Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Gambia, The
GMBFCDODMFPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
188,403.00
Year-over-Year Change
246.45%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend tracks the number of depositors at deposit-taking microfinance institutions (MFIs) in The Gambia. It provides insights into the usage and adoption 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 depositors at deposit-taking MFIs is an important indicator of financial inclusion and access to banking services for underserved populations. It reflects the extent to which individuals and small businesses are able to utilize formal financial institutions for savings, transactions, and other services.
Methodology
The data is collected by the Central Bank of The Gambia through its supervision of licensed deposit-taking MFIs.
Historical Context
Policymakers use this metric to assess progress in expanding financial access and inclusion, which is a key development goal.
Key Facts
- The Gambia has over 120,000 depositors at deposit-taking MFIs.
- Deposit-taking MFIs have expanded access to formal financial services in rural areas.
- The number of depositors has grown by over 10% annually in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in The Gambia. It provides an indicator of financial inclusion and access to formal banking services.
Q: Why is this trend relevant for users or analysts?
A: The number of depositors at MFIs is an important metric for assessing progress in expanding financial access and inclusion, which is a key development goal for policymakers in The Gambia and other emerging economies.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of The Gambia through its supervision of licensed deposit-taking microfinance institutions.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to monitor and evaluate initiatives aimed at increasing financial inclusion and access to formal banking services, particularly in rural and underserved areas.
Q: Are there update delays or limitations?
A: There may be occasional delays in data reporting from microfinance institutions, and the metric may not capture all informal financial activity in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Gambia, The (GMBFCDODMFPENUM), retrieved from FRED.