Contra

For so many reasons I believe banks provide a better savings option compared to Susu collection.

Interest on savings…

Susu brings no interest on investment instead the system expects you to give up money instead of saving and getting interest, banks open and maintain a very accessible account with a minimum amount. Banks cost money to run so it is only normal for them to charge higher for services.

Security of investments…

Banks are registered and insured and as such the death or disposition of the CEO doesn’t affect investments, this isn’t the case with Susu as cases of collectors making off with monies of contributors are reported every now and then.

Economic benefits…

Economically banks make more sense: they make it possible for development to reach the common man, they engage other persons and organisations creating job opportunities, they make taxation and transactions possible.

Other services…

They provide other services such as overdrafts, loans, mortgages, and they assist clients in buying and selling of government bonds and company shares-that go a long way in empowering the people and consequently stimulating growth and development in all sectors of any given nation.

Munkiwe Wadak

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