Big Boosts for Civil Servants

As part of efforts to find innovative financial solutions for the government's employees, Ecobank Liberia, in partnership with the Civil Service Agency (CSA), has launched two new groundbreaking products in the country for the first time called “Enhance Salary Account and Salary Advance.”

The launch, which took place on Thursday, April 11, 2024, at the Ellen Johnson Ministerial Complex in Congo Town, allowed salary account holders of Ecobank to request a salary advance on the mobile money app via the USSD *326#.

It also introduces a 50% salary advance scheme, featuring an unprecedented low-interest rate of just 3%, and by simply opening an account with Ecobank, you can access up to half of your monthly salary directly into your account. Repayments are effortless, with deductions conveniently spread over 30 days.

The colorful event, full of excitement from civil servants from all government ministries and agencies, was jointly held in collaboration with Saar Insurance Company.

Dr. Edward Narteh Botchway, the Managing Director of Ecobank Liberia Limited, expressed sincere appreciation to all attendees, including Mr. Josiah Joker, Director General for the Civil Service Agency, and guests such as George Mensah Asanti, former MD for Ecobank Liberia, and David K. Thompson, Executive Director of Ecobank.

In his address, Dr. Botchway underscored the significance of the occasion, noting the launch of two groundbreaking products as a testament to Ecobank's unwavering commitment to its customers. 

He emphasized that these products reflect Ecobank's pledge to prioritize customer satisfaction and continually enhance their banking experience. 

The Ecobank Liberia MD said, “At Ecobank. We aim to ensure that we continue to improve. Indeed, the plan is that we should be better today than we were yesterday, and we should also be better tomorrow than we are today.”

At the heart of Ecobank's mission, Dr. Botchway emphasized the pursuit of continuous improvement, aiming to surpass yesterday's standards with each passing day. He expressed confidence in Ecobank's ability to evolve and innovate to meet the dynamic needs of its customers.

“So yes, we've launched these two products. Yes, they are exciting. But I can tell you that there will be other products that we will be launching,” Dr. Botchway added.

Dr. Botchway lauded the enthusiasm of the Ecobank team and their unwavering dedication to serving customers. 

He highlighted the importance of partnerships, expressing gratitude to Saar Insurance and the Civil Service Agency for their collaboration in bringing these innovative solutions to fruition.

Turning to the newly launched products, Dr. Botchway highlighted their significance in addressing financial emergencies. 

Drawing a parallel with emergency services like 911, he emphasized the accessibility and promptness of Ecobank's solutions, particularly the *326# USSD service for urgent financial needs.

One of the flagship offerings, the Enhance Salary Account, was praised for its affordability and comprehensive benefits. Dr. Botchway encouraged individuals to consider opening a salary account with Ecobank, highlighting the extensive benefits available at a minimal cost.

For his part, CSA Director General Josiah F. Joker, Jr., expressed his appreciation for this transformative step. He remarked, “Folks, we are making steady progress towards the betterment of civil servants’ lives.”

Elaborating further, he shared, “Yesterday, the CSA and ECOBANK Liberia launched the 50% Salary Advance scheme for our valued employees with the lowest interest rate of 3%.” 

According to him, for civil servants interested in availing of this product, the process is straightforward: by simply opening an Ecobank Enhanced Salary Account, dial *326#, and the advance will be deposited into your account.

He said the repayment is equally convenient, with the amount being deducted from the salary over 30 days.

Joekai also disclosed that more positive changes are on the horizon, stating, “This is a prelude to the highly anticipated biweekly payment system, which will further streamline salary disbursement and alleviate financial constraints.”

He added that the introduction of the 50% salary advance scheme underscores the government’s commitment to prioritizing the welfare of civil servants. 

Director Joekai said, “By addressing the issue of timely salary payments and offering financial solutions with favorable terms, the Unity Party-led administration is taking tangible steps towards improving the lives of those who serve the nation tirelessly.”

Earlier, Mr. Gibson K. Kollie, Head of Consumer Bank at Ecobank Liberia, provided further insights into the innovative features of the new products.

He emphasized Ecobank's commitment to bringing banking services directly to the people of Liberia, highlighting the convenience of the salary advance on USSD.

Discussing the enhanced salary account, Mr. Kollie elaborated on the partnership with Saar Insurance to provide comprehensive insurance coverage.

The head of Consumer Banking at Ecobank Liberia underscored the importance of these value-added services in enhancing the financial well-being of customers, particularly government employees and salary earners.

He outlined the comprehensive insurance coverage offered, including disability, death, and hospitalization benefits, aimed at enhancing the financial well-being of customers. 

Mr. Gibson said, “For the hospitalization, we also decided to control that because we know our people—sometimes somebody will come to work and go home and say they are sick and insurance has to pay, so we said if you are still at the hospital for ten days and we know it is serious, the insurance will come in and pay for the hospital bill, not the full bill depending on the hospital that you be to.” 

“On disability, " he added, "If for any reason you have a challenge on the job and can move, the insurance will move in and provide US$2,000. Sometimes people die and the family is left looking for money to pay for funeral expenses; sometimes they might not even get it. This is where the insurance will move in to provide said amount, and the interest rate on that is just $1.25 per month, which is the premium.”

Mr. Kollie urged individuals to take advantage of these offerings, emphasizing Ecobank's dedication to serving the people of Africa.