Lydia Osaah is a 35-year old single mother of one who has owned a hardware store in Abuakwa for ten years.
In April 2017, the Abuakwa branch of Opportunity International Savings and Loans Limited (OISL) lent Lydia GHS30,000 ($6,570 USD ) for her to develop her hardware business.
She was careful to keep up her repayments until there was an unfortunate incident at the Abuakwa Dadease New Market, where Lydia’s shop was located. In December, Lydia closed the shop as she usually does and went home. In the early hours of the morning she received a telephone call from a fellow trader informing her a fire had broken out at the market .
Lydia rushed to the market to see a number of shops, including hers, on fire whilst the Ghana National Fire Service worked hard to prevent the fire from spreading to other parts of the market. Due to the intensity of the fire, Lydia lost her shop and all her goods.
Lydia said she knew about the insurance cover when she took the loan out and was confident it would offer her protection.
She informed the Abuakwa branch of Opportunity International Savings about the incident and was advised of the relevant documents she would need to submit to process her claim. Once the documents were submitted, her outstanding loan of GHS 13,690 ($3,000 USD) was paid to OISL with one month’s interest. Lydia also received a cash benefit of GHS200 ($45 USD).
She is very grateful to OISL and partners for coming to her aid and helping her to continue her business.
About OISL’s Credit-Linked Insurance (“Obra Pa”)
Credit-Linked Insurance (“Obra Pa”) is an insurance policy for all OISL loan clients between 18-70 years who are resident in Ghana. The policy covers Life of the borrower, Permanent Disability, Hospitalisation, Life of Spouse and up to 3 children 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 Opportunity International Savings and Loans Limited.