As we already know, the Igbo people are so industrious in nature. This has made them device several means to make life much easier. Isusu is a traditional savings and loans scheme established by the Igbo people to booste petty businesses in Igboland. Isusu means ‘small, small.
Through the help of Isusu, petty traders have been turned into big time business operators. It helps them to raise and build up capital in their businesses. In Igboland, Isusu is known to be mostly used for capital formation. The Igbo people would choose Isusu over borrowing from financial institutions as the modalities are not too rigid.
All one needs to do is adhere strictly to the isusu rules and before you know it, enough capital will be raised for the business. Also, traders who want to grow their business would start saving up through Isusu. Even people who want to build houses or achieve a certain goal uses Isusu.
However, Isusu scheme is principally based on trust. Before engaging in it, one needs to understand the high risk involved.
There is also another type of Isusu. Here, the members of this club decides to raise money for one of their members. They would contribute a certain amount of money monthly. This money is then given to a member on rotational basis to enable the beneficiary to embark on whatever project he has targeted for himself. Reports have it that many wealthy individuals engage in this type of isusu.
The Isusu according to research, has elevated a great number of people in the Igbo land.
