National Microfinance Study of Sri Lanka: Survey of Practices and ...

The total savings and credit issued as of 31 st Dec 2000 is as follows:
Table 27 Volunteer Savings by Samurdhi Members as of 31st Dec 2000
Savings
Amount
(SLR 000)
Savings with Small Groups/Village Societies 697,875
Savings in Banks 2,033,452
Shares in Banks 985,157
Total 3,716,484
Source: Samurdhi Authority
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The SLR 3.7 billion saved by Samurdhi recipients is in addition to SLR 6.1
billion compulsory deducted from the ‘free monthly grant’. The voluntary savings
are made as for the normal NGO programme practice with small group members
agreeing to save between five and twenty rupees weekly.
A study done by the Institute of Fundamental Studies in May 1999 showed that in
a random sample of 163 Samurdhi beneficiaries as many as 137 or 69% had never
saved in a formal institute prior to the advent of Samurdhi. This clearly
demonstrates that despite the growth of so many agencies and projects for micro
finance since mid 1985 these were still not reaching bulk of the poor population.
There are many credit schemes under the Samurdhi label. The two most important
credit schemes besides loans at society level are as follows:
Table 28 Samurdhi Loans Issued in 2000
Type of
Loan
Samurdhi
Banks
Animator
Credit
No of
Loans
Amount
(SLR 000)
Interest
Per
Annum
271,657 1,822,190 24%
declining
balance
Repayment
Rate
Purpose
107% 97%
Income
generation 3%
emergency
52,056 50,000 60% 99% 79%
Income
Generation
21%
Consumption and
Emergency
Total 323713 1,872190
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Source: Samurdhi Authority
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