Ghana Association of Microfinance Companies (GAMC), an association with 560 member microfinance institutions (MFIs), and Star Microinsurance Services Limited, a Ghana-based insurance provider that serves approximately 550,000 clients, recently signed a memorandum of understanding regarding the provision of microinsurance products to clients of various MFIs.
In a statement, Richard Amaning, executive secretary of GAMC, said that the association believes that “if their members protect their business from risks such as death of borrower, destruction of clients’ property by fire, death of the spouse of a client; it will help the MFIs and their clients mitigate some of their risk which will in turn create a stronger ground for growth.” Details of the arrangement have not disclosed.
By Jennifer Young, Research Associate
About Ghana Association of Microfinance Companies (GAMC):
The Ghana Association of Microfinance Companies (GAMC) is an association of 560 companies providing microfinance services such as lending and deposit products. It is limited by guarantee and was registered in Ghana on the 20th of May 2011.
Sources and Additional Resources
Joy Online Story: “GAMC Provides Members with Microinsurance Products”
http://business.myjoyonline.com/pages/news/201304/104820.php
MicroCapital Story: “MICROCAPITAL BRIEF: National Insurance Commission (NIC) of Ghana Announces New Microinsurance Regulations,” April 16, 2013. https://www.microcapital.org/microcapital-brief-national-insurance-commission-nic-of-ghana-announces-new-microinsurance-regulations/
MicroCapital Story: “MICROFINANCE PAPER WRAP-UP: “Microinsurance in Ghana: Microinsurance as a Means of Insurance Sector Development; by Jan Meissner; published by the National Insurance Commission (NIC), Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ),” April 9, 2013.
https://www.microcapital.org/microfinance-paper-wrap-up-microinsurance-in-ghana-microinsurance-as-a-means-of-insurance-sector-development-by-jan-meissner-published-by-the-national-insurance-commission-nic/
MicroCapital Story: “MICROCAPITAL BRIEF: National Insurance Commission of Ghana Announces New Regulatory Regime, New Book Released on Promoting Microinsurance in the Country,” February 12, 2013.
https://www.microcapital.org/microcapital-brief-national-insurance-commission-of-ghana-announces-new-regulatory-regime-new-book-released-on-promoting-microinsurance-in-the-country/
MicroCapital Story: “MICROFINANCE PAPER WRAP-UP: ‘Perceptions of (Micro)Insurance in Southern Ghana: The Role of Information and Peer Effects;’ by Lena Giesbert and Susan Steiner, published by DIW Berlin.” June 13, 2012.
https://www.microcapital.org/microfinance-paper-wrap-up-perceptions-of-microinsurance-in-southern-ghana-the-role-of-information-and-peer-effects-by-lena-giesbert-and-susan-steiner-published-by-diw-berlin/
MicroCapital Story: “MICROCAPITAL BRIEF: National Insurance Commission (NIC) of Ghana Targets 10% Microfinance Penetration in Three Years,” May 23, 2012.
https://www.microcapital.org/microcapital-brief-national-insurance-commission-nic-of-ghana-targets-10-microinsurance-penetration-in-three-years/
MicroCapital Story: Ghana Association of Microfinance Companies
https://www.microcapital.org/microfinanceuniverse/tikiindex.phppage=Ghana+Association+of+Microfinance+Companies+%28GAMC%29
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