Barclays Bank to Help Ghana SUSU Collectors

GHANA – SUSU Collectors work like unofficial credit unions in Ghana. These estimated 4,000 collectors even have an association, The Ghana Cooperative SUSU Collectors Association, which works the Ghana Microfinance Institutions Network (GHAMFIN). They are self-regulating. Collectors, readily identifiable by the many pocketed coats they wear, gather money from small business people such as those who have roadside stands and keep it safely for a small fee. They also build long-term relationships with families and serve as bankers for people who fall below the interest radar of larger banks. About 75% of Ghanaians are too poor for banking services. SUSUs represent a 75 million economy. SUSUs also provide small loans. Barclays Bank, which has many pro-credit union projects in the United Kingdom, is now teaming up with the SUSU collectors and is offering a place for deposits as well as financial training. “What we are doing is somewhat unique. Not only are we creating an account for SUSU Collectors to deposit their funds, we are also providing them with loans of their own, which they can `lend-on’ to their customers, helping them build their capital,” said Margaret Mwanakatwe, manager of Barclays Bank of Ghana Limited. “In the process, we are laying the building blocks for a truly financially inclusive society. Currently, over three quarters of Ghanaian society may not have access to high street banking.” The formal launch of the microfinance products was held on Dec.19 at the Corporate Services Centre, Accra, with the Deputy Minister for Finance and Economic Planning, and Dominic Bruynseels, CEO of Barclays Africa in attendance. Barclays has been involved in banking for over 300 years and operates in over 60 countries with more than 110,500 permanent employees [email protected]