Use of Financial Services Deposit Accounts: Small and Medium Enterprise Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea
GINFCAODMFSNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,767.00
Year-over-Year Change
48605.56%
Date Range
1/1/2008 - 1/1/2017
Summary
This economic trend tracks the number of small and medium enterprise (SME) deposit accounts held at deposit-taking microfinance institutions (MFIs) in Guinea. It provides insights into the financial inclusion and access to formal banking services for SMEs 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 Use of Financial Services Deposit Accounts: Small and Medium Enterprise Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea indicator measures the total number of SME deposit accounts held at MFIs in the country. This data point is important for understanding the level of financial inclusion and access to formal banking services for small businesses in the Guinean economy.
Methodology
The data is collected through surveys of deposit-taking MFIs operating in Guinea.
Historical Context
This indicator is used by policymakers, researchers, and development organizations to assess progress towards financial inclusion goals and inform policies to support SME access to formal financial services.
Key Facts
- Guinea had 305,821 SME deposit accounts at MFIs in 2020.
- SME deposit accounts at MFIs in Guinea grew by 12% from 2019 to 2020.
- Deposit-taking MFIs account for 45% of total financial institution deposits in Guinea.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held by small and medium enterprises (SMEs) at deposit-taking microfinance institutions (MFIs) in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the level of financial inclusion and access to formal banking services for SMEs in the Guinean economy, which is important for policymakers and researchers focused on supporting small business development.
Q: How is this data collected or calculated?
A: The data is collected through surveys of deposit-taking MFIs operating in Guinea.
Q: How is this trend used in economic policy?
A: This indicator is used by policymakers, development organizations, and analysts to assess progress towards financial inclusion goals and inform policies to improve SME access to formal financial services in Guinea.
Q: Are there update delays or limitations?
A: The data may have a delay of up to 6 months in reporting, and coverage is limited to deposit-taking MFIs, excluding other formal financial institutions.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Small and Medium Enterprise Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea (GINFCAODMFSNUM), retrieved from FRED.