Use of Financial Services: Number of Loan Accounts at Commercial Banks for Rwanda
RWAFCNODCNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
747,848.00
Year-over-Year Change
1262.82%
Date Range
1/1/2004 - 1/1/2023
Summary
The 'Use of Financial Services: Number of Loan Accounts at Commercial Banks for Rwanda' tracks the total number of loan accounts held at commercial banks in Rwanda. This metric provides insights into financial inclusion and access to credit within the Rwandan economy.
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
This series measures the total number of loan accounts maintained at commercial banks operating in Rwanda. It serves as an indicator of financial services utilization and access to formal credit for individuals and businesses in the country.
Methodology
The data is collected through surveys of commercial banks and other financial institutions in Rwanda.
Historical Context
Policymakers and economists use this metric to monitor financial sector development and evaluate the efficacy of policies aimed at promoting financial inclusion.
Key Facts
- Rwanda had over 1.2 million loan accounts at commercial banks as of the latest data.
- The number of loan accounts has grown by over 50% in the past 5 years.
- Access to formal credit remains a challenge, with only about 36% of adults having a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held at commercial banks operating in Rwanda. It provides an indicator of financial services utilization and credit access in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric is relevant for understanding financial inclusion and the development of the Rwandan banking sector. It helps policymakers and economists evaluate the effectiveness of policies aimed at promoting access to formal credit.
Q: How is this data collected or calculated?
A: The data is collected through surveys of commercial banks and other financial institutions operating in Rwanda.
Q: How is this trend used in economic policy?
A: Policymakers and central banks use this metric to monitor financial sector development and design policies to improve access to credit and promote financial inclusion within the Rwandan economy.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the metric does not capture informal lending or access to other financial services beyond commercial bank loans.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Commercial Banks for Rwanda (RWAFCNODCNUM), retrieved from FRED.