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New African
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Ghana: Susu collectors connect with formal banking; An ancient African banking system is helping to promote a new microfinance initiative in Ghana. Stephen Williams reports.
Publication:
New African
Publication Date: 01-AUG-06 |
Format: Online
Delivery: Immediate Online Access |
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Full Article Title: Ghana: Susu collectors connect with formal banking; An ancient African banking system is helping to promote a new microfinance initiative in Ghana. Stephen Williams reports.(Endtail) |
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Article Excerpt
Susu collectors are known to have plied their trade in and around Ghanaian markets for at least three centuries. The concept is remarkably simple and provides a very useful service for small traders.
Typically, it works like this. Traders pay a small sum to register with a Susu collector, perhaps C20,000 (around US$2). The collector makes his daily rounds and collects a similar amount over a 31-day rolling period from each of his customers. At the end of the period, the collector pays out lump sums to the customers, while retaining one day's payment from each customer for his services. In larger collectives (say, an office group), selected members receive lump...
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