Bright Asare is a 62-year old married man with 11 children who sells electrical home appliances and travelling bags and had been in business for almost 30 years.
He took a loan of GHS 20,000 (USD 3,886) from the Advans Roman-Hill branch to purchase stock for his business. On 10th January 2018, fire engulfed Bright’s shop causing extensive damage to the building and all the contents. Bright said “I was devastated and confused because that was my livelihood. Losing everything I had worked for all these years in one day was such a huge blow to me.”
Once complete documentation was provided, Bright’s outstanding loan plus one month’s interest, amounting to GHS 14,112 (USD 2,742) was paid to Advans Ghana Savings and Loans Limited. He also received a cash benefit of GHS 200 (USD 39) which he used to run errands during the the rennovation of his shop.
Bright said “I thought the insurance was going to pay only a part of my outstanding loan and I would be required to pay the difference. I felt there was no hope for me because I didn’t know how I was going to raise the money to complete the loan payment. I was very happy when insurance paid all my outstanding loan and even gave me additional money for my pocket. Advans and their partners wiped my tears and and put smiles back on my face. Insurance has proven me wrong and has taken away my shame. God bless you people a lot.”
About Advans Ghana’s Credit-Linked Insurance (“Obra Pa”)
Credit-Linked Insurance (“Obra Pa”) is an insurance policy for all Advans Ghana loan clients between 18-70 years, who are resident in Ghana. The policy covers Life of the borrower, Permanent Disability, Hospitalization, Life of 1 Family Member of the borrower as well as Destruction of loan-linked stock/property by Fire and Allied Perils.
Premium is a certain percentage of the loan principal amount.
The policy is underwritten by Enterprise Group and powered by MicroEnsure.
For more information, simply visit any branch of Advans Ghana Savings and Loans Limited.