Saturday, July 9, 2011
OSUSU, A Traditional Way Of Saving In Africa
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, 2000 CFA - 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. Some clubs collect wax print fabric instead. All the collection for one meeting is remitted to the person in line on a predetermined order tracked by the administrator and president.
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.