SUSU Recurring Deposits
- Ed Cable
Owned by Ed Cable
May 14, 2014
2 min read
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Overview
Susu Deposit: A special type of recurring deposit account where a group of individuals form a partnership/co-operative savings club, where each member contributes a fixed amount of money periodically (e.g. daily, weekly, monthly, etc.) over an agreed time frame. The are two main categories of susu deposit;
- Rotating Savings & Credit: Based on mutual agreement of the members of the group, the amount contributed/collected for each round is given to a member of the group (in order of “need/priority” – starting from member A to member Z). This cycle continues until the last member receives his/her turn of the collection/contribution. The group may then decide to start a new collection/contribution cycle.
Suppose it costs X to open a business. By saving 1 each week, it will take an individual X weeks to accumulate enough capital to open the business. If X individuals get together to form a rotating saving association, one group member will be able to start the business in week 1, a second in week 2, and so on (source: Aryeetey and Udry, 1995). - Accumulating (non-rotating) Savings & Credit: Based on mutual agreement of members of the group, the contributions/collections are accumulated until the end of the predefined period, after which the fund (plus accumulated profit/interest) is distributed to the group members. Also, in the case of continuous contributions (without an agreed end date) the accumulated fund of savings can be disbursed as loans to members in the case of emergencies.
Background and strategic fit
Requirements/User Stories
| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | ||||
Business Rules
Attributes
| Attribute | Description | Notes |
|---|---|---|
Security and Permissions
Mifos Functionality Enhancements
New Screens
Changes to Existing Screens
Changes/Enhancements to Batch Jobs
Changes/Enhancements to Accounting Entries
User interaction and design
Exception Handling
Reporting
APIs
Notes
Questions
Below is a list of questions to be addressed as a result of this requirements document:
| Question | Outcome |
|---|---|