Paper
Use and Impact of Savings Services Among the Poor in Uganda
Moving on from 'the poor cannot save' to 'how can institutions help them save more'
47 pages
Study based on qualitative research undertaken with management, credit officers, clients and ex-clients of PRIDE, FINCA, Faula, FOCCAs and Centenary Rural Development Bank in both rural and urban areas.
Shares findings as to how poor people save in Uganda, how these facilities impact on their households and lives and suggests how institutions can assist them. Wide range of financial services are described with their associated risks.
Recommends that poor-friendly savings products should:
- Be built around poors' capacity to save and their need for lump sums;
- Be convenient, local, frequent, timely, transparent and non-bureacratic;
- Possibly charge a fee for savings service if this ensures safety and convenience.
Moreover, policy makers should enhance rather than restrict legislation governing promoters and providers of financial services to the poor.
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