Basic Bank Information
Universal Merchant Bank Limited (UMB) is a privately owned commercial bank established on 15 March 1972 and headquartered in Accra, Ghana, with its specific address at SSNIT Emporium Building, Liberation Road, Airport City, Accra. Founded by a group of Ghanaian entrepreneurs, UMB started as a merchant banking business and expanded into retail banking after obtaining a general banking license in 2005. The bank is owned by private shareholders, the main shareholders include Fortiz Private Equity Fund Limited (52.6%) and Ghana Amalgamated Trust Plc (44.86%), unlisted companies with flexible decision-making and the ability to respond quickly to market changes.
UMB's services cover the entire territory of Ghana and as of 2023, it has about 36 branches in major cities such as Accra, Kumasi, Kasa, Takoradi, Tema, Kofidua, Tamale, Techiman, and Sunani. In addition, the bank has 3 business centers (located in Accra, Kumasi and Kasa) and 1 PPP incubation center (located in Accra) to provide professional support to SMEs. UMB's ATM network is widely distributed throughout Ghana and provides customers with convenient cash deposit and withdrawal services. The bank serves individuals, professionals, SMEs and large corporations, with a customer base of more than 300,000 people, covering retail and corporate finance needs.
In terms of regulation and compliance, UMB is strictly regulated by the Bank of Ghana (BoG) to ensure that its operations comply with national financial regulations, including the Banks and Specialist Depository Institutions Act 2016 (Act 930). UMB participates in the Ghana Deposit Protection Scheme, which is administered by the Ghana Deposit Protection Corporation (GDPC) and provides up to 6,250 GHS per depositor under the Deposit Protection Act 2016 (Act 931) and the Revised Act 2018 (Act 968). 6,250). In March 2024, the Central Bank of Ghana appointed Dr. Joseph O. France served as a management consultant to UMB to further strengthen governance and operations, but did not see significant compliance issues, indicating that the bank maintained a good compliance record.
Financial Health
UMB's financial performance reflects its position as a leading bank in Ghana, but specific financial indicators such as capital adequacy ratio, non-performing loan ratio and liquidity coverage ratio are not disclosed in public information. According to industry data, the average capital adequacy ratio of the banking sector in Ghana was 16.6% in 2022, and the non-performing loan ratio was around 4.9%. As a major bank, UMB's capital adequacy ratio is expected to meet the minimum requirement of the Central Bank of Ghana (10%), and the non-performing loan ratio may be lower than the industry average. In terms of liquidity, UMB's liquidity/total deposit ratio is expected to be higher than the industry average (0.77), indicating its ability to meet short-term obligations.
In 2022, Ghana's banking sector was impacted by the Domestic Debt Exchange Programme (DDEP), which weighed on the financial performance of some banks, but UMB maintained stability through its robust operations and shareholder support, such as Fortiz and Ghana Amalgamated Trust. The bank publishes annual reports and quarterly financial statements on a regular basis, and customers can obtain detailed financial data through the [UMB Annual Report]. Although the specific financial figures for 2023 are not disclosed, UMB has consistently demonstrated solid financial performance over the past few years, particularly in the SME and retail banking sectors. Clients should refer to UMB's latest annual report or the Central Bank of Ghana's Banking Report for more accurate information when assessing UMB's financial health.
Deposit & Loan Products
UMB offers a wide range of deposit and loan products to meet the needs of different customers.
Deposits:
- UMB Saver Account: Designed to help customers save for future spending, a balance of more than GHS 5,000 can be used as collateral to borrow on the current account. To open an account, you need to fill out an application form, authorization card, provide two passport photos, proof of address, and a valid ID (such as a passport, driver's license, or voter ID).
- UMB Direct Saver Account: Designed to build money for future expenses such as projects, tuition, or retirement, it offers a hassle-free account opening process and autopay from the master account. The account opening requirements are similar to those for UMB Saver Account, with a balance of more than GHS 5,000 as collateral.
- Other deposit products: including personal current accounts and corporate current accounts, supporting Ghanaian cedi (GHS), USD (USD), EUR (EUR) and British Pound Sterling (GBP), suitable for daily transactions and transfers, with cheque books and e-banking services.
Loans:
- Personal loans: Help customers achieve their personal and financial goals, such as buying a car or paying financial obligations before payday. Loan products offer fast approval and flexible repayment options, such as early repayment or adjustment of repayment terms.
- Business loans: including overdrafts, short-term loans, medium-term loans, revolving loans, guarantees, leases, invoice and cheque discounting facilities, local purchase order financing facilities, etc., designed for SMEs to support agricultural projects (e.g. cocoa and coffee farming) and trade finance.
