Understanding Financial Needs of Urban Migrants
IMTFI Researcher Mani Nandhi is cited in the CGAP Microfinance Blog, "Understanding Financial Needs of Urban Migrants" by Deepti K.C,. for her IMTFI rickshaw puller study:
"Mohan Kumar, a 19-year-old Rickshaw puller migrant in Delhi, used to deposit his daily savings amount with a local shopkeeper. One day, when he needed the money, the shopkeeper refused to give him his deposit. Mohammad Waris, another migrant, lost all his savings, when a stranger who had just befriended him stole his bag.
Stories of Mohan and Mohammad are not exceptional cases for Rickshaw pullers in Delhi. A CMF-IFMR report (Nandhi 2011) shows that while 95% of 176 interviewed Rickshaw pullers reported to save small amounts, most of them do it without any formal bank account (only 1% reported using bank accounts). 55% reported of using personal instruments such as the home or on person, 31% were saving with neighborhood shopkeepers, and 17% were using other saving mechanisms such as lending to friends, saving with relatives, and even burying money under soil. Not surprisingly, many reported that their money was frequently stolen."