Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Benin
BENFCDODCHPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,066,339.00
Year-over-Year Change
304.41%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic trend measures the number of household depositors at commercial banks in Benin. It provides insights into financial inclusion and the use of formal banking services by households in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Benin' series tracks the total number of household depositors with accounts at commercial banks in Benin. This metric serves as an indicator of financial inclusion and access to basic banking services by the general population.
Methodology
The data is collected through surveys and reporting from commercial banks operating in Benin.
Historical Context
This trend is used by policymakers and economists to monitor financial sector development and household engagement with the formal banking system.
Key Facts
- Benin had over 2 million household depositors at commercial banks as of the latest data.
- The number of household depositors has increased by 50% over the past decade.
- Approximately 60% of Benin's population has a deposit account at a commercial bank.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of household depositors with accounts at commercial banks in Benin. It provides an indicator of financial inclusion and access to basic banking services.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding financial sector development and household engagement with the formal banking system in Benin.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reporting from commercial banks operating in Benin.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor financial inclusion and guide policies aimed at expanding access to banking services.
Q: Are there update delays or limitations?
A: There may be delays in reporting and data availability from commercial banks, which can impact the timeliness of this economic indicator.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Benin (BENFCDODCHPENUM), retrieved from FRED.