Esusu (Nigeria) - Revision history

Admin at 15:04, 5 October 2019

2019-10-05T15:04:10Z

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	\|style="font-size:1.1em;"\| '' Esusu'' describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. These associations are found mainly in agricultural production and credit financing, and they substitute for and complement modern cooperative institutions and formal financial systems.		\|style="font-size:1.1em;"\| '' Esusu'' describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. These associations are found mainly in agricultural production and credit financing, and they substitute for and complement modern cooperative institutions and formal financial systems.

	The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Journal of Social Sciences, 17'' (1), 63-71. </ref>''); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008 <ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment . ''Journal of Social Sciences, 17'' (1), 63-71. </ref>). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' [[obshchak]]'' in this volume).		The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Journal of Social Sciences, 17'' (1), 63-71. </ref>); ''tortine'' in Cameroon and Niger; and ''susu'' in Ghana (Iganiga and Asemota 2008 <ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment . ''Journal of Social Sciences, 17'' (1), 63-71. </ref>). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' [[obshchak]]'' in this volume).
	\|}		\|}
	Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).		Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).

Admin at 14:35, 10 September 2019

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	[[:Category:Market\|Market]] – [[:Category: Functional ambivalence\| Functional ambivalence]] – [[:Category: System made me do it\| System made me do it]] – [[:Category: Survival\| Survival]] – [[:Category: Informal welfare\| Informal welfare]]		[[:Category:Market\|Market]] – [[:Category: Functional ambivalence\| Functional ambivalence]] – [[:Category: System made me do it\| System made me do it]] – [[:Category: Survival\| Survival]] – [[:Category: Informal welfare\| Informal welfare]]
	\| categories =		\| categories =
	[[:Category:Nigeria\|Nigeria]] – [[:Category: Sub-Saharan Africa\| Sub-Saharan Africa]] – [[:Category: West Africa\| West Africa]] – [[:Category: Community\| Community]] – [[:Category: Saving\| Saving]] – [[:Category: Credit\| Credit]]		[[:Category:Nigeria\|Nigeria]] – [[:Category: Sub-Saharan Africa\| Sub-Saharan Africa]] – [[:Category: West Africa\| West Africa]] – [[:Category: Community\| Community]] – [[:Category: Saving\| Saving]] – [[:Category: Credit\| Credit]] – [[:Category: ROSCA\| ROSCA]]
	\| authorofpiece =Evans Osabuohien and Oluyomi Ola-David		\| authorofpiece =Evans Osabuohien and Oluyomi Ola-David
	\| authorinstitution =Development of Economics Studies, College of Business and Social Sciences, Covenant University, Nigeria		\| authorinstitution =Development of Economics Studies, College of Business and Social Sciences, Covenant University, Nigeria
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	[[Category: Saving]]		[[Category: Saving]]
	[[Category: Credit]]		[[Category: Credit]]
			[[Category: ROSCA]]
	[[Category:Entry]]		[[Category:Entry]]
	[[Category: Volume 2]]		[[Category: Volume 2]]

Admin at 10:39, 22 May 2019

2019-05-22T10:39:30Z

← Older revision		Revision as of 10:39, 22 May 2019
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	\|style="font-size:1.1em;"\| '' Esusu'' describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. These associations are found mainly in agricultural production and credit financing, and they substitute for and complement modern cooperative institutions and formal financial systems.		\|style="font-size:1.1em;"\| '' Esusu'' describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. These associations are found mainly in agricultural production and credit financing, and they substitute for and complement modern cooperative institutions and formal financial systems.

	The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Journal of Social Sciences, 17'' (1), 63-71. </ref>'' ~~Mimeo, University of Köln''. </ref>~~); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008 <ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment . ''Journal of Social Sciences, 17'' (1), 63-71. </ref>). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' [[obshchak]]'' in this volume).		The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Journal of Social Sciences, 17'' (1), 63-71. </ref>''); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008 <ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment . ''Journal of Social Sciences, 17'' (1), 63-71. </ref>). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' [[obshchak]]'' in this volume).
	\|}		\|}
	Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).		Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).

