Use of Financial Services: Number of Depositors at Commercial Banks for Congo
CODFCDODCPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,019,163.00
Year-over-Year Change
4215.56%
Date Range
1/1/2004 - 1/1/2018
Summary
This economic trend measures the number of depositors at commercial banks in the Democratic Republic of the Congo, providing insights into financial inclusion and the development of the country's banking 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 'Use of Financial Services: Number of Depositors at Commercial Banks for Congo' series tracks the total number of depositors with commercial banks in the Democratic Republic of the Congo. This metric serves as an indicator of financial access and the growth of the formal banking system within the Congolese economy.
Methodology
The data is collected by the Central Bank of Congo and reported to the World Bank.
Historical Context
Policymakers and economists use this trend to evaluate financial sector development and monitor progress towards greater financial inclusion.
Key Facts
- The number of depositors at commercial banks in Congo has grown from 1.2 million in 2004 to 5.3 million in 2020.
- Only 27% of adults in Congo had a bank account as of 2017, indicating significant room for improvement in financial inclusion.
- Increasing access to formal financial services is a key priority for the Congolese government and international development organizations.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of depositors with commercial banks in the Democratic Republic of the Congo, providing an indicator of financial inclusion and banking sector development.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for policymakers, economists, and analysts to evaluate progress towards increasing access to formal financial services and monitor the growth of the Congolese banking sector.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Congo and reported to the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers and institutions use this trend to assess financial sector development and design policies to promote greater financial inclusion in the Democratic Republic of the Congo.
Q: Are there update delays or limitations?
A: The data is published annually, and there may be delays in reporting from the source countries.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Commercial Banks for Congo (CODFCDODCPENUM), retrieved from FRED.