If larger sums are required, and they know the client personally, they can offer credit at higher rates than the banks, but without collateral to secure the loan.
Whereas banks in Ghana offer high-value, long-term loans, Susu collectors can offer low-value advances or credit in the short term usually less than a month that is interest free.
Seven out of the thirteen districts in the Northern Region have no banks and the ratio of clients to banks in northern Ghana is much higherthan in the country as a whole 16, Deposits, often of low but regular value, are usually taken on a daily basis over the course of a month.
However, each registered member of an umbrella association shall contribute to an insurance fund to be set up by the association.
Otherwise they can often be recognized by their distinctive coats with many pockets. The Banking Act calls for job creation, the enhancement of local skills and knowledge and the strengthening of the financial sector through expansion of investment and retail banking instruments.
Susu collectors may also provide advances to their clients.