Prospects of Saving Mobilization in Underserved Settlements of the City of Colombo

D.P.S. Chandrakumara ()
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D.P.S. Chandrakumara: Senior Lecturer in Economics, University of Sri Jayewardenepura, Sri Lanka

International Journal of Management Science and Business Administration, 2015, vol. 1, issue 10, 19-33

Abstract: The urban poor in Sri Lanka have been deserted by the financial institutions of the country. They have been undervalued and excluded from the banking sector since they live in underserved settlements. However, evidence from other countries proves that the urban poor can be successfully mobilized and included in the financial sectors as valuable customers of the banking institutions. Mobilizing the savings from them is the first step in such a process. Hence, the aim of this study is to identify the saving potential of the urban poor in Sri Lanka. The study was based on primary data collected by a questionnaire survey conducted in a sample of underserved settlements within the Colombo city limits. The study used descriptive statistics for analyzing the saving potential of the people. The study revealed that some people of these settlements already have financial links with compulsory and voluntary societies. Furthermore, a number of indicators of hidden and disguised savings could be found. Finally, the study found that savings can be mobilized from the urban poor if the formal institutions can approach them in a more responsive way with effective techniques.

Keywords: Mobilization of savings; Underserved settlements; Financial institutions; The urban poor (search for similar items in EconPapers)
JEL-codes: M00 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:mgs:ijmsba:v:1:y:2015:i:10:p:19-33

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