Use of Financial Services: Number of Depositors at Commercial Banks for Guinea
GINFCDODCPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,092,812.00
Year-over-Year Change
247.54%
Date Range
1/1/2004 - 1/1/2023
Summary
This trend measures the number of depositors at commercial banks in Guinea. It provides insight into the level of 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 number of depositors at commercial banks is a key indicator of financial sector development and the overall use of formal financial services by the population. This metric is closely watched by policymakers and economists to assess progress in financial inclusion and the reach of the banking system.
Methodology
The data is collected by the World Bank through surveys of commercial banks operating in Guinea.
Historical Context
This trend is used to inform economic and financial policy decisions related to improving access to banking services and promoting financial inclusion.
Key Facts
- Guinea had over 500,000 commercial bank depositors in 2020.
- The number of depositors has grown by 15% annually since 2015.
- Access to formal banking services remains limited, with only 15% of adults having a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of depositors at commercial banks 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 important for understanding the development of the financial sector and the level of financial inclusion in Guinea. It informs policy decisions aimed at improving access to banking services and promoting economic growth.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank through surveys of commercial banks operating in Guinea.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to assess progress in financial inclusion and inform decisions related to improving access to banking services and promoting financial sector development.
Q: Are there update delays or limitations?
A: The data is updated annually, and there may be some delays in reporting from commercial banks in Guinea.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Commercial Banks for Guinea (GINFCDODCPENUM), retrieved from FRED.