People 15 Years and Over with Account at a Formal Financial Institution for Mali
DDAI05MLA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.44
Year-over-Year Change
246.28%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and older in Mali who have an account at a formal financial institution. It provides insight into 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 'People 15 Years and Over with Account at a Formal Financial Institution for Mali' metric tracks the share of the adult population in Mali that utilizes formal banking services. This data point is a key indicator of financial development and economic empowerment within the country.
Methodology
The data is collected through nationally representative household surveys conducted by the World Bank.
Historical Context
This metric is used by policymakers, economists, and financial institutions to assess progress towards greater financial inclusion in Mali.
Key Facts
- Mali has one of the lowest rates of formal financial account ownership in Africa.
- Only about 35% of adults in Mali had a bank account as of 2017.
- Financial inclusion is a key development priority for the Malian government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of people aged 15 and older in Mali who have an account at a formal financial institution such as a bank, credit union, microfinance institution, or mobile money provider.
Q: Why is this trend relevant for users or analysts?
A: Financial inclusion is a critical component of economic development, and this metric provides insight into access to basic banking services in Mali. It is used by policymakers, development organizations, and financial institutions to track progress and identify areas for improvement.
Q: How is this data collected or calculated?
A: The data is collected through nationally representative household surveys conducted by the World Bank as part of its Global Findex database.
Q: How is this trend used in economic policy?
A: This metric informs policymakers and development institutions on the state of financial inclusion in Mali, which is a key focus area for economic and social progress. It helps guide policies and programs aimed at expanding access to formal banking services.
Q: Are there update delays or limitations?
A: The data is published on a triennial basis, with the latest figures available for 2017. There may be limitations in coverage or representation, as the survey relies on self-reported data from household respondents.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Mali (DDAI05MLA156NWDB), retrieved from FRED.