Susu is one of the ancient traditional banking systems found mostly in African countries as a means of funds mobilization for commencement, sustenance and in some cases development of small scale enterprises (SSE).
The system is believed to have been introduced in Ghana by Yoruba traders originating from Nigeria (Aryeetey and Gockel 1991). In Ghana Susu is where a PERSON agrees to make a daily contribution to an ANOTHER (susu collector) for a period of 31 days and the collector retains or takes a day’s contribution as commission.
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. It is known as Ikub in Ethiopia, Dyangy in Camaroon, Chilemba in Uganda, Esusu in Liberia and parts of Nigeria, Susu in Tobago or Sou in Trinidad (Seibel 2001) and as Tontines in Francophone Africa. This money saving African tradition is practiced throughout the Caribbean and Americas. A person is entrusted with the duty to hold the money until it was all pooled together at the agreed upon amount and time. Then the correct person receives the money-pool.
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