OSUSU, A Traditional Way Of Saving In Africa
Growing up, i new this method of saving as contribution,courtesy my mum,recently a friend told me it was called Osusu in Nigeria. I immediately liked how the word sounded, hence the title of this post.
For generations, women in Africa have assembled in clubs - small or large - once a week, once every two weeks or once a month. It's an opportunity to socialize over good food and music, more importantly to collect contributions for members.
The contribution amounts are set and equal for everyone. They are generally nominal - 500, 1000, 5000 Hairs - amounts reflecting the financial means of the women in the club, roughly 1 to 4 US dollars. They can be much substantial for women of more capable means.
Women use the monies or fabrics collected to begin businesses, clothe their children and themselves, and save for the future of their families. Nowadays, the system has expanded to include some men clubs and has developped in big business in many African countries.
If you have knowledge of such associations in other countries, I'd like to hear from you. Please, share they appelation you have for it and how it works. Our world is amazing. It's always a joy to hear about the way other cultures live their daily lives.
BY THE WAY I STARTED MINE SO I CAN HAVE SMALL CHANGE FOR THE NEW YEAR....CIAO.