'Sou-sou': Black immigrants bring savings club stateside

Risk or no risk, this informal way of saving is a staple among America’s black immigrant communities and is widely considered a viable means to an end.

It’s an intriguing concept to those who are not accustomed to this financial way of life. According to Iqbal, “The Americans, they do it one time, then they don’t want to do it any more.”

Sou-sous allow its members to avoid banking fees, loan interest and it’s virtually devoid of paperwork and bureaucracy. It also allows anyone with poor credit or a questionable immigration status to save and borrow money. But most of all, it’s familiar. “It’s more like the way we do things back home,” stated Iqbal who is naturalized U.S. citizen.

Sou-sou is a centuries-old practice that originated in West Africa. It gets it’s name from the Yoruban term “esusu” which refers to a fund where several people pool their money. The word is said to be derived from the French word “sou” which means a coin of little value.