This is how to start a susu business in Ghana

In Ghana, the susu business has been a big part of how people manage their money for a long time. It lets people save cash and borrow money when they need to. This article will show you the basic steps to take if you want to start your own susu company in Ghana. You’ll also find some helpful hints to make your business a success.

Understanding the Susu Industry in Ghana
Before you learn how to start a susu company, it’s important to know some basics about the susu industry in Ghana. The susu system is a traditional method for people to save and borrow money from trusted individuals called susu collectors.

Susu collectors visit their clients regularly, picking up small amounts of money that are due daily or weekly, which they keep each month-end, when they return the savings accrued over that time back to the customer, after taking away a small commission. Most times, though, they also lend out this money to other customers, their net borrowers , and charge interest on those loans at rates higher than what formal banks charge.

The susu industry helps many poor people in Ghana get financial services. There are more than 3 million susu collectors in Ghana who look after about $1 billion worth of savings. This industry gives a lot of people work and helps many people when they need money most.

Advantages of the Susu Industry
Safe and secure savings
Susu provides a safe way for people to save their money, especially people who don’t have access to a formal banking system.
Small loans
One of several advantages of the susu industry is that it enables individuals to quickly take out small loans to cover immediate financial needs.
As far as saving and borrowing money goes, susu is very convenient. Since collectors visit clients on a regular basis, you won’t have to travel very often to any banks.
Susu is also relatively cheap compared to other types of financial services that help you get cash. If you don’t make much money, this is especially true.

Disadvantages of the Susu Industry
No regulation and informality

Of course, since there aren’t any rules or laws in place for most susu practices, some aspects of the business can be pretty informal. Depending on where you sign up, how much information you’re given about what will happen to your money once you give it to the collector may vary greatly.

Trust and transparency

Because certain aspects of the susu business are so informal (meaning there isn’t a list of strict rules that all participants must follow), it can sometimes be hard to figure out if someone has been dishonest with you or if they’ve cheated you.


Even though they know they’re being exploited, some people feel like they need to use susu collectors because collectors are the only people who will lend them money.

Many people believe that this lack of honesty comes from susu collectors charging very high interest rates on loans.

It’s worth noting again that even though there are problems with Ghana’s susu industry, it’s still an important part of how people there get and use their money. In fact, more and more companies are trying to change certain parts of the business so that they’re easier to control or make digital (which would mean you could do it all on your phone or computer).

The following is a step-by-step guide on how to start your own susu company in Ghana:
Do Your Research
To ensure you are building on a strong foundation, start by researching the susu industry in Ghana, including its regulations and requirements. You should also familiarise yourself with other susu companies already in the market – this will help you find ways to improve your business and make it stand out.
Write a Business Plan
If you want your susu company to grow and develop into something great, you need to have a solid business plan in place. Your plan should outline your goals for the business, who your target market is, what you plan on selling to them, how you plan on selling it to them, and how much money you expect to make (and spend) each year. A good business plan will help you overcome challenges along the way.
Obtain the Necessary Licenses and Permits
It’s important that you get all the necessary licenses and permits before starting up any new business in Ghana. To begin with, go to the Registrar-General’s Department and register your business so you can get a business registration certificate. If as part of your long-term plans for your susu company you’d like to offer microloans to people as well, then you’ll also need to get a license from the Bank of Ghana.

Set Up Your Business
Once you’re legally ready to move forward, there are several general things you’ll need to do when setting up any kind of new business in Ghana:
Find A Good Location:
You’ll want a spot that’s easy for people to get to but also very safe and secure. Depending on what part of town or city you’re setting up shop in, this could be expensive.
Hire Great Staff:
You should also make sure that everyone you employ – especially front-desk staff who might interact frequently with customers – can speak really good English and/or whatever other languages you plan on conducting business in. Additionally, since susu collectors will literally be carrying around loads of cash all the time, you’ll need to hire people that you really trust.
Get Some Software:
At the very least, you’ll also need to invest in some good accounting software packages so that you can easily keep track of all the money coming in (from your collectors) and going out (to your savers).
Market Your Business
Lastly, no matter how good your location or how great your staff or how safe your software, if no one knows that your susu company exists then you won’t be signing up any customers (or making any money)!
Traditional word-of-mouth advertising works really well for these kinds of businesses (especially when you plan on initially setting them up in small towns or tight-knit communities), but you should also think about investing in some radio spots as well as putting up flyers all over town.
Remember – Since everyone needs to physically come to your place of business every week to drop off their susu anyways, once you get your first few customers signed up, as long as they’re happy with your service, they’ll definitely tell their friends and family members about it- that’s free advertising for you right there!

