Use of Financial Services Deposit Accounts: Household Accounts at Credit Unions and Financial Cooperatives for Colombia
COLFCAODUHNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,062,079.00
Year-over-Year Change
42.64%
Date Range
1/1/2009 - 1/1/2023
Summary
This trend measures the number of household deposit accounts at credit unions and financial cooperatives in Colombia. It provides insights into financial inclusion and the use of formal banking services by Colombian households.
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 Deposit Accounts: Household Accounts at Credit Unions and Financial Cooperatives for Colombia' series tracks the total number of deposit accounts held by Colombian households at credit unions and financial cooperatives. This metric reflects the level of access and usage of basic financial services by the general population.
Methodology
The data is collected by Colombia's financial regulator from credit unions and cooperatives operating in the country.
Historical Context
This trend is used by policymakers and economists to monitor financial inclusion and the development of the cooperative banking sector in Colombia.
Key Facts
- Colombia has over 200 credit unions and financial cooperatives.
- Cooperative banks hold around 10% of Colombia's total banking assets.
- Financial inclusion remains a key policy priority in Colombia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held by Colombian households at credit unions and financial cooperatives.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the level of financial inclusion and access to basic banking services for the general population in Colombia.
Q: How is this data collected or calculated?
A: The data is collected directly from credit unions and financial cooperatives operating in Colombia by the country's financial regulator.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor the development of the cooperative banking sector and progress on financial inclusion goals in Colombia.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture all cooperative institutions operating in the informal sector.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Household Accounts at Credit Unions and Financial Cooperatives for Colombia (COLFCAODUHNUM), retrieved from FRED.