Protecting Ghana's SMEs: Advans Ghana, Turaco, and Enterprise Insurance demonstrate power of micro insurance in Kantamanto market with GH¢8.4m recovery

In the aftermath of the devastating Kantamanto Market fire, Advans Ghana, Turaco Inclusive Ghana (T/A Turaco), and Enterprise Insurance LTD— three pioneering institutions in financial inclusion came together to provide a lifeline to hundreds of small business owners. Through their longstanding microinsurance partnership, which began in 2010, Turaco and Advans Ghana, supported by underwriting partner Enterprise Insurance Company LTD, have provided financial protection to over 200,000 customers.

In response to the Kantamanto Market fire, the partnership proved invaluable once again, enabling 227 SME traders to receive over GH¢8.4 million, clearing outstanding loans and providing immediate cash support to rebuild their businesses and livelihoods.

The incident is a powerful real-world example of how embedded micro insurance can transform risk into resilience. The funds not only cover outstanding credit obligations with Advans Ghana but also offer critical working capital to help traders restart operations immediately.

“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, and this payout demonstrates the power of building financial resilience in advance,” said Guillaume Valence, Advans Ghana CEO.

Kantamanto Market, one of Accra’s largest trading markets, is home to thousands of traders who power Ghana’s informal economy. The fire that swept through the market left widespread destruction, but also revealed the untapped potential of micro insurance to protect Ghana’s most vulnerable business owners.

“Micro insurance is a customer-centric service that makes it possible for the most vulnerable people to access financial protection when they need it most. This is evident in our partnership with Advans Ghana and Enterprise Insurance, where insurance is embedded directly into financial services. Together, we have insured over 200,000 customers across Ghana, helping them bounce back from life’s unexpected shocks. The Kantamanto response shows that strategic partnerships and seamless delivery can turn risk into resilience,” said Leona Abban, General Manager, Turaco Ghana.

From left to right –Deputy Commissioner NIC Bernard Ohemeng-Baah; CEO for Advans Ghana, Guillaume Valence; representative of Kantamato Union; General Manager of Turaco, Leona Abban; and Head of Retail for Enterprise Ghana, Vanessa Harding in a group photo

The product, underwritten by Enterprise Insurance LTD Ghana, highlights the importance of robust underwriting partnerships in delivering responsive and impactful micro insurance solutions. “At Enterprise Insurance, we believe insurance is most impactful when it directly addresses the immediate needs of our customers and communities. 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, Enterprise Insurance LTD.

Supporting Ghana’s economic backbone

The success of the Advans-Turaco response has been hailed as a blueprint for scaling financial protection for SMEs across Ghana, with the NIC Deputy Commissioner, Bernard Ohemeng-Baah, representing the Commissioner, praising the model and its impact. “As a regulator, we see this payout as a demonstration of the role inclusive insurance can play in economic resilience. We will continue to foster regulatory support for innovations that protect small businesses and traders—the backbone of our economy,” he said.

SMEs employ millions of Ghanaians and form the backbone of the country’s economy. Yet, many remain one disaster away from financial ruin. The Kantamanto intervention is proof that with the right approach, recovery can be swift, dignified, and debt-free.

In addition to the insurance payouts, Advans Ghana has provided GH¢20,000 worth of building materials to support traders in rebuilding their stalls, reinforcing its commitment to their customers at Kantamanto. Advans Ghana also offered select clients a Restart Offer, which entailed a payment grace period and 10percent reduction in interest to help these clients get back on their feet. These initiatives were aimed at supporting their customers’ long-term recovery and stability.