It is a microfinance product that seeks to reduce drudgery by ensuring that Mobile Bankers get to the door-steps of susu contributors to make daily cash collections and deposit them in their individual account at the bank
The susu scheme mainly includes;
- Savings – Primary product
- Loan – Secondary product
- To extend banking services to the door-step of clients.
- Inculcate banking habit in micro entrepreneurs both in the rural areas and urban centres.
- Save susu customers from the drudgeries involved in frequenting the bank to transact business.
- Widens the clientele base.
- Maximize profit.
- Increase the deposit base
- Eligibility Requirement
Susu Clients must be:
- Engaged in income generating activity
- Operate savings/accounts with the bank.
- Make regular savings without withdrawal for 3 consecutive months to qualify for initial susu loan.
- Operate as individuals
The susu product targets:
- Economically active clients
- Both men and women
- Adults, between the ages of 18 – 60
- The susu product under Microfinance shall consider both micro and macro enterprise entrepreneurs operating in all fields of trade.
Susu Delivery Methodology and Control
- The susu delivery methodology shall be on individual basis.
- The susu operation must not go beyond the bank’s catchment area.
- Mobile Bankers must reach out to about 90% of the target market.
- Mobile Bankers should be swapped periodically.
Susu Loan Requirements
- Applicant should be in active business.
- Applicant should operate susu savings account for at least three (3) months without withdrawal before eligible for initial loan.
- Account operation shall be regular.
- Applicant should continue operating the susu account after loan disbursement.
- Applicants shall contribute at least 50% of loan amount in their savings account as cash lien/security against loan.
- Applicants shall contribute 50% of the loan amount in his/her savings accounts as security against the loan.
- Applicant shall provide one recent passport size photograph.
- Applicants shall provide at least one (1) person in good standing as a guarantor (salary worker/Susu contributor/Other Bank Customers).
- Guarantors shall provide passport size photographs
- The identity of all guarantors shall be verified by the Microfinance Officer.
- Where the loan size is up to GHs 2,000 – at least one guarantor is required
- Where the loan size is above GHs 2,000- two guarantors are required
- The Microfinance Officer/Monitor shall explain details of the loan to the borrower.
- The borrower shall sign or thumbprint against his/her name on the loan disbursement form or the offer letter.
- Loans shall be disbursed within 7 days upon submission of loan application.
- There shall be no moratorium
- Loan repayment is on monthly installment basis.
- Loan duration is six (6) months
- Applicant must make daily contribution towards loan repayment.
- The applicant must continue to operate the susu savings account until the loan is fully paid.