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Difference between revisions of "Esusu (Nigeria)"
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(Created page with "{{infobox | nameofpractice = '' Esusu" (also known as "adashi", "etoto" and by other names) | location = Nigeria and other West African countries | imagemap = Nigeria ma...") |
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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). | ||
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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>). | 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. | ||