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• W3122211969 abstract "ABSTRACTThe study explores the impact of the susu scheme, an informal banking mechanism for daily or weekly collection of deposits prevalent on the West African markets, on small businesses in Ghana. Evidence gathered from the analysis of a randomly-drawn sample size of 1,600 small business owner contributors indicates that their average daily/weekly contribution to the scheme is three Ghana cedis (approximately two US dollars) and that majority of them have seen its positive impact on their businesses. Binomial logistic regression analysis results support the contention that the number of years of contribution, the number of years in business, marital status, the number of dependants, gender and the amount contributed daily or weekly are predictors of the positive impact of the susu scheme on the business of its contributor.JEL: G20, G21, G23KEYWORDS: Susu, Microfinance; Small business; Impact, Contributors, Ghana(ProQuest: ... denotes formulae omitted.)INTRODUCTIONAccess to finance has been one of the priorities on the agenda of policy makers worldwide. This is because without credit accessibility economic growth is stifled, culminating in the escalation of poverty with dire social consequences for an economy. Research using firm-level surveys has shown that improvements in the functioning of the formal financial sector abate financing constraints more for small firms (Beck, Demirgu*'c,-Kunt, Laeven, and Maksimovic, 2006). Research also indicates that access to finance promotes more start-ups (Klapper, Laeven and Rajan, 2006). Improved access to the financial system also enables existing firms to attain a larger equilibrium size by enabling them to take advantage of growth and investment opportunities (Beck, Demirgu*'c,-Kunt, Laeven, and Maksimovic, 2006).Making credit available to small business entrepreneurs who are mostly poor for productive economic activities requires the role of formal financial institutions with commercial banks playing the pivotal role. However, over the years, commercial banks have shown a great deal of reluctance to serve the lower end of the economic spectrum-micro and small enterprises (Westley and Shaffer, 1999). It has long been argued that commercial banks have not provided for the credit needs of relatively poor people who cannot provide loan guarantees but who have feasible and promising investment ideas that can result in profitable ventures (Hollis and Sweetman, 1998).The cumbersome features of formal financial institutions in the delivery of credit have led to the development and growth of a considerable number of microfinance institutions (MFIs). Microfinance is seen as the key innovation of the last 25 years in terms of means of reaching out to the poor and the vulnerable (Montgomery and Weis, 2006). The microfinance concept has emerged as a development tool aimed at providing credit and financial services to the productive poor who lack access to formal financial intermediation and are engaged in small and micro enterprises (Kyereboah-Coleman, 2007).One of the innovations in microfinance aimed at helping the poor and financially excluded to cultivate the habit of saving and to have access to uncollateralized loans at affordable rates is the 'susu' scheme. Susu is seen as a major component of finance for urban poor entrepreneurs in Ghana, particularly apprentices and artisans (Alabi, Alabi and Ahiawodzi, 2007). According to the World Bank (1994) susu is believed to be the poor and financially excluded' s sole source of getting established for livelihood. Owing to this significant role of the scheme now almost all rural banks, savings and loans companies and commercial banks in Ghana have created susu department often called microfinance department devoted to daily collection of small deposits from people who otherwise would not have access to the banks. This has made the susu scheme a popular tool for savings mobilization and financial management in Ghana. …" @default.
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• W3122211969 title "Evidence on the Impact of the Susu Scheme in Ghana" @default.
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