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Periodical article | Leiden University catalogue | WorldCat |
Title: | Role of the Informal Financial Sector in the Mobilization and Allocation of Household Savings: The Case of Zambia |
Author: | Mrak, M. |
Year: | 1989 |
Periodical: | Savings and Development |
Volume: | 13 |
Issue: | 1 |
Pages: | 65-85 |
Language: | English |
Geographic term: | Zambia |
Subjects: | self-help associations savings credit Peoples of Africa (Ethnic Groups) Economics and Trade |
External link: | https://www.jstor.org/stable/25830175 |
Abstract: | The formal financial sector in Zambia, although institutionally fairly well developed, has not fulfilled its role in mobilizing and allocating household savings effectively in the past. Household savings have been largely disregarded due to the availability of external resources and the general belief that households, particularly in rural areas, are too poor to save. The gap between credit requirements and supply of credit by formal financial institutions on the one hand, and excess liquidity outside the banking sector on the other, has come to be filled by the informal financial sector made up of moneylenders. They coexist with some traditional informal financial schemes, such as financial arrangements among relatives, neighbours and friends, savings associations, and 'chilimbas' (rotating savings and credit associations). Note, ref., sum. also in French. |