A level 300 Production by Esther Sasu Yeboah.
Some of the young people say that the attraction lies in the flexibility of the system of the system. Contributors can save small amounts based on what they earn each day without worrying about minimum balance or complicated procedures.From the bustling stalls of Makola Market to roadside shops in Madina and Kaneshie, Susu collectors continue to make their daily rounds, collecting small amounts of money from customers who believe the system helps them save better than a bank.
A student and braider, Shelia Bonsu, says Susu has helped her remain financially disciplined.Like many young people, Shelia says saving through Susu prevents her from spending money unnecessarily. She believes the system has enabled her to save consistently and meet her personal and educational expenses without relying on anyone else.
Legal practitioner Yaw Boampong Adu-Brimpong Esq. believes trust alone is not enough to protect contributors. He explained that while banks operate under laws that protect depositors and financial institutions, many informal Susu groups do not have similar legal structures.
According to him, Susu groups should adopt written constitutions outlining membership requirements, the collection and management of contributions, and the responsibilities of organisers and members. He said clear agreements would strengthen accountability, reduce misunderstandings and provide better protection for everyone involved.
Although banks offer stronger legal protection and consumer safeguards, many young people interviewed said Susu remains attractive because it is convenient, flexible and encourages consistent saving. For those managing limited resources, the system provides a practical way to set aside money for future expenses without placing additional financial pressure on them.
Great piece on Susu, really captures why so many young people trust it over banks despite the legal gaps.
ReplyDeleteThe idea of susu isn't a bad way of saving money but is a risky one. My advice is to save in a bank which has a good reputation.
ReplyDeleteSusu is indeed a very a simple and accessible system of saving money. This is why some Ghanaians are now choosing Susu over banks. I personally agree with this
ReplyDeleteI agree with the legal practitioner since when susu organisation breakup it members will be able to track and recieve their money. So the advice is to join trusted susu orgs to avoid people losing their money without a trace
ReplyDeleteI have joined some one or two susu collections and it was really helpful more than the banks i have account
ReplyDeleteWhile susu is a useful savings method, it’s important to save with trustworthy collectors or registered institutions to ensure your money is secure.
ReplyDeleteWhile Susu can be very helpful when managed by a reliable institution, I personally prefer bank savings for the added security.
ReplyDelete