Esusu As Source of Wealth Creation

Esusu is a financial system where individuals contribute a certain amount of money to a fund manager on daily basis for a future return at an agreed date. Esusu business requires that whoever wants to go into it must be honest and reliable. He/she must be a person of accountability and transparency. Reason for these is not far-fetched.

The fund manager must know that the contributors who are his major customers would always want their money paid back on request without any hindrance and this goes a long way in promoting the business because most customers would go about the town telling others that you are reliable and honest. The multiplier effect of this is unimaginable as more people will be willing to have business dealing with you.

Mode of operation

Esusu business is a very lucrative based majorly on the fact that the first amount being contributed in the scheme for the month belongs to the Esusu manager. For example, if a customer contributes N500 per day, on the 26^th day of the month, the account balance will be N13,000. But if he/she should choose to withdraw the entire balance, he/she would be paid N12,500 only.

However, this does not mean the contract has closed in its entirety. The contributor can still open the account by starting all over again. His/her account cannot be transferred to another person.

For whom?

Esusu scheme is designed for individuals who receive daily wages namely:

1. Artisans: - These are people who do skilled works with their hands.

They could be carpenters, bricklayers or electricians.

2. Petty Traders: - These are market people who trade on petty goods such

as provisions, soaps, food stuffs etc

3. Company casual workers: - these are casual workers who are engaged in

manufacturing companies on casual basis.

The above listed people have the need to save for the rainy day; hence, from their daily income they put away some amount regularly. However, salary earners are not left out in this program provided they will be willing to abide by the rules that bind the scheme.

Benefits

Esusu system of business venture has benefits for both the manager and the customer.

Manager: -

1. Owns the first contribution of any month. Imagine if 200 customers contribute N500/day, this means he will earn N100,000 at the end of the month.
2. Has pool of fund to trade with before contributors request for their monies. Here, he has the opportunity of turning around the fund more times on lucrative business venture earning good returns from the available pool.
3. Where loans are granted to customers, the manager earns some income.
4. Creates employment for members of the public.

Customer: -

1. Always have funds reserved somewhere that can be ploughed back into a business for expansion or revitalization.
2. Serves as savings for the rainy day
3. Opportunity to obtain loan/advance up to the contributors’ account balance at the date of application. (This attracts equivalent amount of daily contributors and cost of registration form). The loan/advance is repayable in one month.

Set up requirements

Any individual who wishes to set up ESUSU business requires the following:

1. Business registration: - register your business with the Authority concerned to give your business legal barking. This costs about N6,500
2. Staff recruitment: - This may not be required at the beginning if you are starting small, but as the business grows you will need more hands.
3. Paying visit to markets introducing what your company does to the traders. You may distribute your flyer which you must have designed and printed showing

·The name of your company,

·What service you want to render,

·Company location,

·Contact details via phone no, e-mail address, website address (if any) and

·Service providers (if any) e.g. Bankers, Lawyers etc.

By Biodun Shadare

For further information on ESUSU and other wealth creation schemes, please contact me through xadarbbey64dec@ymail.com