Saving, not banking

Apr 21, 2010

Saving money with the bank is not only safe, it also ensures that people don’t miss out on the interest and the safety that go with it. But some Ghanaians prefer the traditional way of saving, called Susu, where they give the money to a trusted person every day.

Many Ghanaians save regular amounts of their money and give it to trusted persons every day to keep it till the end of the month. For this service the pay one day’s fee to the so called Susu collector. Yet he brings the money to the bank and keeps the interest on it. The system is less safe than banking, and people have to pay instead of getting interest, but still, many prefer it to going to a bank. Bernard Agyemang went to find out the reasons.