The Ghana Co-operators Susu Collectors Association has urged the Bank of Ghana to quickly check the many unlicensed ‘susu’ operators that could pose risk to the financial system.
This is coming few years after the completion of the financial sector clean-up.
Speaking at 13th Annual General Meeting of Ghana Co-operative Susu Collectors Association, President of the association, Patrick Arthur Okyere, cautioned depositors to refrain from saving with these unlicensed susu operators.
“We have come across some unlicensed operators. Some do not know the existence of the association. And others have taken advantage of the contributors. Based on this, the association from next year will run a nationwide campaign to educate susu contributors to only save monies with licensed owners and create awareness to draw the operators to the association”.
“We will also work closely with all Metropolitan, Municipal and District Assemblies to advise persons behind these firms to enable them to come under regulation”, he further said.
“We therefore call on the Bank of Ghana to help address the issue of unlicensed operators since their activities adversely affect those of us operating lawfully”, he pointed out
Susu contribution to economy significant
The Ghana Co-operators ‘Susu’ Collectors Association expressed satisfaction that the contribution of susu operation in Ghana has been significant, as it has aided the financial sector policy of attracting the ‘underbank’ and ‘unbank’ segment of the population to banking.
“The contribution of ’susu’ operation in Ghana to the economy development cannot be overemphasized. No wonder today, all the big players within the financial sector are ready to forge partnership with susu operators to provide financial services to low income earners”.
“Everyone in this room can attest to the role that ‘susu’ operations have played directly or indirectly in their upbringing. The market woman, artisan, fishmongers, continue to engage in this form of savings mobilization, and that has been the foundation of building their capital; and also because it has a confidential and trusted medium we are still on the ground.
Susu operators need support to digitalise operations
The Ghana Co-operators ‘Susu’ Collectors Association called for support particularly from strategic development partners to enable members digitalise their operations.
“The susu operator must be supported in digitalisation, customer service and retention and technical development to continue to provide better and smart services to clients. Therefore we called on strategic development partners to come to our aid at this crucial moment of ‘susu’ operations since the nation’s agenda is set on digitalisation path.
“We also entreat all members to start introducing digitalisation into their operation since it will solve some of their challenges”, Arthur Okyere said.