news - Ghana: 300 Susu collectors submit to regulated microfinance regime

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Ghana: 300 Susu collectors submit to regulated microfinance regime
June 28, 2012

business.myjoyonline.com,22 Jun 2012 - The Ghana Cooperative Susu Collectors Association (GCSCA) has expressed satisfaction at the rate of members’compliance with the Central Bank’s new regulatory rules and requirements for operators.

Activities of individual susu collectors and enterprises fall under the fourth tier of the new Bank of Unlike microfinance companies, there shall be no minimum capital requirement for susu operators. But the guidelines state that “operators shall carry out their activities within a defined geographical area such as a town, city, a market or a suburb and shall not operate branches, except with the prior written approval of the Bank of Ghana”.

GCSCA President, Emmanuel Aboagye-Manu, says almost 300 applications have been forwarded to the regulator for licensing – majority of the applications are from the Greater Accra and Ashanti regions.

He told Luv Biz Report majority of operators should be licensed by end of June 2012.

“We’ve done due diligence; we went through the regions to interview and assess them and we’ve given a profile of each susu collector to the Bank of Ghana for study and we hope of getting it [licence]” he said.

Traditional susu collectors have in years past provided an informal means for Ghanaians to save and access credit, mostly serving low-income earners.

The industry has however been fraught with fraud and other illegalities.

Mr. Aboagye-Manu said a task force will be instituted to monitor and flush out unscrupulous susu collectors.

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