While waiting for a haircut at a local barbershop, I was drawn to a vendor enthusiastically proclaiming, “International bank is here!” He was selling a “susu box,” a local equivalent of a piggy bank that allows individuals to save any currency. The vendor called it an “international bank” to emphasize its versatility.
In Ghana, the susu box—also known as the “penny bank”—has long been a cornerstone of personal savings. These small, portable boxes offer a simple and secure way for individuals to regularly set aside small amounts of money, such as 1 cedi or 50 pesewas daily.
Despite the rise of mobile and digital banking, the susu box remains a relevant business, though with challenges.
In an interview with the “international banking” vendor, he shared, “Business used to be good; I could sell 100 boxes a day when I roamed. But nowadays, business is slow. I can walk the whole day and sell only a few. People don’t seem to want it anymore. Sometimes, I sell more in university areas, which is why I changed the name to ‘international bank’ as a strategy.”
The susu system has deep roots in Ghanaian tradition, historically providing a means of financial inclusion and support long before formal banking institutions were established. It has evolved with some susu collectors now offering additional services like small loans and financial advice.
However, the susu box system faces significant challenges as modernization and technology advance. Mobile money platforms and digital banking now offer more convenient and secure alternatives for saving and transferring funds.
In response to these challenges, some susu collectors are incorporating digital elements into their services. Some collectors now offer mobile money integration for electronic deposits and withdrawals. Additionally, some have formed associations to establish industry standards, aiming to build trust and legitimacy.
Despite these challenges, the susu box has had a lasting positive impact on the financial well-being of many Ghanaians. It provides a structured and accessible way to save, helping individuals build financial resources, manage unexpected expenses, and invest in their futures.
The susu box is a unique and enduring savings tradition in Ghana, with a rich history and cultural significance. While it faces competition from digital banking, it remains an integral part of Ghana’s financial landscape.
