Kofi Ahovi

By Perfect Fafa Wegba MobileMoney FinTech Limited (MMFL), in partnership with Universal Merchant Bank (UMB) and Colormark, has trained members of the Ghana Hairdressers and Beauticians Association as part of efforts to strengthen the capacity of micro, small and medium-sized enterprises (MSMEs). The capacity-building programme, held in Accra, focused on customer service, financial literacy and digital tools to help participants improve the way they manage and grow their businesses. The programme is part of a series of MSME-focused activities organised by MMFL this year, with previous sessions held in Kumasi and Takoradi. Charles Osei Owusu, Senior Manager, Fintech Business Development, said the initiative was designed to give small business owners practical knowledge while also helping them access financial services through digital channels. We are empowering them with a capacity training programme which focuses on customer service experience, financial literacy, digital tools, and of ...

  Universal Merchant Bank (UMB) has become the first bank in Ghana to receive approval from both the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) to offer virtual accounts to eligible businesses operating within the emerging virtual asset ecosystem. The approval marks a significant step in Ghana’s evolving financial landscape, where regulated banking, digital finance and new technology-driven business models are increasingly converging. For UMB, however, the significance extends beyond the introduction of a new banking capability. It reflects a deliberate strategy to identify emerging opportunities, build the infrastructure required to serve them and work with regulators to ensure that innovation develops within a sound and sustainable regulatory framework. The development comes as Ghana strengthens its regulatory architecture for virtual assets and virtual asset service providers (VASPs), providing greater clarity on how businesses in the sector can partici...

  Universal Merchant Bank (UMB) has launched a revamped version of its SpeedApp, strengthening its digital banking offering with improved speed, enhanced security, and a more intuitive user experience, nearly a decade after the app’s original introduction. The launch reflects UMB’s continued investment in digital platforms that support customers’ growing reliance on mobile banking, while reinforcing the Bank’s brand promise to help customers Bank with Confidence. Unveiled at the head office of UMB, SSNIT Emporium Accra, the upgraded SpeedApp introduces improved system performance, greater stability, and a simplified interface designed to make everyday banking faster and easier. Customers can seamlessly access key services, including account management, transfers, bill payments, and balance enquiries. Stronger Security at the Core The revamped SpeedApp also incorporates enhanced security features, including reinforced authentication protocols and strengthened transaction safeguards,...

  Dr. Philip Oti-Mensah, Chief Executive Officer of Universal Merchant Bank (UMB), has been named a Top Influential Business Leader of the Decade at the 2025 Ghana Corporate Executives Awards. The event—organised by the Entrepreneurs Foundation of Ghana—was held at the Mövenpick Ambassador Hotel on Saturday, 22nd November 2025. This prestigious honour recognises extraordinary leaders whose strategic foresight, sustained impact, and transformational leadership have significantly shaped industries and strengthened Ghana’s economic trajectory over the past decade. For many industry observers, the recognition affirms Dr. Oti-Mensah’s long-standing record of turning around institutions, developing high-performing talent, and championing initiatives that support national economic advancement. A Decade of Institutional Transformation Dr. Oti-Mensah’s impact on Ghana’s financial services sector spans leadership roles across several prominent institutions. A key milestone in his career was ...

  Dr. Philip Oti-Mensah has been appointed as the new Managing Director of Universal Merchant Bank (UMB). Prior to this appointment, Dr. Oti-Mensah served as Chief Operating Officer of OmniBSIC Bank, after previously holding the position of Executive Director at the same institution for several years. A dynamic and results-driven business leader, Dr. Oti-Mensah brings over 20 years of experience in banking and development finance. His career spans leadership roles across Africa, where he has played a key role in driving growth, operational excellence, and financial inclusion. Throughout his professional journey, he has led and advised several financial institutions, building a strong track record in transformation and innovation. His past roles include serving as Management Consultant for FINCA Bank Tanzania, Non-Executive Director at ProCredit Bank Congo, Deputy CEO of ProCredit Ghana, CEO of Union Savings and Loans, and CEO of OmniBank. In his most recent role as Executive Direct...

  Two leaders in Ghanaian financial services, Universal Merchant Bank (UMB) and SIC Life Limited have launched two new life insurance solutions, namely the UMB Education Plan and the UMB Funeral plan. The solutions being marketed to the public as UMB Bancassurance are underwritten by SIC Life. Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products through the bank’s distribution and service channels. The UMB Educational Plan ensures that the account value at maturity is substantial enough to meet the educational expenses of the assured or their children. It also gives room for the assured to select at inception the term of the policy and the premium amount. An added feature of this educational plan is that the minimum term of this product is 10 years, with the maximum term being 20 years subject to maturity age of 60 years. The UMB Funeral Plan is designed to provide immediate cash payout to meet the funeral expen...