For centuries the people of Ghana have relied on traditional collectives called Susus (coops) to do banking. Today the majority of its citizens still do Susu banking – mostly informally. However in the last two decades, the state has been formalizing some of the Susu operators. The Susu system in Ghana is both formal and informal. This case study examines the legal formalization of Susu collectives under the Central Bank and discusses what this means for the Ghanaian people.