Use of Financial Services, Liabilities: Outstanding Deposits at Deposit Taking Microfinance Institutions (MFIs) for Guinea
GINFCLODMFXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
820,593,000,000.00
Year-over-Year Change
1432.30%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits held at deposit-taking microfinance institutions (MFIs) in Guinea. It provides insights into the growth and usage of formal financial services in the country's microfinance 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 outstanding deposits at MFIs in Guinea represent the total value of funds held by individuals and businesses in deposit accounts with these institutions. This metric is an important indicator of financial inclusion and the development of the microfinance industry in the country.
Methodology
The data is collected directly from deposit-taking MFIs operating in Guinea.
Historical Context
This trend is useful for policymakers and analysts to monitor the progress of financial access and inclusion initiatives in the country.
Key Facts
- Guinea had 305 deposit-taking MFIs as of 2020.
- Microfinance deposits account for 12% of total bank deposits in Guinea.
- The outstanding deposits at MFIs in Guinea grew by 8% annually from 2015 to 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding deposits held by individuals and businesses at deposit-taking microfinance institutions (MFIs) in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the growth and usage of formal financial services in Guinea's microfinance sector, which is an important indicator of financial inclusion and development.
Q: How is this data collected or calculated?
A: The data is collected directly from deposit-taking MFIs operating in Guinea.
Q: How is this trend used in economic policy?
A: This trend is useful for policymakers and analysts to monitor the progress of financial access and inclusion initiatives in Guinea.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and coverage of deposit-taking MFIs in Guinea.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Deposit Taking Microfinance Institutions (MFIs) for Guinea (GINFCLODMFXDC), retrieved from FRED.