digital -first, SME focused Bank, leveraging its significant corporate banking and public-sector brand equity to evolve a profitable retail banking franchise, using technology to offer competitive products and services to customers and clients.

Within the architecture of Ghana’s banking industry, UMB remains a strong pillar, serving the unique needs of the Ghanaian banking public. The past 50 years has been characterized by a long trail of success including:

International Women’s Day 2022. Women are a key part of UMB’s Leadership cohort
  • 2020 Most Improved Bank in Best Use of Technology, 10th Ghana Information Technology and Telecom Awards
  • 2019 Ghana’s Best 50 for Customer Service Excellence, 8th Customer Service Awards
  • 2019 Best in Customer Service – Bank of the Year, 8th Customer Service Awards
  • 2019 Best Bank Award for Cyber Security Risk Management, Ghana Information Technology and Telecom Awards
  • 2019 Best Retail Bank Ghana, International Business Magazine Awards
  • 2018 Best Innovation in Retail Banking Ghana, International Banker
  • 2018 Best Bank Award for Cyber Security Risk Management, Ghana Information Technology and Telecom Awards
  • 2018 Corporate Bank of the Year (Ghana), Global Banking and Finance Awards
  • 2017 Best Bank Award for Cyber Security Risk Management, Ghana Information Technology and Telecom Awards
  • 2017 Corporate Bank of the Year (Ghana), Global Banking and Finance Awards
  • 2016 Brand Leadership Award, Brand Excellence Awards
  • 2016 Student Friendly Bank of the Year, Ghana Tertiary Awards
  • 2016 Gender Sensitivity in Branch Management Award, National Women in Finance Awards
  • 2015 Best Performing Bank MTN Mobile Money Month
  • 2006 Best Bank in Short and Long-Term Financing, Ghana Banking Awards
  • 2005 Best Bank in Trade Financing and Advisory Services, Ghana Banking Awards
  • 2004 Best Bank in Customer Care, Ghana Banking Awards
  • 2003 Best Bank of the Year, Ghana Banking Awards
2019 overall best WASSCE student Melisa Abena Okyerewaa Amoah receives full UMB Scholarship

The bank continues its storied heritage in banking, delivering Corporate, Treasury, Business, Private, Personal and Anytime Banking units, the Bank is able to adequately address the financial needs of various segments of the market.  The Bank has a network of 36 branches, 68 ATMs, a 24/7 contact center, a virtual anytime banking assistant and internet and mobile banking platforms. The Bank differentiates in the market on the basis of its core values: – S.P.E.E.D. (Speed, Passion, Excellence, Ethics and Diligence).

 

Leave a Reply