In the wake of the devastating Kantamanto Market fire, three pioneering institutions — Advans Ghana, Turaco Inclusive Ghana (T/A Turaco), and Enterprise Insurance LTD — have demonstrated the transformational power of microinsurance in protecting Ghana’s small businesses.
Through their long-standing partnership, the trio swiftly delivered over GH¢8.4 million in financial recovery to 227 SME traders affected by the blaze. The funds cleared outstanding loans and provided critical cash support, allowing traders to rebuild their businesses and livelihoods with dignity.
“At Advans, we are intentional about embedding insurance into our services so our customers are protected in moments like these. This payout demonstrates the power of building financial resilience in advance,” said Guillaume Valence, CEO of Advans Ghana.
Turning Risk into Resilience
Since 2010, the Advans-Turaco-Enterprise partnership has provided financial protection to over 200,000 Ghanaians, helping them bounce back from life’s shocks. The Kantamanto fire response stands as a real-world example of how embedded microinsurance can turn disaster into recovery.
“Microinsurance is a customer-centric service that allows the most vulnerable to access financial protection when they need it most. This Kantamanto response shows that strategic partnerships and seamless delivery can turn risk into resilience,” noted Leona Abban, General Manager at Turaco Ghana.
The insurance payout not only covered debts but also offered much-needed working capital — empowering traders to restart operations immediately.
Insurance that Works for Ghana’s Informal Economy
For Enterprise Insurance LTD, Ghana’s oldest and most trusted insurer, the event underscored the value of responsive underwriting.
“Insurance is most impactful when it directly addresses the immediate needs of customers. Our underwriting support for the Advans-Turaco partnership reflects our commitment to protecting Ghana’s SMEs from unpredictable risks,” said Akosua Ansah-Antwi, Managing Director of Enterprise Insurance.
A Model for Scaling SME Protection Nationwide
The success of this intervention has been hailed as a blueprint for scaling SME protection across Ghana. Speaking on behalf of the regulator, Bernard Ohemeng-Baah, Deputy Commissioner of the National Insurance Commission (NIC), commended the initiative:
“This payout demonstrates the role inclusive insurance can play in economic resilience. We will continue to foster regulatory support for innovations that protect small businesses — the backbone of our economy.”
More Than Insurance: Holistic Support for Traders
In addition to the insurance payouts, Advans Ghana provided GH¢20,000 worth of building materials to help traders rebuild their stalls. Select clients also received a Restart Offer, including a grace period on repayments and a 10% reduction in interest — further supporting their path to recovery.
About Advans Ghana
Advans Ghana Savings and Loans Ltd. is a subsidiary of the Paris-headquartered Advans Group, operating in eight countries and serving over 1.3 million clients globally. In Ghana, it supports over 130,000 clients across 19 branches in 8 regions, focusing on micro, small, and medium enterprises (MSMEs).
About Turaco Ghana
Turaco Inclusive Ghana is reshaping insurance access for low-income earners in emerging markets. With operations in Kenya, Uganda, Ghana, and Nigeria, Turaco has insured over 3.5 million people, offering affordable premiums and using technology to streamline processes.
About Enterprise Insurance Ghana
Founded in 1924, Enterprise Insurance is Ghana’s oldest and top-rated insurer (AAA by GCR South Africa). As a subsidiary of Enterprise Group PLC, the company leads in customer service, innovation, and underwriting partnerships that promote financial inclusion.
Why It Matters
SMEs employ millions and power Ghana’s informal economy. Yet, disasters like the Kantamanto fire show that many remain vulnerable. This intervention proves that with the right model, recovery can be swift, dignified, and debt-free — setting a new standard for protecting Ghana’s economic backbone.