Hello All! Today’s Black History Month throwback blog post features a practice called SUSU! It is a tradition in which money is intentionally funded and spent within the black community, similar to a credit union, actually, it inspired the concept of the credit union. I was having a conversation yesterday, and the person was adamant that you have to have grown up poor to represent the poor; I disagreed, I said it was the mindset over income, you can be rich with a poor mindset, and poor with a rich mindset. If the mindset is to fund the dollars right back into corporations that don’t sow into the Black community, that’s a poor mindset, because it places value on infrastructures that don’t have our best interest. The key is our unified fight, If wealthy Black people share their resources and create spaces where “poor” can represent themselves, that is a solution too, but to argue over whether the rich or poor have an arm in this fight is useless. Decolonized minds that want to grow black communities all over the world are beneficial to the fight. Decolonize your mind, here. Enjoy!
“In parts of West Africa and the Caribbean an ancient version of cooperative economics exists, called “susu.” As one of the oldest forms of microfinance in Africa, the practice is run by one of Africa’s oldest financial groups, susu collectors. They run their businesses from kiosks in the marketplace and act as mobile bankers.
Clients make low but regular deposits on a daily or weekly basis over the course of a month into a susu account. At the end of this period the susu collector returns the accumulated savings to the client but keeps one day’s savings as commission. Susu collectors may also provide advances to their clients or rotate the accumulated deposits of a group between individual members.
Today, susu collectors provide many West Africans who would otherwise be denied credit with access to money they need to start up small venture projects that in many cases benefit the community as a whole. In the United States, Black immigrants from the Caribbean have enjoyed one of the highest economic growth rates using a form of the susu and leveraging this practice to establish successful credit unions.”
Enjoy Loves! ❤️