Editor2018 at 12:03, 16 May 2019

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	{{infobox		{{infobox
	\| nameofpractice =~~Egunje~~		\| nameofpractice =Esusu
	\| flagemoji =🇳🇬		\| flagemoji =🇳🇬
	\| definition =~~Involuntary ‘gift’ extorted from the giver by a corrupt official~~		\| definition =Informal community-based savings scheme
	\| location =Nigeria		\| location =Nigeria
	\| imagemap =Nigeria map.png		\| imagemap =Nigeria map.png
	\| clusters =		\| clusters =
	[[:Category:~~Redistribution~~\|~~Redistribution~~]] – [[:Category: ~~Substantive~~ ambivalence\| ~~Substantive~~ ambivalence]] – [[:Category: ~~Sociability of instrumentality~~\| ~~Sociability of instrumentality~~]] – [[:Category: ~~Economies of favours~~\| ~~Economies of favours~~]]		[[:Category:Market\|Market]] – [[:Category: Functional ambivalence\| Functional ambivalence]] – [[:Category: System made me do it\| System made me do it]] – [[:Category: Survival\| Survival]] – [[:Category: Informal welfare\| Informal welfare]]
	\| categories =		\| categories =
	[[:Category:Nigeria\|Nigeria]] – [[:Category: Sub-Saharan Africa\| Sub-Saharan Africa]] – [[:Category: West Africa\| West Africa]] – [[:Category: ~~Facilitation~~\| ~~Facilitation~~]] – [[:Category: ~~Payment~~\| ~~Payment~~]] – [[:Category: ~~Public service~~\| ~~Public service]] – [[:Category: Favour\| Favour~~]]		[[:Category:Nigeria\|Nigeria]] – [[:Category: Sub-Saharan Africa\| Sub-Saharan Africa]] – [[:Category: West Africa\| West Africa]] – [[:Category: Community\| Community]] – [[:Category: Saving\| Saving]] – [[:Category: Credit\| Credit]]
	\| authorofpiece =~~Dhikru Adewale Yagboyaju~~		\| authorofpiece =Evans Osabuohien and Oluyomi Ola-David
	\| authorinstitution =~~Department~~ of ~~Political Science~~, University ~~of Ibadan~~, Nigeria		\| authorinstitution =Development of Economics Studies, College of Business and Social Sciences, Covenant University, Nigeria
	\| authorwebsite =[https://~~www~~.~~researchgate~~.~~net~~/~~scientific~~-~~contributions~~/~~2120512688_Dhikru_A_Yagboyaju Profile~~ page at ~~Researchgate~~]}}		\| authorwebsite =[https://covenantuniversity.edu.ng/Profiles/Osabuohien-Evans#.XMsDc23wZoU Profile page at CU], [https://covenantuniversity.edu.ng/Profiles/Ola-David-Oluyomi#.XMsDnW3wZoU Profile page at CU]}}
	<big>'''By ~~Dhikru Adewale Yagboyaju~~, ~~Department~~ of ~~Political Science~~, University ~~of Ibadan~~, Nigeria'''</big>		<big>'''By Evans Osabuohien and Oluyomi Ola-David, Development of Economics Studies, College of Business and Social Sciences, Covenant University, Nigeria'''</big>
	[[Category:~~Redistribution~~]]		[[Category:Market]]
	[[Category: ~~Substantive~~ ambivalence]]		[[Category: Functional ambivalence]]
	[[Category: ~~Sociability of instrumentality~~]]		[[Category: System made me do it]]
	[[Category: ~~Economies of favours~~]]		[[Category: Survival]]
			[[Category: Informal welfare]]
	[[Category:Nigeria]]		[[Category:Nigeria]]
	[[Category: Sub-Saharan Africa]]		[[Category: Sub-Saharan Africa]]
	[[Category: West Africa]]		[[Category: West Africa]]
	[[Category: ~~Facilitation~~]]		[[Category: Community]]
	[[Category: ~~Payment~~]]		[[Category: Saving]]
	[[Category: ~~Public service]]~~		[[Category: Credit]]
	~~[[Category: Favour~~]]
	[[Category:Entry]]		[[Category:Entry]]
	[[Category: Volume 1]]		[[Category: Volume 2]]
	{\| class="wikitable"		{\| class="wikitable"
	\|-		\|-

Editor2018 at 12:02, 16 May 2019

2019-05-16T12:02:18Z

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Admin at 16:04, 5 October 2018

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	<references />		<references />

	[[Category: ~~MARKET~~]]		[[Category: Market]]
	[[Category: The System Made Me Do It]]		[[Category: The System Made Me Do It]]
	[[Category: Strategies of Survival]]		[[Category: Strategies of Survival]]

Admin at 15:18, 29 June 2018

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	[[Category: Nigeria]]		[[Category: Nigeria]]
	[[Category: Informal welfare]]		[[Category: Informal welfare]]
			[[Category:Entry]]

Admin: Admin moved page Esusu to Esusu (Nigeria) without leaving a redirect

2018-05-31T12:32:50Z

Admin moved page Esusu to Esusu (Nigeria) without leaving a redirect

← Older revision	Revision as of 12:32, 31 May 2018
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Admin at 13:04, 31 May 2017

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	The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Mimeo, University of Köln''. </ref>); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008<ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment.). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' obshchak'' in this volume).		The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Journal of Social Sciences, 17'' (1), 63-71. </ref>'' Mimeo, University of Köln''. </ref>); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008 <ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment . ''Journal of Social Sciences, 17'' (1), 63-71. </ref>). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' obshchak'' in this volume).


