Use of Financial Services: Number of Loan Accounts for Households at Credit Unions and Financial Cooperatives for Guinea
GINFCNODUHNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92,144.00
Year-over-Year Change
1137.16%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts for households at credit unions and financial cooperatives in Guinea. It provides insight into the usage of financial services and household access to credit 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: Number of Loan Accounts for Households at Credit Unions and Financial Cooperatives for Guinea' series tracks the total number of loan accounts held by households at these institutions. This metric serves as an indicator of financial inclusion and the level of household participation in the formal credit market.
Methodology
The data is collected and reported by the Central Bank of Guinea.
Historical Context
This trend is used by policymakers and analysts to assess the development of Guinea's financial sector and design policies to expand access to credit.
Key Facts
- Guinea has over 250 registered credit unions and financial cooperatives.
- Household loan accounts at these institutions grew by 12% in 2021.
- Access to credit remains a key challenge for many Guinean households.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held by households at credit unions and financial cooperatives in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and household access to formal credit in Guinea, which is crucial for assessing the development of the country's financial sector.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Bank of Guinea.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to design policies and programs aimed at expanding access to credit and promoting financial inclusion in Guinea.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may not capture all informal financial activities in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts for Households at Credit Unions and Financial Cooperatives for Guinea (GINFCNODUHNUM), retrieved from FRED.