Financial Inclusion and Inclusive Growth : What Does It Mean for Sri Lanka?
This paper uses data from the National Financial Inclusion Survey 2018 to understand the determinants of financial inclusion in Sri Lanka and their significance for inclusive growth. The findings highlight that gender, education, and formal employm...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/990281586270572983/Financial-Inclusion-and-Inclusive-Growth-What-Does-It-Mean-for-Sri-Lanka http://hdl.handle.net/10986/33578 |
| Summary: | This paper uses data from the National
Financial Inclusion Survey 2018 to understand the
determinants of financial inclusion in Sri Lanka and their
significance for inclusive growth. The findings highlight
that gender, education, and formal employment are important
determinants of financial inclusion in the country. The
results indicate that being a male, having better education,
and having formal employment increase a person's access
to, and usage of, formal finance. The results also suggest
that despite high levels and gender parity in education, Sri
Lankan women seem to access more informal finance (and less
formal finance) compared with men. There is a general lack
of familiarity and low use of digital finance among women.
Comparative analysis using the World Bank Group’s Global
Financial Inclusion (Global Findex) Database 2017 indicates
that although Sri Lanka leads its regional peers in access
to finance, it lags its more aspirational East Asian
counterparts in usage of savings and credit products as well
as digital finance. The paper's findings complement
recent policy initiatives such as the National Financial
Inclusion Strategy for Sri Lanka. The findings also help in
designing targeted actions to address the remaining gaps in
financial inclusion in Sri Lanka. |
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