Susu: An African Caribbean Grassroots Approach to Savings

This entry focuses on the susu (pronounced soo soo), an informal banking/credit arrangement that is popular among the Blacks in the Caribbean as well as among Black Caribbean immigrants to the United States. Susus also have developed a following among non-Caribbean African Americans and other ethnic minority business persons. The first section describes the susu concept and explains how it evolved, how a typical susu is organized and managed, and the ethical principles on which susus are organized. The second section examines the sociological implications of these practices and how they help to mediate the transition of immigrants from the Caribbean to a new culture. The third section discusses a burgeoning interest in susus by entrepreneurs who, for the most part, do not have ...