Use of Financial Services Deposit Accounts: Small and Medium Enterprise Accounts at Credit Unions and Financial Cooperatives for Guinea
GINFCAODUSNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26,312.00
Year-over-Year Change
6734.29%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the use of deposit accounts by small and medium enterprises (SMEs) at credit unions and financial cooperatives in Guinea. It provides insights into financial inclusion and access to banking services for the SME sector.
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 GINFCAODUSNUM series tracks the number of SME deposit accounts held at credit unions and financial cooperatives in Guinea. This metric is important for understanding financial access and the health of the SME banking ecosystem in the country.
Methodology
The data is collected through surveys of financial institutions by the Central Bank of Guinea.
Historical Context
Policymakers and economists use this trend to evaluate financial inclusion initiatives and the availability of formal banking services for small businesses.
Key Facts
- SMEs account for over 90% of businesses in Guinea.
- Only 15% of SMEs in Guinea have access to formal banking services.
- Credit unions and cooperatives provide crucial financial services in rural areas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held by small and medium enterprises (SMEs) at credit unions and financial cooperatives in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into financial inclusion and access to banking services for the crucial SME sector in Guinea.
Q: How is this data collected or calculated?
A: The data is collected through surveys of financial institutions by the Central Bank of Guinea.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate financial inclusion initiatives and the availability of formal banking services for small businesses in Guinea.
Q: Are there update delays or limitations?
A: The data may have a delay of several months in publication and may not capture all informal financial cooperatives.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Small and Medium Enterprise Accounts at Credit Unions and Financial Cooperatives for Guinea (GINFCAODUSNUM), retrieved from FRED.