Here are some other tricks to help you succeed:
Start Small
Don’t dive into the deep end right away. Begin with a small group of clients and gradually increase your operations as you build trust and credibility.
Reliability and Trustworthiness
This is key. Build trust with your clients. Be reliable in your operations, keep their money safe, and honour your word—all the time.
Competitive Rates
Offer rates that are similar to other lenders in order to stay competitive. But also remember that lower rates means less profit per loan. You can also think about offering additional services like microfinance to make your susu company more appealing.
Stay Informed
Make sure you know what the latest regulations are and what’s happening in the industry. This way, you’ll be able to avoid any legal problems.
Starting a susu company can be extremely fulfilling. Not only do you get to positively affect people’s lives by giving them much-needed loans, but you also get to help the local economy grow.
Minimum Capital Requirement for Susu in Ghana
There isn’t a minimum capital requirement for starting a susu business like there is for other formal financial systems. The Bank of Ghana doesn’t directly regulate susu because it’s informal. However, most of the time susu collectors have to be members of an umbrella association such as the Ghana Cooperative Susu Collectors’ Association (GCSCA). Being a member of such an association comes with its own set of rules and guidelines.
To be able to operate within these associations’ frameworks, susu collectors have to follow certain rules:
Registration: In order to work under the GCSCA umbrella, susu collectors must register with them.
Accurate recordkeeping: GCSCA requires its members to keep accurate records of all transactions they make with their clients.
Fair interest rates: Charging clients unfair interest rates when you give loans is not allowed if you’re a member of GCSCA.
Non-discrimination: All clients must be treated equally, and discrimination of any kind should not be tolerated.
Insurance coverage is also something that the GCSCA provides for susu collectors. This type of insurance means that if a collector goes out of business and is unable to pay back money she borrowed, both she and her clients will be protected.
So, while there isn’t a minimum capital requirement per se, you still need to think about how much money you’ll need to start your susu business properly and run it in a way that’s fair to your clients.


To participate in the susu system effectively, it’s crucial to be aware of the rules that typically govern susu operations. While specific rules may vary between collectors, the following rules are commonly observed:

Uniform Contributions: Each client contributes the same amount to the susu, ensuring fairness among participants.
Frequency of Contributions: Contributions are typically made on a daily or weekly basis, depending on the arrangement between the collector and the client.
Accurate Recordkeeping: Susu collectors are responsible for maintaining accurate records of all transactions, providing transparency and accountability.
Prohibited Personal Use: Collectors must refrain from using the collected funds for personal expenses, ensuring the integrity of the system.
Fair Interest Rates: Collectors must charge reasonable interest rates on loans, ensuring affordability for clients.
Non-Discrimination: Collectors must treat all clients equally and refrain from any form of discrimination.
While these rules are generally followed, it’s essential to choose a susu collector you trust and who operates in accordance with the established rules. Keep track of your contributions and withdrawals, understand the interest rates applied to loans, and promptly communicate any concerns to the relevant umbrella association if necessary.

The Susu system offers a convenient and affordable way to save and borrow money, supporting the financial needs of many Ghanaians. By adhering to the rules and guidelines and exercising due diligence, you can ensure a positive and rewarding experience with susu.

In conclusion, starting a Susu company in Ghana requires careful planning, research, and adherence to regulatory guidelines. By following the steps outlined in this guide and considering the unique challenges and benefits of the susu industry, you can embark on a journey to provide valuable financial services while making a positive impact in your community.

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