Esusu as its popular known in the local parlance is a collective savings scheme which traces its roots to Ghana; ‘Susu’ as it was originally called historically in Ghana, was and is still a local savings concept developed not for individuals but for groups of people to collectively put their money together till it becomes a bulk sum and within a pay-period its loaned out to an individual in the group (ranging from 3-40), who after a while pays back with interest and the cycle continues. This local thrift system did spread from Ghana to other African countries not leaving Nigeria out.
The Esusu savings system metamorphoses into financial schemes which come under the general name(s) of Rotational Saving and Credit Associations (ROSCA) or Informal Savings Clubs. Diamond bank, one of Nigeria’s leading financial institutions recently launched its all new innovative ‘grassroots’ style online saving platform called the ‘Diamond Esusu’ its own unique form of rotating and contributory savings scheme where interested customers save their money on the bank’s online portal either via the Diamond Mobile App or its internet banking platform called ‘Diamond Online’. The Diamond Esusu savings scheme brings together a total of 12 persons into a collective group where they save and a date is scheduled for bulk payout to each due participant, the catch with Diamond Esusu savings scheme is that it is interest free.
The scheme is split in two categories, namely
i. Personal Savings.
ii. Group Savings.
Below is how to register for the Diamond Esusu with emphasis on each of the above listed categories:
To Register for Personal Savings via Diamond Online (Internet Banking platform)
Step1. Visit www.diamondbank.com
Step2. Click Diamond Online Banking Login
Step3. Click Login without Token
Step4. Click Continue
Step5. Now Select Diamond eSUSU
Step6. Click Create/Manage Plan
Step7. Next input Plan Description E.g. Medical, School fees, household etc.
Step8. Input the following into the spaces provided.
- Account Number.
- Start Date.
- End date, Amount and Duration”.
- Lastly, Click Submit.
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Personal Savings Registration Using The Mobile App:
- Click on Personal Savings
- Click on Create New Personal Savings
- Select the preferred acct number to be debited for the scheme
- Input Plan Description E.g. Medical. School fees, Rent
- Choose Type of Plan (monthly or quarterly)
- Choose Start Date
- Choose End Date
- Input Contribution Amount
- Choose Duration
- Click on the Next button to review and Submit.
2. To Register for Group Savings via Diamond Online (Internet Banking platform)
- Visit www.diamondbank.com
- Click Diamond Online Banking Login
- Click Login without Token
- Click Continue
- Now Select Diamond eSUSU
- Click Create/Manage Plan
- Type in Group name, start date, Amount for each member to contribute, Number of Members.
- Click Create
- Lastly, click on Add member to invite members to your new group.
Below is how to To Register for Group Savings via the Mobile App
- Login to the Mobile App
- Click the Contribute icon
- Choose ‘Esusu’
- Click Group Savings
- Click on Manage Group
- Click Create New Group
- Type in:
Member Contribution amount.
Number of members.
- Click Create Group
Whichever an interested customer picks and registers for, Diamond Esusu accounts become operational within minutes of filling and submitting application online.