The State Insurance Company (SIC) has launched a new saving scheme to help mop up excess money from the system. The Sika Plan (Okum -Ka), fashioned like the traditional Susu scheme, seeks to encourage individuals in the small income bracket to put aside some of their earnings in the form of daily contributions.

However, unlike the ordinary Susu, the plan comes with a life insurance cover and a guarantee of a minimum interest to be paid at the end of the maturity period of one year. Besides, individual contributors can take a loan or withdraw part of their monies before the maturity period.

The minimum allowable contribution for the scheme is 5,000 cedis.

Mr Dan Soadzedey, Deputy Managing Director, Technical, of the SIC said the product would help the company to mobilise funds from outside the banking sector and channel them into the productive areas of the economy. This, he said, would contribute to the development of the country.

Mrs Bella Ahu, Director of Traffix Catering Services, who launched the scheme, said the plan would render invaluable service to individuals to cultivate the habit of savings as well as expand their businesses.