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Difference between revisions of "Esusu (Nigeria)"
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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>'' | 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). | ||
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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>). | ||