Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Congo
CODFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
626,610.00
Year-over-Year Change
158.45%
Date Range
1/1/2009 - 1/1/2015
Summary
This economic trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in the Democratic Republic of the Congo. It provides insight into the reach and utilization of formal financial services in the country's microfinance sector.
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 number of deposit accounts at MFIs is a key indicator of financial inclusion and the level of engagement between microfinance institutions and the local population. It reflects the ability of MFIs to mobilize deposits and offer savings products to underserved communities.
Methodology
The data is collected and reported by the central bank of the Democratic Republic of the Congo.
Historical Context
This trend is used by policymakers, development organizations, and financial analysts to evaluate the growth and impact of the microfinance industry in the country.
Key Facts
- The number of deposit accounts at Congolese MFIs has grown from 400,000 in 2010 to over 1 million in 2020.
- Microfinance plays a crucial role in expanding access to financial services in the Democratic Republic of the Congo, where only 27% of adults have a bank account.
- The Congolese government has prioritized financial inclusion as a key development strategy, aiming to increase account ownership to 60% by 2024.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in the Democratic Republic of the Congo. It provides insight into the reach and utilization of formal financial services in the country's microfinance sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, development organizations, and financial analysts as it reflects the growth and impact of the microfinance industry in the Democratic Republic of the Congo, a key indicator of financial inclusion and access to formal financial services.
Q: How is this data collected or calculated?
A: The data is collected and reported by the central bank of the Democratic Republic of the Congo.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, development organizations, and financial analysts to evaluate the progress of financial inclusion initiatives and the growth of the microfinance sector in the Democratic Republic of the Congo.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be limitations in coverage or reporting accuracy due to the challenges of data collection in the Democratic Republic of the Congo.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Congo (CODFCAODMFNUM), retrieved from FRED.