Use of Financial Services, Liabilities: Outstanding Deposits at Deposit Taking Microfinance Institutions (MFIs) for Nigeria
NGAFCLODMFXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
848,152,178,000.00
Year-over-Year Change
885.76%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the total outstanding deposits held at deposit-taking microfinance institutions (MFIs) in Nigeria. It provides insight into the scale and usage of formal financial services among individuals and small businesses 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 Use of Financial Services, Liabilities: Outstanding Deposits at Deposit Taking Microfinance Institutions (MFIs) for Nigeria metric tracks the total value of deposits held by individuals and enterprises at licensed microfinance banks and institutions in the country. This data point is used by economists and policymakers to assess financial inclusion and the development of the microfinance sector.
Methodology
The data is collected and reported by the Central Bank of Nigeria.
Historical Context
This metric is relevant for understanding the penetration of formal financial services, especially among underserved populations, and informing policies to promote financial inclusion.
Key Facts
- Nigeria has over 900 registered microfinance institutions.
- Microfinance deposits account for over 3% of total bank deposits in Nigeria.
- The microfinance sector in Nigeria has grown rapidly in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposits held by individuals and enterprises at licensed microfinance banks and institutions in Nigeria.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the scale and usage of formal financial services among underserved populations in Nigeria, which is crucial for assessing financial inclusion and guiding related policies.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Bank of Nigeria.
Q: How is this trend used in economic policy?
A: This metric is used by economists and policymakers to understand the development of the microfinance sector and inform policies to promote greater financial inclusion in Nigeria.
Q: Are there update delays or limitations?
A: The data is reported by the Central Bank of Nigeria on a regular basis, but there may be some delays in availability.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Deposit Taking Microfinance Institutions (MFIs) for Nigeria (NGAFCLODMFXDC), retrieved from FRED.