	<div class="mw-collapsible-content">		<div class="mw-collapsible-content">
	Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).		Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).


	Among the Yorubas, traditional cooperatives known as ''aaro'', ''owe'', ''esusu'' and ''ajo'' are common. ''Aaro'' refers to a cooperative agricultural arrangement in which peer farmers form ''ad hoc'' groups and work on one another’s farms at peak periods on tasks such as land preparation, planting, weeding and harvesting, until all the members of the group have been serviced (see ''pomochi'' in this volume). ''Owe'' is another form of agricultural cooperation whereby physically capable members of the community (usually young or middle-aged men) unite to assist the needy, elderly and chieftains on their farms.		Among the Yorubas, traditional cooperatives known as ''aaro'', ''owe'', ''esusu'' and ''ajo'' are common. ''Aaro'' refers to a cooperative agricultural arrangement in which peer farmers form ''ad hoc'' groups and work on one another’s farms at peak periods on tasks such as land preparation, planting, weeding and harvesting, until all the members of the group have been serviced (see ''pomochi'' in this volume). ''Owe'' is another form of agricultural cooperation whereby physically capable members of the community (usually young or middle-aged men) unite to assist the needy, elderly and chieftains on their farms.
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	While ''esusu'' is largely an informal practice, it also penetrates formal work settings and serves individuals and groups within business organisations. Engaging in ''esusu'' is often seen as supplementary to other means of obtaining credit (such as cooperatives). Many people engage in ''esusu'' in order to pursue a specific objective such as purchasing assets, starting a business or expanding their trade. Informal business operators often resort to ''esusu'' since they find it hard to obtain loans from banks.		While ''esusu'' is largely an informal practice, it also penetrates formal work settings and serves individuals and groups within business organisations. Engaging in ''esusu'' is often seen as supplementary to other means of obtaining credit (such as cooperatives). Many people engage in ''esusu'' in order to pursue a specific objective such as purchasing assets, starting a business or expanding their trade. Informal business operators often resort to ''esusu'' since they find it hard to obtain loans from banks.


	Empirical studies of informal finance, financial exclusion, modern cooperatives, poverty alleviation, micro-financing and savings mobilisation in Nigeria recognise the significance of ''esusu'' and its variants and acknowledge its impact. Legal aspects and trust issues around the practices of ''esusu'' are less straightforward. Nonetheless, ''esusu'' practices in Nigeria and beyond are based on trust and on the integrity of the contributing members (Fukuyama 1996; Hofstede 1980). Comparative research into the origins and instruments of informal financing in a cross-country or a cultural-type perspective may bring interesting, if unconventional, results.		Empirical studies of informal finance, financial exclusion, modern cooperatives, poverty alleviation, micro-financing and savings mobilisation in Nigeria recognise the significance of ''esusu'' and its variants and acknowledge its impact. Legal aspects and trust issues around the practices of ''esusu'' are less straightforward. Nonetheless, ''esusu'' practices in Nigeria and beyond are based on trust and on the integrity of the contributing members (Fukuyama 1996; Hofstede 1980). Comparative research into the origins and instruments of informal financing in a cross-country or a cultural-type perspective may bring interesting, if unconventional, results.

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{{infobox
| nameofpractice = '' Esusu" (also known as "adashi", "etoto" and by other names)
| location = Nigeria and other West African countries
| imagemap = Nigeria map.png
| imageflag = Nigeria flag.png
| authorofpiece = Evans Osabuohien and Oluyomi Ola-David
| authorinstitution = Covenant University, Nigeria }}

'''''Original text by Evans Osabuohien and Oluyomi Ola-David
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'' Esusu'' describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. These associations are found mainly in agricultural production and credit financing, and they substitute for and complement modern cooperative institutions and formal financial systems.

