Why Black People Need To Remember the Value of Susus

April 19th, 2012 - By Charlotte Young

http://www.blogcdn.com

Back in the day, African Americans used an old African technique to save money called Susus, also known in America as rotating credit or savings associations. Susus is the practice of pooling money together in a group for the purpose of growing businesses, paying off debt and buying property. It was a stimulus plan, built on trust and honor. And as Jim Clingman, a writer on African American economic empowerment states, while African Americans complain of foreclosures and a lack of black-owned businesses in the community, we continually support organizations outside of the community and do nothing to economically uplift our own. Perhaps, he suggests it is time to go back to using Susus.

It seems now that the only Susus African Americans can attest to is church offerings and tithes. While there is no harm in pooling together resources for the church, suggests that the reason this has become the black community’s main Susus, is that it is not recognized as Susus. That is not to say that the church hasn’t made use of tithes and offerings. By pooling together the money from church members, churches have been able to build apartment complexes, install community centers, senior citizen communities and various business operations. They have also been able to play a major role in Community Development Corporations or CDCs, to help empower residents in their various communities.

If African Americans can pool their money together to give to the church, they should also see no problem doing so for personal financial gain as well. It is good to trust the church with finances, can’t we also trust a handful of close friends to help raise money together and better our financial standing?

Susus is a tradition once employed to empower communities, still used by African and Caribbean people in this country. These groups have been successful in this country because they respect the trust aspect of Susus. They give their regular monthly contribution to the shared fund without any misgivings and wait until it is their turn to receive the full amount. It has been used for generations to offer financial assistance and for those of you experiencing financial hard times, perhaps you and some friends or colleagues should give Susus a try.

More on Madame Noire Business!

Tags:

, ,
More from StyleBlazer
More from MommyNoire

Comment Disclaimer

Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN

  • JaeBee

    Also, your example of church tithes and offerings as being a form of susus is a bit faulty. Yes, tithes and offerings are a way for a community group to raise money; however most people who give a tithe or offering do not expect to get the money back, and certainly don’t see their contribution as a form of savings.

  • JaeBee

    I’ve never understood why someone would bother to participate in one of these things. As far as I see, the cons outweigh the pros. If you have the ability to set aside a set amount of money each week, why wouldn’t you just put it in a bank/savings account where it can earn interest, is insured by the federal government, and where you don’t have to worry about being stiffed by someone who takes their share then drops out.

    I can understand why susus may have been useful back in the day (before African-Americans and other blacks could put their money into banks), but now they just seem pointless.

  • http://twitter.com/Cognorati001 Colette Marcheline

    I’ve done it — we have a couple of circles where I live.  It has always worked out. My mother has joined many susus and nothing negative has ever happened.  

  • Kenedy

    I know alot of Africans in Houston that do this. But personally i wouldn’t…..i don’t trust people that much.

  • Ladybug94

    Not.