CIDAN Susu Scheme

The CIDAN Susu scheme is generally aimed at mobilizing deposits rapidly   and   ensuring that monies in circulation are brought into the banking or formal financial sector for productive purposes.

CIDAN Susu savings scheme are categorized into three distinct products as follows:        

• Product A consists of clients in the relatively higher income sector within the

Micro/SMEs who contribute GH¢50.00 and above per day.

• Product B consists of clients who contribute GH¢20.00 to below GH¢50.00 per day.
• Product C consists of clients who contribute for a minimum of GH¢5.00 to below GH¢20.00 per day.

 For each product, clients are permitted to make withdrawals once in a month. Clients can also contribute to access loans without making withdrawals in a consistent savings period ranging from ten weeks for product A, and twelve weeks for products B & C. Minimum Account opening as well as minimum balance to be maintained is GH¢5.00. CIDAN Susu savings earn interest for clients up to Bank of Ghana TB rates plus a minimum of 2% per annum.

Targets of SUSU Clients

• Micro/SMEs – this includes business owners such as sellers of cooked food, artisans like carpenters, taxi and trotro drivers, mechanics, sellers of raw foodstuffs, apprentices, hairdressers, tailors and seamstresses, petty traders, business centers etc.
• All those who make daily incomes on a small scale and all those who make daily incomes but their businesses are such that they cannot go to the banking premises.

• Communities or areas with high critical mass are properly/ specifically targeted.

• Petty traders who frequently come on market days       from other towns are  targeted, especially if they       agree to make savings       of such magnitude to compensate for the missed days within       the week before the market day.

• Churches and       other Associations with regular       meetings are potentially   effective targets or locations for susu savings       mobilization.