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Following the Kantamanto Market fire, Advans Ghana, Turaco, and Enterprise Insurance deliver GH¢8.4m in microinsurance payouts, restoring 227 SMEs and showcasing financial resilience in action.
Three pioneering financial institutions—Advans Ghana, Turaco Inclusive Ghana (T/A Turaco), and Enterprise Insurance LTD—have come together to deliver GH¢8.4 million in recovery support to affected traders of the Kantamanto market fire.
Through their longstanding microinsurance partnership, which began in 2010, the trio provided timely financial relief to 227 small and medium enterprise (SME) owners whose businesses were devastated by the fire.
The payout helped clear outstanding loans and delivered immediate cash support for rebuilding efforts, providing a crucial safety net at a time of immense need.
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Kantamanto Market, one of Accra’s busiest commercial hubs, suffered severe destruction, leaving hundreds of informal traders in financial distress. But for many insured through Advans Ghana and Turaco’s embedded insurance product—underwritten by Enterprise Insurance—the road to recovery has been faster, debt-free, and dignified.
“At Advans, we are intentional about embedding insurance into our services so our customers are protected in moments like these,” said Guillaume Valence, CEO of Advans Ghana. “This payout demonstrates the power of building financial resilience in advance.”
The initiative underscores how strategic partnerships in microinsurance can offer tangible solutions to the risks faced by Ghana’s informal sector.
Turaco Ghana’s General Manager, Leona Abban, noted, “Microinsurance is a customer-centric service that makes financial protection accessible to the most vulnerable. The Kantamanto response shows that seamless delivery and collaboration can turn risk into resilience.”
Enterprise Insurance’s Managing Director, Akosua Ansah-Antwi, emphasized the value of responsive underwriting in delivering impactful insurance: “Our support for this partnership reflects our commitment to protecting Ghana’s SMEs from unpredictable risks.”The intervention also caught the attention of regulators. Bernard Ohemeng-Baah, Deputy Commissioner of the National Insurance Commission (NIC), lauded the model and affirmed continued regulatory support for inclusive insurance innovations.
“This payout is a strong demonstration of the role insurance can play in economic resilience. SMEs are the backbone of our economy, and they must be protected,” he said.
Beyond insurance payouts, Advans Ghana further reinforced its commitment by donating GH¢20,000 worth of building materials to aid traders in reconstructing their stalls.
It also introduced a “Restart Offer,” which includes a payment grace period and a 10% interest rate reduction for select clients to support long-term recovery.
With over 200,000 customers already covered through the Advans-Turaco partnership, the Kantamanto intervention is now being hailed as a model for scaling financial protection for Ghana’s SMEs—ensuring that one disaster doesn’t erase a lifetime of work.