Susu in ghana

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Susu in ghana

Stephen Gyasi Jnr explains how the traditional susu system has evolved into its modern counterpart. Today, they have become the most ubiquitous firms in the country, especially in regional capitals.

The proliferation of microfinance firms is such that it is even threatening to outdo the number of charismatic churches that spring up by the day across the country.

The Banking Act calls for job creation, the enhancement of local skills and knowledge and the strengthening of the financial sector through expansion of investment and retail banking instruments.

In the past, susu, the system whereby money was kept in sealed, small wooden boxes to be retrieved later used to be the traditional way of saving. It evolved to the practice whereby money Susu in ghana collected from house to house by an individual who kept it and returned to its owners after 30 days with no interest changing hands.

That trend was further modified to the point where men would collect money and deposit it in banks, to be returned to the customer when he needed it.

Susu in ghana

However, interest that accrued on the deposits was for the collector alone. These various forms of savings have led to the modern microfinance sector of the financial industry. While it is helping to bank the unbanked, some players within the mainstream financial sector still see the development as an advanced susu scheme.

The mode of operation of these institutions is not much different from the house-to-house susu collection system, differing only perhaps in its name and the computerisation of operations. Today, the house-to-house money-collection system, very much an intrinsic part of the microfinance industry, has taken the form of mobile banking.

The microfinance system targets low-income earners who are not prepared to be frustrated by the red tape of the mainstream financial sector.

Its agents, conspicuously branded, move from markets to residential areas to attract prospective customers to sign on for small loans, savings, insurance or funds-transfer services.

Their marketing teams use persuasive talk to woo their targets. British-trained chartered accountant, Elvis K Gyasi, managing director of Accra-based microcredit company, Financial Republic, a new addition to the sprawling microfinance sector in Ghana, says: While some microfinance companies are able to give loans in less than 24 hours, others take days to deliver but still get their share of clients from the largely non-banking customers.

But the future of the microfinance industry may be threatened if all players decide to metamorphose into full banking operations, as has been the case in the past.

The fast-growing UT Bank was, until three years ago, one of the leading microcredit companies in the country, doling out loans in 48 hours to customers: Gyasi has similar intentions: Categories of regulated activities under the Act have increased from a single tier to four tiers, to include susu companies, susu collectors, moneylenders and financial NGOs.

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Activities under the fourth tier include the operations of individual susu collectors, susu enterprises, individual moneylenders and money-lending enterprises. However, each registered member of an umbrella association shall contribute to an insurance fund to be set up by the association.

Regulations for first tier rural and community banks, savings and loans companies, and other financial intermediaries already regulated under the Banking Act remains unchanged. The new licensing requirements are expected to take effect within six months.

Companies operating the susu business are already confident of better prospects in the microfinance industry with the new Central Bank regulation.The Ghana Empire (c.

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until c. ), properly known as Awkar (Ghana or Ga'na being the title of its ruler), was located in the area of present-day southeastern Mauritania and western vetconnexx.comx societies based on trans-Saharan trade with salt and gold had existed in the region since ancient times, but the introduction of the camel to the western Sahara in the 3rd century A.D.

opened the. The scope of the role We are looking for Mining Operators and Trainers who want to work with Immersive Technologies in Ghana.


We work closely with many customers in this region. Susu Economics The History of Pan-African Trade, Commerce, Money and Wealth (pub. by 1stBooks Library, Bloomington, Indiana),is a powerful book.

1. Republic Bank Investment Services Limited (RB Investments). Tigo Ghana was the first mobile operator to launch here, in Since then, we have developed GSM, 2G and 3G networks and continue to provide services as a dynamic, highly visible brand, actively sponsoring critical social causes and promotional events.

Below is a list of various hotels in Ghana.

Subsidiaries - Republic Bank Gh Limited