Be careful with 'Susu' collectors – Golden Pride Savings & Loans MD advises public

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 especially by market women.

The collectors sometimes give advances to contributors which is payable in the cause of the month but due to lack of capital it is limited to few clients.

Due to the contributions of “Susu” to the development of SMEs and its ability to mop excess liquidity through its savings mobilization methods, “susu” is recognized and being incorporated into some formal financial institution, dubbed “Susu savings and loans” using the same methodology.

Interestingly, some people working in the corporate environment have also embraced “Susu” since they see it as a way of saving the few coins they have left in their bags after the day’s activities.

Currently in Ghana most banks have “Susu“ collectors or mobile bankers who go round to collect money from customers on a daily basis.

Although there have been reports of “Susu” collectors vanishing into thin air with monies belonging to their customers, some banks still keep their dignity by ensuring that the monies saved are given out when needed.

Speaking to Kasapa News, the Managing Director of Golden Pride Savings and Loans Limited, Mr. Johnson Boadi Asamoah cautioned the general public to be cautious of “Susu” collectors/ mobile bankers by doing a background check to ensure that they are indeed staff of the bank they claim to be representing.

He said customers must also look out for machines which picks their finger prints and other details immediately they make a deposit.

He said market women in particular fall prey to fake “Susu” collectors and therefore it is important for them to be cautioned.

Mr. Boadi Asamoah said although the Central Bank is doing its best to wipeout fake Micro Finance and Savings and Loans companies from the system, the general public must assist to make the exercise very easy.

In February last year, the Ghana Co-operative Susu Collectors Association (GCSCA) called on the Bank of Ghana (BoG) to grant them the right to sanction “Susu” operators who do not conform to the regulatory regime of the industry.

The power to sanction, it said, should complement the association’s current power, which borders only on partial regulation under the ultimate supervision of the BoG.