MICROCAPITAL BRIEF: Depositors Withdraw Savings from Microfinance Firms in Kumasi, Ghana amid Lack of Safety Nets for Clients

High rates of deposit withdrawals reportedly are occurring in Ghanaian city of Kumasi, which allegedly is attributed to the lack of safety nets protecting depositors in case firms are shut down by the Bank of Ghana (BoG), the country’s main financial regulator.

MICROCAPITAL BRIEF: Star Microinsurance Company of Ghana Pays Insurance Claims to Kantamanto Fire Victims through MicroEnsure, Advans Ghana

Ghana-based Star Microinsurance Company Limited reportedly has paid some of the victims of the Kantamanto and Agbogbloshie markets fire outbreak in the Ghanian city of Accra a total insurance claim of GHS 115,000 (USD 57,629) through its partners MicroEnsure Ghana, an insurance intermediary and subsidiary of US-based nonprofit Opportunity International, and Advans Ghana Savings and Loans, a non-bank financial institution that focuses on micro enterprise.