Use of Financial Services: Number of Depositors at Commercial Banks for Benin
BENFCDODCPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,154,000.00
Year-over-Year Change
275.93%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic trend measures the number of depositors at commercial banks in Benin. It provides insights into the level of financial inclusion and access to banking services 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 at Commercial Banks for Benin' metric tracks the total number of deposit account holders at commercial banks operating in Benin. This data point is a key indicator of financial sector development and financial inclusion within the Beninese economy.
Methodology
The data is collected by the Central Bank of Benin and reported to the World Bank's Global Financial Development Database.
Historical Context
This trend is used by policymakers, economists, and financial analysts to assess the depth and breadth of the banking system and monitor progress towards greater financial inclusion in Benin.
Key Facts
- Benin had over 1.7 million commercial bank depositors as of the latest data.
- The number of depositors has grown by over 50% in the past decade.
- Access to formal banking services remains limited, especially in rural areas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit account holders at commercial banks operating in Benin. It provides an indicator of financial inclusion and access to banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for assessing the depth and breadth of Benin's banking system and monitoring progress towards greater financial inclusion, which is a key driver of economic development.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Benin and reported to the World Bank's Global Financial Development Database.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial analysts use this trend to evaluate the effectiveness of financial inclusion initiatives and guide policies aimed at expanding access to banking services in Benin.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be limitations in coverage, especially for rural and informal financial service providers.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Commercial Banks for Benin (BENFCDODCPENUM), retrieved from FRED.