noun A form of savings where a group of people pay an agreed sum of money on a periodic basis (usually monthly) and each period one member of the group takes all the money that has been paid (their share). This practice has been traced back to Yoruba credit system.
contributors
related
comments
Mr E11 years ago
Mr E
11 years ago
Susu collectors are one of the oldest financial groups in Africa. Based largely in Ghana they provide (for a small fee) an informal means for Ghanaians to securely save and access their own money, and gain limited access to credit, a form of microfinance.
MrJinks11 years ago
MrJinks
11 years ago
The term may originate from Yoruba, and thus may be linked to the arrival of Nigerian traders in Ghana, according to Aryeetey and Gockel