Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea
GINFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,633,221.00
Year-over-Year Change
3711.31%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend tracks the number of deposit accounts at deposit-taking microfinance institutions (MFIs) in Guinea. It provides insights into the usage and reach of formal financial 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 number of deposit accounts at deposit-taking MFIs is an indicator of financial inclusion and access to formal banking services. It reflects the degree to which individuals and small businesses in Guinea are utilizing regulated microfinance institutions for their deposit and savings needs.
Methodology
The data is collected by the Banque Centrale de la République de Guinée, the central bank of Guinea.
Historical Context
This trend is relevant for policymakers and economists examining financial sector development and microfinance penetration in Guinea.
Key Facts
- Guinea had over 1.1 million deposit accounts at MFIs as of the latest data.
- The number of deposit accounts has grown by over 20% in the past 5 years.
- Microfinance is a key component of financial inclusion efforts in Guinea.
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 Guinea. It provides an indicator of financial inclusion and access to formal banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and analysts studying financial sector development and financial inclusion in Guinea. It offers insights into the reach and utilization of regulated microfinance institutions.
Q: How is this data collected or calculated?
A: The data is collected by the Banque Centrale de la République de Guinée, the central bank of Guinea.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and institutions to assess the progress of financial inclusion efforts and the development of the microfinance sector in Guinea.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules of the Banque Centrale de la République de Guinée and may have occasional update delays.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea (GINFCAODMFNUM), retrieved from FRED.