Advans Ghana, Turaco, and Enterprise Insurance Provide GH¢8.4m Lifeline to Kantamanto Traders
In the wake of the devastating fire that swept through Accra’s Kantamanto Market, a longstanding microinsurance partnership between Advans Ghana, Turaco Inclusive Ghana (T/A Turaco), and Enterprise Insurance Ltd. has delivered over GH¢8.4 million in financial relief to 227 affected traders—highlighting the transformative potential of embedded microinsurance for small businesses.
The payout, which cleared outstanding loans and provided emergency cash support, helped traders restart their businesses swiftly, avoiding the deeper spiral of debt or collapse that often follows such disasters.
“For us at Advans, embedding insurance into our services is a deliberate choice. This ensures our clients are protected during critical moments like this. The Kantamanto payout clearly demonstrates the power of building financial resilience ahead of time,” said Guillaume Valence, CEO of Advans Ghana.
The response came through a microinsurance initiative that began in 2010, covering over 200,000 clients to date. The product is underwritten by Enterprise Insurance Ltd. and distributed through Advans Ghana’s financial network, with Turaco acting as the insurance technology partner.
Microinsurance in Action
Kantamanto Market, one of Ghana’s largest and busiest commercial hubs, was severely damaged in the blaze, displacing thousands of traders. For most, their livelihoods depend entirely on daily business activities—with little to no safety nets.
“Microinsurance is about protecting the most vulnerable when it matters most,” said Leona Abban, General Manager of Turaco Ghana. “Our partnership with Advans and Enterprise Insurance ensures that insurance is embedded seamlessly into financial services, reaching people who need it the most—quickly and effectively.”
Backing from the Regulator
The successful delivery of the payout has been lauded by regulators and policymakers as a blueprint for safeguarding Ghana’s SMEs.
“The swift compensation of affected traders is a clear example of the vital role inclusive insurance can play in strengthening economic resilience,” said Bernard Ohemeng-Baah, Deputy Commissioner of the National Insurance Commission, speaking on behalf of the Commissioner. “We are committed to supporting innovations that protect Ghana’s informal sector.”
Beyond Compensation: Rebuilding with Dignity
Beyond the insurance settlement, Advans Ghana has extended additional support—including GH¢20,000 worth of building materials to help traders reconstruct their stalls. Selected clients were also offered a special Restart Offer, which included a grace period on loan repayments and a 10% interest rate reduction to ease their return to business.
A Model Worth Scaling
The collaboration is being viewed as a scalable solution to protect small businesses that form the backbone of Ghana’s economy but often lack access to formal risk protection.
“Insurance is most effective when it responds directly to real needs,” said Akosua Ansah-Antwi, Managing Director of Enterprise Insurance. “Our partnership with Turaco and Advans is a strong example of what can be achieved when insurers, financial institutions, and innovators come together.”
