Use of Financial Services: Number of Loan Accounts at Deposit Taking Microfinance Institutions (MFIs) for Ecuador
ECUFCNODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
441,625.00
Year-over-Year Change
-60.62%
Date Range
1/1/2004 - 1/1/2024
Summary
This trend measures the number of loan accounts at deposit-taking microfinance institutions (MFIs) in Ecuador. It provides insight into the reach and usage of formal financial services among underserved populations.
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 loan accounts at deposit-taking MFIs in Ecuador is an important indicator of financial inclusion and access to credit. It reflects the ability of these institutions to extend formal financial services to individuals and small businesses that may lack access to traditional banking.
Methodology
The data is collected directly from deposit-taking MFIs operating in Ecuador.
Historical Context
This trend is used by policymakers, development organizations, and economists to assess the growth and impact of the microfinance sector in Ecuador.
Key Facts
- Ecuador has a large unbanked population, with over 50% lacking access to formal financial services.
- Microfinance institutions play a critical role in providing credit and other financial services to low-income and underserved communities.
- The number of loan accounts at deposit-taking MFIs has grown steadily in Ecuador over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts at deposit-taking microfinance institutions (MFIs) in Ecuador. It provides insights into the reach and usage of formal financial services among underserved populations.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, development organizations, and economists as it reflects the growth and impact of the microfinance sector in Ecuador, which plays a critical role in providing credit and other financial services to low-income and underserved communities.
Q: How is this data collected or calculated?
A: The data is collected directly from deposit-taking microfinance institutions operating in Ecuador.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, development organizations, and economists to assess the progress of financial inclusion and access to credit in Ecuador, which is a key priority for economic development and poverty alleviation.
Q: Are there update delays or limitations?
A: The data may be subject to occasional reporting delays or gaps, as the collection relies on self-reporting from the MFIs. However, it remains a valuable indicator of trends in the microfinance sector in Ecuador.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Deposit Taking Microfinance Institutions (MFIs) for Ecuador (ECUFCNODMFNUM), retrieved from FRED.