People 15 Years and Over with Account at a Formal Financial Institution for Benin
DDAI05BJA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.79
Year-over-Year Change
127.34%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and above in Benin who have an account at a formal financial institution. Understanding financial inclusion is crucial for policymakers aiming to promote economic development.
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 'People 15 Years and Over with Account at a Formal Financial Institution for Benin' indicator provides insight into the level of financial inclusion in the country. It represents the share of the adult population that utilizes formal banking services, which is an important marker of economic progress.
Methodology
This data is collected through nationally representative household surveys.
Historical Context
Trends in financial inclusion are closely monitored by central banks, development agencies, and other institutions to guide policies that expand access to banking and financial services.
Key Facts
- Benin's financial inclusion rate was 38.5% in 2017.
- Women in Benin are less likely than men to have a formal financial account.
- Access to banking services is lower in rural areas of Benin compared to urban centers.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the percentage of people aged 15 and older in Benin who have an account at a formal financial institution, such as a bank, credit union, or microfinance provider.
Q: Why is this trend relevant for users or analysts?
A: Financial inclusion is a key driver of economic development, as access to banking services enables individuals and businesses to save, borrow, and make transactions. Monitoring this trend helps policymakers identify gaps in financial access and design interventions to promote inclusive growth.
Q: How is this data collected or calculated?
A: The data is collected through nationally representative household surveys conducted in Benin.
Q: How is this trend used in economic policy?
A: Trends in financial inclusion are closely tracked by central banks, development agencies, and other institutions to guide policies that expand access to banking and financial services, which is crucial for promoting economic development and reducing poverty.
Q: Are there update delays or limitations?
A: The data is published with a lag, and the frequency of updates may vary. Additionally, survey-based measures of financial inclusion can be subject to sampling and reporting errors.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Benin (DDAI05BJA156NWDB), retrieved from FRED.