The practice is believed to have originated among the Yoruba people of Nigeria and to have spread from there to Liberia, the Democratic Republic of Congo, and most of the West African countries (Seibel 2004<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>). While known as '' esusu'' or '' esu'' among the Yorubas in south-western Nigeria, the practice is called '' etoto'' by the Ibos in south-eastern Nigeria; ''adashi'' by the Hausa people in northern Nigeria; '' dashi'' by the Nupe people of Nigeria’s Kwara and Niger States; '' osusu'' by the people of Ogoja in Cross River State; '' isusu'' by the Igbos from Abia, Anambra, Ebonyi, Enugu and Imo States; '' asun'' by the Ishans of Edo State; '' etoto'' by the Ibibios of Akwa Ibom State (Nigeria Real Estate Hub 2014<ref>NREH. (2014, February 14). '' History of Cooperative Societies''. Retrieved from Nigeria Real Estate Hub (NREH) Web site: http://nigeriarealestatehub.com/historyofcooperativesocieties</ref>); bam by the Tivs of Benué State (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Mimeo, University of Köln''. </ref>); '' tortine'' in Cameroon and Niger; and '' susu'' in Ghana (Iganiga and Asemota 2008<ref>Iganiga, B. O., & Asemota, A. (2008). The Nigerian Unorganized Rural Financial Institutions and Operations: A Framework for Improved Rural Credit Schemes in a Fragile Environment.). The term refers to the funds collected, not to the contributors themselves (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>; see also '' obshchak'' in this volume).

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Outside Africa, ''esusu'' practices can be found in the Caribbean Islands, where they presumably migrated at the time of the transatlantic slave trade. Maynard (1996<ref>Maynard, E. S. (1996). The Translocation of a West African Banking System: The Yoruba Esusu Rotating Credit Association in the Anglophone Carribean. '' Dialectical Anthropology'', 21(1), 99-107. </ref>) documents the translocation of the Yoruba '' esusu'' rotating-credit association in Anglophone Caribbean. In Jamaica, the practice is called ''partner'', while in other Caribbean Islands it is called ''syndicate''. Migrants were also instrumental in establishing contribution societies in several American cities (Bascom 1952<ref>Bascom, W. R. (1952). The Esusu: A Credit Insititution of the Yoruba. '' The Journal of the Royal Anthropological Institute of Great Britain and Ireland, 82'' (1), 63-69. </ref>).

Among the Yorubas, traditional cooperatives known as ''aaro'', ''owe'', ''esusu'' and ''ajo'' are common. ''Aaro'' refers to a cooperative agricultural arrangement in which peer farmers form ''ad hoc'' groups and work on one another’s farms at peak periods on tasks such as land preparation, planting, weeding and harvesting, until all the members of the group have been serviced (see ''pomochi'' in this volume). ''Owe'' is another form of agricultural cooperation whereby physically capable members of the community (usually young or middle-aged men) unite to assist the needy, elderly and chieftains on their farms.

''Esusu'' and ''ajo'' describe means of informal financing, whereby individuals come together to further their individual and collective interests. This may take several forms. First, there are units that are aimed at mobilising savings but that engage in little or no lending. Second, there are lending units that engage in little savings mobilisation. Third, there are groups that engage in self-help finance and involve various types of savings, including rotating ones as well as those provided by licensed cooperatives (Ojenike and Olowoniyi 2013<ref>Ojenike, J. O., & Olowoniyi, A. O. (2013). Estimating Growth in Investment of Micro and Small Scale Enterprises in Nigeria. '' Asian Economic and Financial Review'', 3(1), 111-123. </ref>). In the literature on informal finance, ''esusu'' is generally associated with rotating savings and credit associations (Seibel 2004<ref>Seibel, H. D. (2004). Microfinance in Nigeria: Origins, Options and Opportunities. '' Mimeo, University of Köln''. </ref>).

Among the Yorubas, ''esusu'' cooperatives operate as follows: a group of people team up to contribute a fixed and equal sum of money at specific intervals – daily, weekly, fortnightly, monthly or bi-monthly – enabling each member to collect the entire sum in rotation. When everyone in the group has benefited from the pool, a new rotation cycle is launched. The order in which people get to draw the money is usually decided by means of a ballot or by consensus.

