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Paper short abstract

The study examines how esusu, a form of informal saving, has assisted wealth creation among women in Ile-Ife, Osun State, Nigeria. Most women's financial independence and economic breakthrough have been attributed to esusu. The government should support esusu and lift more women out of poverty.

Paper long abstract

Traditionally, women's economy has been tied to men’s economic success. Esusu is a form of traditional cooperation, whereby groups of individuals contribute to informal savings and credit associations. Esusu contributions have been employed among women to enhance their economic well-being. Women need money to support their homes and expand their businesses. Available means of accessing finances are not open to women; they have no assets, collateral, or surety. There are banks, finance houses, and wealthy individuals. These financial institutions hardly lend grassroots women money.  This study argues that esusu's contributions have been successful because it is locally owned. Talcott Parsons’ Theory of functionalism was employed in this study to explain latent and manifest functions of esusu among women in Ile-Ife. The qualitative method of data collection was employed in this study. In-depth interviews were conducted among fifty-seven women. The study found that esusu has empowered women significantly in Ile-Ife. Esusu contribution happens daily, weekly, monthly, or periodical. Women used esusu contributions to finance the education of their children. Women have also used esusu to generate more wealth. There are women who used esusu to build large scale businesses. Esusu has improved the social relevance of women. Some participants revealed that their businesses have become upgraded, and they have also been recognized in the community. It is important to state that there is a succession plan and continuity in esusu. The study concluded that the government should invest in esusu to assist grassroots women and emancipate more women from poverty.