Licensing requirements for microfinance institutions incorporated in ghana, shall be eligible to apply for a licence to carry on tier 2 or tier 3 microfinance business 2 no person shall carry on microfinance business unless it has obtained as a susu collector or money lender. Susu operations in ghana 2 imtfi working paper 2014-1 introduction the susu savings scheme has for many years served as an important avenue for savings for low income and financially excluded people in countries across west africa on a daily basis, these susu operators ‘walk’ to their clients to collect small amounts of savings and return the full amount. Susu collectors are common in ghana, specially accra, the capital their bill boards are scattered in the city these susu collectors sometimes wait for their clients in their small offices with their membership cards and are always ready to transact business. Kwadwo asare baffour #susu su_official video our new desktop experience was built to be your music destination listen to official albums & more. Our fasttrack susu scheme is a special daily collection of little savings from traders this service helps market women and traders save towards future micro loan acquisitions and as capital to expand their businesses.
Many poor people in ghana, particularly market women, do not have access to the formal banking system and therefore depend on susu for their daily savings through a susu money collector. The susu collection system of ghana susu collection is one of ghana’s most ancient traditional banking systems in the akan language, the term ‘susu’ means “small small” as to indicate the saving contribution paid on a daily basis by those economically active poor that decide to join the scheme. An iteration of communal lending, susu, is, however, known to have originated from nigeria and spread to ghana in the early part of the 20th century ghana: microfinance calls the shots d in digitalcity's manifesto, set out in 2004 was to create a vibrant, susu te cr ca successful and self-sustaining supercluster based on the digital. The informal credit sector has been very active in ghana and covers a range of activities known as susu, including individual savings [ 2011 , tamara mose brown, raising brooklyn: nannies, childcare, and caribbeans creating community , nyu press →isbn , page 128.
Financing small and medium enterprises (smes) in ghana: challenges and determinants in accessing bank credit in ghana, the most commonly used definition of hair dressers association of ghana, susu collectors july 2013 vol 2, no3. With about 4,000 susu collectors in ghana and each collector serving between 200 and 850 clients a day, susu collection has become an insitution (albeit informal) that meets an important development need. In the wake of several scandals surrounding susu banking in ghana, the bank of ghana, the government’s supervisory and regulatory authority pertaining to the country’s financial sector, is embarking on a project that aims to regulate the susu banking industry.
Susu is an informal means of collecting and saving money through a savings club or partnership, practiced throughout africa and the caribbean it is usually taking turns by throwing hand as the partners call it. About us background ghana mfi sector and the role of susu collectors the formal banking institutions in ghana are banks, including the rural and community banks (rcbs), finance houses and savings and loans companies. The ghana cooperative susu collectors association (gcsca) has observed an improvement in the control of clients’ savings since the bank of ghana started implementing new regulations for operators. The non-existent of susu clubs as separate susu schemes was made more apparent in duggleby et al (1992) study of formal and micro finance for small enterprises in ghana, when they used the description ‘susu clubs’ to refer to group saving schemes. Fb susu ent ghana 27 likes fb susu ent ghana is a member of the fb susu ent group.
It is great news that that fidelity bank is providing technology services to susu collectors in ghana in 2005, barclays was the first global bank to link with the susu collectors and possibly the first global bank to link with an informal financial system for that matter in africa. Ghana would not recover its former glory and the following decades saw further decline as subject peoples broke free from the kingdom’s control in 1203 ce, kumbi was taken by one of their former subject peoples: the susu. Our goal is to provide unparalleled excellence in service anytime, anyplace and anywhere we offer a wide-range of innovative financial products including employee loans, checking and savings accounts, consumer and residential loan products.
Emefs microfinance limited (eml) is a limited liability company registered in ghana emefs was incorporated under the companies code 1963, act 179 with the registrar generals department on the 14thjul. Ghana cooperative susu collectors association (gcsca) ii individual money lenders individuals and entities engaged in the above activities are encouraged to bank of ghana, of varying periodicity as may be determined by the bank of ghana ii tier 3 institutions may be subject to on-site supervision of such. The bank of ghana says as part of its plans to build the capacity of ‘susu’ collectors in the country there will be a quarterly budget for the ghana cooperation susu collectors association.
Ghana: susu collectors 2006-10-01 00:00:00 barclays is tapping into an ancient banking system to promote a new microfinance initiative susu collectors are known to have plied their trade in and around ghanaian markets for at least three centuries. The ghana co-operative susu collectors association (gcsca) was established in 1994 as an umbrella organization for all regional susu collectors societies in ghana the association has affiliated societies in all ten regions of ghanathe association has its national headquarters accra, kokomlemle opposite attc. In the 1230s sumanguru’s power was challenged by the kingdom of kangaba, to the south, whose people, the mandingo, objected to susu suzerainty in the battle of kirina (near present koulikoro in the republic of mali) c 1235, the mandingo, led by sundiata , defeated sumanguru.