Use of Financial Services Deposit Accounts: Household Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea
GINFCAODMFHNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,546,387.00
Year-over-Year Change
3512.13%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures the number of household deposit accounts at deposit-taking microfinance institutions (MFIs) in Guinea. It provides insight into the use of formal financial services by households 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 Deposit Accounts: Household Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea trend tracks the total number of deposit accounts held by households at MFIs in the country. This data is used by economists and policymakers to evaluate financial inclusion and the adoption of formal banking services.
Methodology
The data is collected directly from deposit-taking MFIs operating in Guinea.
Historical Context
This trend is relevant for understanding financial market development and access to formal banking services in Guinea.
Key Facts
- Guinea has a population of over 13 million people.
- Microfinance is an important source of financial services in the country.
- Increasing financial inclusion is a key policy goal for the Guinean government.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of deposit accounts held by households at deposit-taking microfinance institutions (MFIs) in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the level of financial inclusion and the use of formal banking services by households in Guinea, which is important for economic policymakers and financial market analysts.
Q: How is this data collected or calculated?
A: The data is collected directly from deposit-taking microfinance institutions operating in Guinea.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to evaluate progress on financial inclusion and access to formal banking services in Guinea.
Q: Are there update delays or limitations?
A: The data may be subject to reporting lags from the microfinance institutions, and coverage could be limited to only a portion of the total MFI sector in Guinea.
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Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Household Accounts at Deposit Taking Microfinance Institutions (MFIs) for Guinea (GINFCAODMFHNUM), retrieved from FRED.