In April 2017, 34 year old Kodjo Dunyo took out a loan of GHS18,000 ($3,940 USD) from the Darkuman branch of Advans Ghana to buy stock for his electrical shop which he has been running for 4 years.
Later in the year Kodjo fell ill with Pneumonia and was rushed to hospital, sadly he died on the way.
His wife, Patience Agudzah, was aware of the loan her husband had taken out and that the loan had insurance cover, but initially she did not contact the branch. However, news of Kodjo’s death did reach the branch, and they reached out to Patience. The branch informed her of the cover the insurance offered her as her husband’s next of kin, and told her the documents that were needed to to submit a claim.
After the completed claim documents were submitted, Kodjo’s outstanding loan plus one month’s interest, amounting to GHS 10,990 ($2,400 USD) was paid to Advans Ghana.
Patience also received a funeral benefit of GHS 500 ($110 USD) which she intends to invest in her noodle business to enable her to take care of their four children.
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 old, who are resident in Ghana. The policy covers Life of the borrower, Permanent Disability, Hospitalisation, Life of 1 family member of the borrower as well as Destruction of Loan-Linked Stock/Property by Fire and Allied Perils.
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.