GCSCA to flush out fake `Susu` collectors
The Ghana Cooperative Susu Collectors Association (GCSCA) has called for a collaborative effort from stakeholders in the industry to flush out unscrupulous 'Susu' collectors from the system.
This call by GCSCA seeks to develop good structures to enhance its operational performance in the country.
It is also aimed at achieving effective integration of well defined code of conduct to promote ethical and responsible practices for all 'Susu' operations in the country and improve the conditions protecting parties in financial transactions by reviewing and updating market conduct rules.
GCSCA for sometime now has been facing challenges that stem from competition, security on clients' savings and security to the Susu collectors themselves.
According to the association, the worst of it all has to do with unscrupulous collectors who enter the market to defraud clients of their hard earned money.
Addressing a group of media practitioners in Accra on Monday, the Chief Executive of Premier Resource Consulting, Mr. Felix P. Quansar noted that numerous efforts by the GCSCA to regulate operators within the sector, in the area of controlling and improving the environment has been beset with challenges, since majority of collectors were not under the jurisdiction of the association.
Out of the over 4,000 Susu collectors operating in the country as identified in 2007, only 1,350 are registered members of GCSCA.
“This in one way continues to pose a threat to the sector. Unscrupulous and dishonest Susu collectors end up bolting with clients savings or deposits, creating a mess and tarnishing the image of the trusted ones under the association's umbrella”, said Mr. Quansar.
He stated that the association's desire to bring the situation under control, led to the collaboration with some financial institutions including Barclays Bank, Ecobank-ACCION and Women's World Banking to offer training and funds (loans) for small scale businesses at a reduced rate.
He stressed the need for institutional support to ensure that the country had an effective and informal financial sector as well as good structures coupled with well-defined code of conduct for the smooth running of its operations among members.
According to Mr. Quansar, the advocacy being championed would help the GCSCA control and formally regulate and supervise the activities of Susu collectors in the country.
For now, he said the association is bent on championing the promotion of an all encompassing regulatory environment, through advocacy action with the support of the Business Advocacy Challenge Fund (BUSAC).