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Susu Account
Susu collectors are a traditional form of financial intermediaries in Africa, predominantly in Ghana. For a small fee they provide an informal means for Ghanaians to securely save and access their own money, and gain some limited access to credit, a form of microfinance. Money looked after for an individual by a Susu collector is held in a Susu account. The sus informal accounts used in the Caribbean and among West Indian immigrants to the United States are similar. History In the Akan language susu means "plan". In this context, planning with a group of people to save a certain amount of money. The concept is also known in Jamaica as ''Paadna Money''(Partner Money) or simply as ''Paadna''. The 1990s saw significant growth in the number of clients per susu collector in other African countries, and growth in the size of individual deposits, according to Aryeetey and Udry (1995). Today, Susu collectors provide many Ghanaians who would otherwise be denied credit with access to mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Susu (informal Loan Club)
A susu or sou-sou or osusu or asue (also known as a merry-go-round, Partner or Pawdna in Jamaica and sol in Haiti)) is a form of rotating savings and credit association, a type of informal savings club arrangement between a small group of people who take turns by "throwing hand", as the partners call it. The name is used in Africa (especially West Africa) and the Caribbean. The basic principle is that each member of the group makes a standard contribution to a common fund once per some time period. Then each period the total contributions are disbursed to a single member of the group. The recipient changes each period in a rotating fashion such that all the members of the group are eventually recipients. Participants of a susu do not make a profit, but receive their contributions as a lump sum and is a forms of savings clubs. Overview A member who receives a distribution early on effectively receives a loan. They collect a larger sum of money early and "repay" as they make contri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |