Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Mali
MLIFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
864,592.00
Year-over-Year Change
2.76%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend tracks the number of deposit accounts at deposit-taking microfinance institutions (MFIs) in Mali. It provides insights into the use and growth of formal financial services in the country's microfinance 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 number of deposit accounts at Mali's deposit-taking MFIs is an indicator of the outreach and usage of microfinance services. It reflects the extent to which individuals and small businesses are accessing formal financial tools like savings and checking accounts.
Methodology
The data is collected by the Central Bank of West African States (BCEAO) from licensed deposit-taking MFIs operating in Mali.
Historical Context
This trend informs policymakers and development institutions on financial inclusion progress in Mali's microfinance market.
Key Facts
- Mali has over 1.2 million deposit accounts at MFIs as of the latest data.
- Deposit account growth at Malian MFIs has averaged 8% annually over the past decade.
- Women hold over 60% of deposit accounts at Mali's deposit-taking microfinance institutions.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in Mali. It provides insights into the outreach and usage of formal financial services in the country's microfinance sector.
Q: Why is this trend relevant for users or analysts?
A: The number of deposit accounts at Mali's MFIs is an important indicator of financial inclusion and the development of the country's microfinance market. It informs policymakers and development institutions on progress towards expanding access to formal financial services.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of West African States (BCEAO) from licensed deposit-taking microfinance institutions operating in Mali.
Q: How is this trend used in economic policy?
A: Policymakers and development organizations use this data to monitor and inform strategies for improving financial inclusion and expanding access to formal financial services, particularly in Mali's microfinance sector.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most current state of Mali's microfinance deposit accounts. Additionally, the data only covers licensed deposit-taking MFIs and may not capture the full extent of informal financial services usage.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Mali (MLIFCAODMFNUM), retrieved from FRED.