Entity: OSUSU
OSUSU is a form of rotating savings and credit association found in Africa, used for microfinancial capital accumulation. It involves a small group of individuals coming together to save and lend money to each other in a structured manner.
OSUSU
Etymology
The term 'OSUSU' is derived from African languages and is used to describe a form of rotating savings and credit association.
Definition
OSUSU is a traditional African financial practice where a group of individuals pool their resources together to save and lend money to each other in a rotating manner.
Historical Context
OSUSU has a long history in Africa and is a common practice in various countries on the continent. It serves as a means of microfinancial capital accumulation for individuals who may not have access to formal banking systems.
Cultural Significance
OSUSU plays a significant role in many African communities, promoting financial inclusion and social cohesion. It fosters trust and cooperation among participants and provides a source of financial support in times of need.
Related Concepts
OSUSU is similar to other rotating savings and credit associations found in different parts of the world, such as susus, tandas, and ajo. These informal financing methods serve as important tools for economic empowerment and community development.
See Also
OSUSU is a traditional African financial practice where a group of individuals pool their resources together to save and lend money to each other in a rotating manner.