It is a microfinance product that seeks to reduce drudgery by ensuring that Mobile Bankers get to the door-steps of Susu contributors to make daily cash collections and deposit them in their individual Susu account at the bank.
Features
• Engaged in income generating activity
• Operate Susu accounts with the bank.
• Applicant should operate Susu savings account for at least three (3) months without withdrawal before eligible for initial loan
• Applicants shall contribute at least 30% of loan amount in their Susu account as cash lien/security against loan
• Where the loan size is up to GHS 2,000 – at least one guarantor is required
• Where the loan size is above GHS 2,000- two guarantors are required
Benefits
• Easy access to loan
• Flexible terms of payment
• Competitive interest rate
• Free business advisory service