SUSU Money: A Community-Based Savings and Lending Software
SUSU, short for “sou-sou” or “susu,” is a traditional savings and lending system practiced in various cultures, particularly in Africa, the Caribbean, and some parts of Asia. It is a community-based financial arrangement where a group of individuals pools their money together and takes turns receiving the lump sum.
Here’s how a typical SUSU money system works:
- Formation of the group: A small group of people, often friends, family members, or neighbors, come together to form a SUSU group.
- Contribution: Each member of the group contributes a fixed amount of money regularly, typically on a weekly or monthly basis. The total amount contributed is determined by the group members’ agreed-upon contribution amount and the duration of the cycle.
- Rotation: The contributed funds are then distributed to one member of the group in a predetermined order. For example, if there are ten members, each member may receive the lump sum once every ten weeks or months.
- Distribution: The member who receives the lump sum changes with each rotation until every member has received their share. The rotation continues until all members have received the entire lump sum.
- No interest: SUSU money systems typically don’t involve interest. Instead, the benefit lies in receiving the lump sum when it’s your turn.
SUSU money systems rely on trust, accountability, and a sense of community among the group members. It provides an informal means of saving and accessing funds for various purposes such as starting a business, paying for education, or addressing emergencies.
It’s important to note that the specifics of SUSU money systems may vary across different cultures and communities, so there can be variations in rules, contribution amounts, and frequency.
Coderobotics automated the SUSU Money, Community-Based Savings and Lending System. Our SUSU Money Lending Software has the features to manage SUSU Money, Community-Based Savings, and Lending business.
