European Journals of Business Management

HISTORICISING AFRICAN TRADITIONAL SAVING SYSTEM “ESUSU” FOR OCCUPATIONAL SUSTAINABILITY

Adeniran, Enoch Oluwole
Department of History
School of Arts and Socal Sciences
Emmanuel Alayande
College of Education, Oyo, Nigeria

CITATION: Oluwole, E. A. (2014). Historicising African Traditional Saving System “Esusu” For Occupational Sustainability. European Journal of Business Management, 2 (1), 336-355.

ABSTRACT

Long before the introduction of the modern Banking System, there were Traditional Savings and Credit groups or Clubs known as “Esusu” or “Eesu” in the Yoruba language (Nigeria). The Saving groups often vary from one cultural group to another and from place to place; but generally, members often conform to similar mode of operation. The thrift associations deserve particular attention, given their importance as a veritable vehicle for enhancing entrepreneurial or occupational activities among the peoples of Nigeria and beyond. This paper traces the origin (evolution), practices or operations of the Esusu activities, its development and as a platform for mobilizing monetary resource for promoting entrepreneurial activities in Africa. The paper intends to establish that the modern day Banking borrowed its operations and practices from Esusu saving system. The empirical paper employs oral interview, observation as well as interpretation of materials as the primary source. The paper concludes with the effects and ways of advancing the practice of African Traditional Saving System.


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