The Susu Business


We are into all types of susu business - “susu business” means observed types of susu collections in Ghana, which generally involves the periodic collection of deposits from the general public and the refund of such accumulated deposits at the designated times for a fee and includes-
a. Susu collectors and/or their agents engaged in collection and storage of savings deposits for future collection by clients
b. Susu associations engaged in Rotating Savings and Credit Associations (ROSCA) sometimes referred to as “merry go round” and managed by the members themselves. Members contribute regularly a fixed amount that is allocated to each member in turn (according to lottery, bidding or other system that the group establishes)
c. Accumulating Savings and Credit Associations (ASCA) where members make regular contributions from which some of the funds may be lent to members or paid out under certain circumstances bordering on a life cycle need of a member, such as death of a member.
d. Susu clubs where members commit to save towards lump sum collection that each member decides over a period of 50 to 100-week cycle. They pay a 10 percent commission on each payment and an additional fee when they are advanced the targeted amount earlier in the cycle to the collector
e. Susu companies which are registered businesses whose employees collect daily savings using regular susu collector methodology and promise the granting of loans after a minimum of at least six months’ savings.

Our Business Model


1. CUSTOMER SEGMENTS:

The enterprise intends to focus on clients in the non-bank financial sector with specialized products and services tailored at deposit taking. We would preferably work with traders, fashion designers, farmers, fishermen, drivers, food vendors and other professionals in the small scale sector to engage in the following services;
a. periodic collection of deposits from the general public and refund of such accumulated fund deposits at agreed times for a fee (commission).
b. And the collection of deposits for a fixed period (such as three (3) months without refund and no commission.
c. Selling of insurance policies as agents for designated insurance companies
d. Advances to clients (part-payment)
e. Mobile money transfers services – agent

2. VALUE PROPOSITION:

We propose to create products and services that would add great value to our customer segments we serve. Our products are tailored towards solving our clients’ financial needs promptly and as and when they need funds and to create financial security in times of urgent needs. Our products include;
a. Collection of daily small deposits (susu) for thirty-one days (31 days)
i. Daily Susu Saving
b. Collection of fixed deposit savings for a period up to one year (1 year)
i. Child Education Savings - Three months
ii. Group Susu Savings - Six months
iii. Trade Enlargement Savings - Four months
iv. Future Plan Savings - One year
c. Advances to clients – we would give clients’ money up front for a period up to one month and such monies would be paid back in daily contribution for a month.
d. Mobile money services to clients