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Bank of Ghana licenses 246 susu collectors

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The Bank of Ghana (BoG) has presented licenses to 246 individuals and enterprises as part of measures to regularize the operations of susu collectors.

The certification of the first batch of operators signifies the central bank’s endorsement of their operations after conducting the necessary checks on their applications for licenses and subsequent certification.

The central Bank authorized the apex body of all susu collectors, the Ghana Corporative Susu Collectors Association (GCSCA) to regulate and supervise activities of all susu collectors and enterprises in the country.

Although the association registered over 450 susu operators, due diligence on them recommended that only 246 were eligible for licensing by the BoG.

Briefing the media, the General Secretary of the association, Mr Obed Asamany, said to distinguish licensed operators from unlicensed ones, the association would issue identification cards to all licensed operators which they would carry at all times.

‘’In an effort to standardize their operations, we will introduce uniform documentation materials in the form of passbooks to the collectors to be issued to clients,’’ he added.

He also explained that operators, as well as their agents, would be given jackets to wear, which would have the GCSCA inscription at the back.

According to him, regularizing the operations of susu collectors will protect the integrity of genuine and serious-minded men and women who are engaged in the profession and eventually protect depositors’ funds from unscrupulous charlatans who dupe their unsuspecting clients.

‘’Monitoring and supervising members will be conducted throughout the country,’’ he said and added that “monthly returns on the operations of members shall be collected to assess their performance and compliance with defined rules and benchmarks for technical advice on financial health and operational sustainability’’.

The assistant director in charge of Finance House and Microfinance at the Bank of Ghana cautioned the public to desist from doing business with unlicensed susu collectors.

The licensed operators, he explained, should engage in only susu collections which involve “the periodic collection of deposits from the public and the refund of such accumulated deposits at the designated times for a fee.”

He said the operators should not operate branches or lend to the public and added that those who would flout the regulation after the licensing would be punished.

Source: Daily Graphic

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