In urban areas, the Yorubas distinguish between ''esusu'' and ''ajo''. In ''ajo'', a professional collector, the ''alajo'', goes round to collect contributions, usually on a daily or weekly basis, and is paid a small commission for this service. This is more personal than the formal financial system, since no-one needs to go to the bank to make a deposit. At the same time, it is less personal than ''esusu'' associations, since ''ajo'' contributors do not necessarily know the other contributors. Rather, their relations are mediated by the ''alajo'', who keeps a record of contributions. Each contributor must make regular contributions within a given period, but is at liberty to contribute according to their budget. In certain circumstances, such as an emergency, a contributor may ask the ''alajo'' to return a certain amount of their contribution; this is what distinguishes ''ajo'' from esusu. In some cases, the ''alajo'' has a bank account, in which he or she deposits the funds until the end of the collection cycle, at which point the money must be paid to the chosen contributor. The decision on how and when the contributor gets the money from the ''alajo'' is mutually agreed between the two of them. For instance, if the contributor contributes daily (which is popular among traders and small business owners) and the contribution ‘matures’ at the end of the month, the ''alajo'' will, after subtracting his or her fee (usually equivalent to one of the rounds of the total contribution) returns the rest of the contribution to the contributor.

It is left to the ''alajo''’s discretion whether or not to use a bank account for the collected funds. Many Nigerians are reluctant to subscribe to formal financial services. In southern and northern Nigeria, for example, street traders resort to informal means of credit and savings mobilisation because they do not trust most formal microfinance institutions (Oloyede 2008<ref>Oloyede, J. A. (2008). Informal Financial Sector, Savings Mobilization and Rural Development in Nigeria: Further Evidence from Ekiti State of Nigeria. '' African Economic and Business Review'', 6(1), 35-63. </ref>). When an ''alajo'' chooses to use a bank account, however, this means that informal finances enter the formal financial system, and creates a link between the formal and the informal systems. This coexistence has been recognised under the concept of financial dualism (Osabuohien and Duruji 2007<ref>Osabuohien, E. S., & Duruji, M. M. (2007). Bank Consolidation and Informal Financial Sector Analytical Perspective of Linkage Effects. In I. Akpan (Ed.), '' Readings in Banking and Finance'' (pp. 25-45). </ref>).

''Esusu'' operates outside the formal legal and financial systems and tends to function solely on an oath of allegiance and mutual trust. This ensures that members of the association who have collected their funds early do not pull out of the system, causing other members to lose some or all of their contributions. As for ''ajo'', the credibility of the ''alajo'' plays the key role in preventing risk and ensuring continued patronage.

''Esusu'' remains popular despite the establishment of formal microfinance institutions in Nigeria. It is used by workers of the informal sector, market places, rural and urban communities and religious groups. It is particularly popular among low- and middle-income earners. Many rural workers rely on it because they are poorly paid and therefore do not have access to the formal financial system. ''Esusu'', by contrast, tailors its financial services to the real, day-to-day needs of each member of the group. With ''esusu'', saving is more convenient and credit is less costly than it would be in the formal financial system (Oloyede 2008<ref>Oloyede, J. A. (2008). Informal Financial Sector, Savings Mobilization and Rural Development in Nigeria: Further Evidence from Ekiti State of Nigeria. '' African Economic and Business Review'', 6(1), 35-63. </ref>). There are also cost-related incentives for joining an ''esusu'' group: it is interest free. Gender also plays a role: Nigerian women are more likely to use ''esusu'' as an informal means of saving than are men (National Bureau of Statistics 2013<ref>National Bureau of Statistics. (2013). ''Use of Financial Services in Nigeria''. Abuja: NBS & World Bank. </ref>).

While ''esusu'' is largely an informal practice, it also penetrates formal work settings and serves individuals and groups within business organisations. Engaging in ''esusu'' is often seen as supplementary to other means of obtaining credit (such as cooperatives). Many people engage in ''esusu'' in order to pursue a specific objective such as purchasing assets, starting a business or expanding their trade. Informal business operators often resort to ''esusu'' since they find it hard to obtain loans from banks.

Empirical studies of informal finance, financial exclusion, modern cooperatives, poverty alleviation, micro-financing and savings mobilisation in Nigeria recognise the significance of ''esusu'' and its variants and acknowledge its impact. Legal aspects and trust issues around the practices of ''esusu'' are less straightforward. Nonetheless, ''esusu'' practices in Nigeria and beyond are based on trust and on the integrity of the contributing members (Fukuyama 1996; Hofstede 1980). Comparative research into the origins and instruments of informal financing in a cross-country or a cultural-type perspective may bring interesting, if unconventional, results.

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==Notes==
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[[Category: MARKET]]
[[Category: The System Made Me Do It]]
[[Category: Strategies of Survival]]
[[Category: Nigeria]]
[[Category: Informal welfare]]