The Supervision Mandate accorded to GCSCA
The Bank of Ghana has under the authority of Section 31(2) of the Non-Bank Financial Institutions Act, 2008 (Act 774) issued the Notice to Banks, Non-Bank Financial Institutions and the General Public â€“ Notice No. BG/GOV/SEC/2011/04-Operating Rules and Guidelines for Microfinance Institutions, dated July 11, 2011 designated the Ghana Cooperative Susu Collectors Association (GCSCA) to be responsible for supervision of anyone engaged in susu collection business.
Scope of Supervision Mandate
A mandate to undertake supervision of its members entails the following:
- Carry due diligence on members for the purpose of licencing;
- Collect and collate statistics on the operations of members and furnish this to Bank of Ghana periodically as may be determined;
- Print licence for its members, signed by the National President of the Association and the head of Banking Supervision Department (BSD) or his deputy;
- To encourage all Susu Collectors to register with the Association;
- The Association should serve as a platform for educating and informing members;
- The Association to serve as a forum for interacting with Regulators and other Stakeholders;
- Susu Collection shall involve the periodic collection of deposits from the general public and the refund of such accumulated deposits at the designated times for a fee.
- The Susu Collector or Enterprise shall carry out the activities within defined geographical area such as a town, city, a market or a suburb.
- The Susu Collector or Enterprise shall not operate a branch unless authorized by the Bank of Ghana.