Insurance partnership delivers GH¢8.4m lifeline to Kantamanto traders after market fire
Hundreds of traders affected by the recent fire at Kantamanto Market have received a combined financial lifeline of over GH¢8.4 million, thanks to a longstanding microinsurance partnership involving Advans Ghana, Turaco Inclusive Ghana, and Enterprise Insurance Ltd.
The payout, which covered both outstanding loan obligations and emergency business support, was disbursed to 227 small business owners whose shops and goods were destroyed in the blaze. The swift compensation has allowed many of the traders to begin rebuilding their stalls and restoring their livelihoods.
“This payout demonstrates the power of building financial resilience in advance,” said Guillaume Valence, CEO of Advans Ghana. “At Advans, we are intentional about embedding insurance into our services so our customers are protected in moments like these. Our partnership with Turaco and Enterprise Insurance is part of that proactive approach to safeguarding livelihoods.”
The collaboration between the three institutions dates back to 2010 and has since insured over 200,000 customers across Ghana, primarily small and medium-sized enterprises (SMEs). Their model embeds microinsurance directly into Advans Ghana’s financial services, ensuring that traders are protected without needing to purchase separate policies.
“Kantamanto’s response shows that strategic partnerships and seamless delivery can turn risk into resilience,” said Leona Abban, General Manager of Turaco Ghana. “Microinsurance is a customer-centric service that makes it possible for the most vulnerable people to access financial protection when they need it most.”
The insurance scheme is underwritten by Enterprise Insurance Ltd, Ghana’s oldest and most financially robust insurer. Managing Director Akosua Ansah-Antwi reaffirmed the company’s commitment: “Our underwriting support for the Advans-Turaco partnership reflects our commitment to protecting Ghana’s SMEs from unpredictable risks.”
The significance of the intervention was also recognised by the National Insurance Commission (NIC). Deputy Commissioner Bernard Ohemeng-Baah, who represented the Commissioner, described it as a “blueprint for scaling financial protection for SMEs across Ghana” and praised its impact on the country’s economic resilience.
Beyond the insurance payout, Advans Ghana also donated GH¢20,000 worth of building materials to support the rebuilding of stalls. Selected clients also received a Restart Offer, which includes a grace period for loan repayment and a 10% interest rate reduction to ease their recovery process.
The recent fire is a stark reminder of the vulnerability of Ghana’s informal sector. Kantamanto Market, located in the heart of Accra, is one of the busiest trading hubs in the country. Its thousands of traders contribute significantly to local commerce and employment.
“This initiative proves that with the right systems and partnerships in place, recovery from disaster can be swift, dignified, and debt-free,” the NIC Deputy Commissioner added.