Mr. Obed Yaw Asamany will present a paper entitled, “Indigeneity and Finance: The Case of Ghana’s Formalization of Susu Banks.”
For centuries the people of Ghana have relied on traditional collectives called Susus (coops) to do banking. Today the majority of its citizens still do Susu banking – mostly informally. However in the last two decades, the state has been formalizing some of the Susu operators. The Susu system in Ghana is both formal and informal. This case study examines the legal formalization of Susu collectives under the Central Bank and discusses what this means for the Ghanaian people.
Mr. Obed Yaw Asamany, General Manager, Ghana Co-operative Susu Collectors Association has extensive experience in the business development of small and medium-sized firms in Ghana. Mr. Asamany is the general manager of the world’s first national body to formalize ROSCAs, the Ghana Co-operative Susu Collectors Association. This body regulates Peer-to-Peering savings and lending cooperatives in conjunction with the Bank of Ghana. Since 2008, he played a leading role in advocating for a regulatory environment for Susu operators in the categorization of tier–4 in Ghana and this was realized in 2011. Susu collection in Ghana is a regulated deposit mobilization methodology. His banking partnerships include: Ecobank EB-Accion, Fidelity Bank, Women’s World Banking Ghana and Barclay’s Bank. Over the years, his work in alternative financial institutions has assisted tens of thousands of low-income business women in Ghana.
More recently, Mr. Asamany is leading the first-ever energy end-user finance programme in partnership with Kumasi Institute of Technology and Environment (KITE) and the United Nations Energy Programme (UNEP) to ensure households access renewal energy products with matching wholesale funds through Susu banks.
Mr. Asamany is passionate about making finance inclusive. He knows first-hand about the potential of African money systems among women. Mr. Asamany is committed to making indigenous banking formalized because he believes that public policy recognition for mutual aid and cooperative-type banking is vital to building sustainable banks that can improve the lives of marginalized people everywhere.
Mr. Asamany has a first degree from the University of Ghana (2008) and a MA in microfinance from Cape Coast University (2016). In addition, Mr. Asamany has received training at the Southern New Hampshire University (2008), Boulder Microfinance Institute (2012) and the School of African Microfinance in Mombasa, Kenya (2015). He is married with two boys and a girl.