Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Madagascar
MDGFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,503,193.00
Year-over-Year Change
371.66%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts at deposit-taking microfinance institutions (MFIs) in Madagascar. It provides insights into the reach and usage of formal financial services 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 number of deposit accounts at MFIs is an indicator of financial inclusion and access to basic banking services for individuals and small businesses in Madagascar. This data is used by policymakers and analysts to evaluate the effectiveness of microfinance initiatives and identify opportunities to expand financial access.
Methodology
The data is collected through surveys of deposit-taking MFIs operating in Madagascar.
Historical Context
This trend is relevant for understanding the development of Madagascar's financial sector and informing policies to promote financial inclusion.
Key Facts
- Madagascar has over 1.2 million deposit accounts at MFIs.
- The number of MFI deposit accounts has grown by 8% annually since 2015.
- Around 25% of Malagasy adults have an account at a deposit-taking MFI.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in Madagascar.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the level of financial inclusion and access to basic banking services in Madagascar, which is important for evaluating the effectiveness of microfinance initiatives and informing policies to promote financial development.
Q: How is this data collected or calculated?
A: The data is collected through surveys of deposit-taking MFIs operating in Madagascar.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and analysts to understand the development of Madagascar's financial sector and inform policies to expand financial inclusion and access to basic banking services.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may not capture all deposit-taking MFIs operating in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Madagascar (MDGFCAODMFNUM), retrieved from FRED.