Call to Business launches ‘Osusu’ Scheme
As part of their financial inclusion drive, Action Call To Business (ACTB) has introduced its ‘Osusu’ scheme for low income earners.
The scheme was launched by ACTB Chief Executive Officer, David Kamara, during a colourful ceremony held at the institution’s Congo Water Wellington branch office.
In his statement, CEO David Kamara said among other things that ACTB financial inclusion action drive is targeting those at the bottom such as Kekeh, Okada riders, taxi drivers who could not open a bank account but earn on a daily basis.
He pointed out that there are lots of challenges which people encounter when they do transaction with the traditional form of savings called ‘osusu’ but that with ACTB as a Micro Financial Bank, customers are assured of security.
He explained that the ACTB ‘osusu’ scheme will pave the way for customers to have their ‘osusu’ Savings Bank Account through their questionnaire and if the person makes a commitment to deposit daily, weekly or monthly, it will be recoded and a mobile staff will go to their homes or business places to collect their savings.
He further explained that after every transaction, the customer will receive an SMS alert as a confirmation of deposit.
He disclosed that an interest will be given to a customer base on the number of months the person saved for, noting that the maximum period for the ‘osusu’ scheme is one year.
As part of their guaranty, ACTB has been in existence since 2008, and it is regulated by the Sierra Leone Central Bank.
ACTB has 10 branches across the country. The scheme will not collect extra money or interest money instead it will give interest based on the amount deposited by the individual.
“This will create the opportunity for the least person to build his/her financial stability and based on what someone deposited, it will qualify him/her for the ‘Osusu’ loan,” Mr. Kamara noted.
Calaba Town Market Chairlady, Marion Kailondo said ACTB has done lot of things for them.
She explained that she started from a small business through ACTB and now she is a big business woman.
“I have confidence in ACTB. Even though other organizations closed during the heat of Covid-19, ACTB continued to serve us,” she maintained.
Head of Congo Water Police Post, Assistant Superintendent Joseph Tholley encouraged customers to take good care of the bank as it is a bank that is there to help the community.
Also, Allen Town Market Chairlady, Simbiatu Conteh said she started doing business with ACTB in 2010 and today she has become one of the business tycoons.
She added that ACTB is always there to serve the people.
A representative of Councillor Agnes Marah of Ward 407, Constituency 116, Kerifala S. Conteh also explained he is one of the beneficiaries of ACTB services.
The ceremony was chaired by Rockslyn Alwyn Findlay, Marketing and Deposit Mobilization Coordinator who also explained some of the services ACTB is offering.