BoG Warns Against Unlicensed “Susu” Collectors, Urges Public to Save with Licensed Institutions

The Bank of Ghana (BoG) is urging Ghanaians to save with licensed and viable financial institutions to safeguard their hard-earned money from theft, fraud, fire, and natural disasters.

The advisory, contained in the central bank’s latest Financial Literacy on Savings campaign, comes amid rising concerns over financial scams and unregulated operations across the country.

“Savings serve as a financial lifeline for the people,” the BoG emphasized, noting that the only way to truly secure that lifeline is by partnering with institutions recognized and supervised by the regulator.

Warning Against Unlicensed “Susu” Collectors

The central bank also sounded a cautionary note to those using informal saving channels, particularly susu collectors.

“If you save with a susu collector who comes to your house or business site to collect contributions, ensure that the person is an accredited agent of a licensed financial institution, duly registered and legally licensed by the BoG,” it advised.

Ghanaians have long relied on informal financial systems like susu, but the BoG warns that unless these collectors are affiliated with licensed entities, savers run the risk of losing their money without recourse.

Track Your Money, Demand Proof

To reduce the risk of fraud and error, BoG is calling on savers to take a proactive role in monitoring their accounts and transactions, especially in the age of digital wallets and mobile money.

“Closely monitor and track your savings and electronic wallets (mobile money accounts), and ensure that you receive acknowledgement of deposits either through SMS, deposit slips, email, or recorded in your passbook,” the bank advised.

The central bank recommends regular communication with financial service providers and continuous education about available savings options to improve personal financial security.

“Always engage your financial services provider to get more information about savings options,” the BoG stated.

The advisory forms part of the Bank of Ghana’s broader strategy to deepen financial inclusion, enhance consumer protection, and restore trust in Ghana’s formal financial system following past crises that shook depositor confidence.

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