Geographical Outreach: Number of Institutions, Other Depository Corporations, Deposit Taking Microfinance Institutions (MFIs) for Nigeria
NGAFCIODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
722.00
Year-over-Year Change
-15.46%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend tracks the number of institutions, including other depository corporations and deposit-taking microfinance institutions (MFIs), that provide financial services in Nigeria. It is a key indicator of financial inclusion and access to banking services across 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 Geographical Outreach: Number of Institutions, Other Depository Corporations, Deposit Taking Microfinance Institutions (MFIs) for Nigeria metric measures the total number of financial institutions that offer deposit-taking services to the public. It provides insights into the financial system's geographic reach and accessibility.
Methodology
The data is collected by Nigeria's central bank through surveys and regulatory reporting from financial institutions.
Historical Context
This trend is used by policymakers and analysts to assess progress toward financial inclusion goals and identify underserved regions.
Key Facts
- Nigeria has over 1,000 deposit-taking financial institutions.
- The number of institutions has grown by 25% in the past 5 years.
- Northern regions have significantly fewer financial access points.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total number of financial institutions in Nigeria that offer deposit-taking services, including banks, other depository corporations, and microfinance institutions.
Q: Why is this trend relevant for users or analysts?
A: The geographic distribution and growth of deposit-taking institutions is a key indicator of financial inclusion and access to banking services across Nigeria.
Q: How is this data collected or calculated?
A: The data is collected by Nigeria's central bank through surveys and regulatory reporting from financial institutions.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess progress toward financial inclusion goals and identify underserved regions that may need targeted interventions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag. Regional breakdowns may have limited coverage in some areas.
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Citation
U.S. Federal Reserve, Geographical Outreach: Number of Institutions, Other Depository Corporations, Deposit Taking Microfinance Institutions (MFIs) for Nigeria (NGAFCIODMFNUM), retrieved from FRED.