Monday
February 22
2016

About 70% of Ghana’s ‘Susu’ Collectors Are Operating Illegally

Out of an estimated 1,500 Susu collectors operating in the country, with a client base of over 2 million, only 472 of them (representing 31 percent) are formally licenced under the self-regulation scheme, making t activities of the rest illegal.

This was revealed by the Ghana Cooperative Susu Collectors Association (GCSCA) at a forum held in Accra to raise awareness of the situation, which they refer to as a threat to national security.

Speaking at the forum, Obed Asomaning — Executive secretary of GCSCA, the umbrella-body mandated by the Bank of Ghana (BoG) to register and supervise activities of the Susu Collectors — said constant efforts have been made by the Association to register most of them (the Susu collectors) so they can operate with a legal licence, but their efforts have been met with a lot resistance from the operators.

The Association is therefore calling on the central bank to act swiftly in order to prevent a situation that is currently happening in the microfinance sector, where some microfinance institutions have defaulted in paying deposits due their clients.

Source: Ghana Web (link opens in a new window)

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Uncategorized
Tags
banking, lending, microcredit, microfinance