Digital Service Experience
UMB's digital services are one of its core competencies, and its mobile banking app (UMB Mobile App), online banking platform (UMB Online Banking) and USSD banking services (dial *972#) provide customers with convenient financial management tools. UMB Mobile App supports:
- Account management: check balances, transaction history
- Real-time transfers: support domestic and international transfers
- Bill Payment: Pay bills such as utility bills, phone bills, etc
. - Card Management: Manage debit and credit cards
- Other features: ATM locator, loan calculator
The app supports biometric logins, such as face recognition and fingerprint login, for added security and convenience. UMB also offers mobile payment services, partnering with Airtel Money and MTN Mobile Money to support the sending and receiving of funds nationwide. The app is available for download on [Google Play] and the App Store, and has been praised by customers for its feature-rich and user-friendly design.
Quality of customer service
UMB provides multi-channel customer service to ensure that customers receive support at all times:
- Phone support: +233 302 666 331, toll-free: 0800-100880 (MTN, AirtelTigo, Vodafone), other lines: +233 302 633 988
- Social media: via [Facebook](https://www.facebook.com/myumbbank/)、[X](https://x.com/myumbbank)、WhatsApp（0266020400）、[ Instagram](https://www.instagram.com/myumbbank/) and [YouTube](https://www.youtube.com/myumbbank) Rapid response
- Physical branches: 36 branches in major cities across the country
Customers can submit questions or suggestions through the [UMB contact page], and the bank promises to process them quickly. Since UMB operates in Ghana, its customer service is primarily provided in English, with possible support for French or other local languages, making it suitable for cross-border customers. The complaint handling mechanism is perfect, and there is a dedicated customer service department.
Safety and security measures
UMB's deposits are protected by the Ghana Deposit Protection Corporation (GDPC) up to a maximum of 6,250 GGHS 6,250. Banks use advanced anti-fraud technologies, including real-time transaction monitoring and multi-channel risk assessment systems, to prevent financial fraud and money laundering. In terms of data security, UMB implements 128-bit browser encryption and firewall protection, and adheres to a strict privacy policy to ensure the security of customer data.
Market Position & Accolades
UMB is one of the leading private banks in Ghana and ranks highly in terms of client deposits and loans. Banks provide investment management and advisory services through their subsidiaries, such as UMB Capital, further enhancing their competitiveness in the market. UMB has received several national and international awards for its excellence in service quality, customer satisfaction and innovation:
- Best Service Quality Bank at the Consumer Banking Awards 2022
- 5-Star Service Quality at the Consumer Banking Awards 2022
- 5-Star Customer Satisfaction at the Commercial Banking Awards 2022
- Best Customer Satisfaction Bank at the Consumer Banking Awards 2022
- Best Bank for Cyber Risk Management 2019 (Ghana Information Technology & Telecom Awards)
- Best Retail Bank 2019 (Ghana, International Business Magazine Awards)
- Best Retail Bank Innovation 2018 (Ghana, International Banker)
- Best Cyber Risk Management Bank 2018 (Ghana Information Technology & Telecom Awards)
- Best Corporate Bank 2018 (Ghana, Global Banking & Finance Awards).
- Best Cyber Risk Management Bank 2017 (Ghana Information Technology & Telecommunications Awards)
- Best Corporate Bank 2017 (Ghana, Global Banking & Finance Awards)
- Brand Leadership Awards 2016 (Brand Excellence Award)
- Best Student-Friendly Bank 2016 (Ghana Higher Education Awards)
- Branch Management Gender Sensitivity Award 2016 (National Women's Finance Awards).
Summary
Universal Merchant Bank (UMB) is a long-established and comprehensive private commercial bank known for its solid position and localised services in Ghana's financial markets. Banks offer a wide range of deposits, loans and digital services, with a particular focus on agricultural financing and SME support. While specific financial metrics and product details need to be further enquired, UMB's market position and multiple awards demonstrate its leadership in service quality, customer satisfaction, and innovation. Customers should obtain the latest financial data and policies through [UMB official website](https://www.myumbbank.com/) or branches when selecting UMB. to ensure that it meets personal or business needs.
Branch
: The bank's headquarters are located in Accra, the capital of Ghana. It operates through a variety of branch and subsidiary entities spread across multiple locations:
- headquarters - the Abeka UMB
branch of the SSNIT Mall Building, Liberation Road, Airport City, Accra
- located at Opsem House, opposite the SSNIT Building
Abossey Okai Branch - Adjacent to the former Fan Milk Warehouse
Achimota Branch - Located at Mile 7 Junction, near the Goil Gas Station
Adabraka Branch - Located at 123 Sethi Plaza, near the Adabraka Police Station
Airport City Branch - Located in the East Legon Branch on Jiefang Road inside the SSNIT Emporium building in Airport City
- near the East Legon
Restaurant Junction Mall Branch - Located within the Junction Mall premises in Nungua
Kaneshie Branch - Located near Hansonic Junction, Fisherman House
Labone Branch - Located at 9 Ndebaninge Road, opposite Labone Middle School
