Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Nigeria
NGAFCDODMFPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
50,258,996.00
Year-over-Year Change
546.78%
Date Range
1/1/2013 - 1/1/2023
Summary
This economic trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in Nigeria. It provides insights into the use of formal financial services by individuals and small businesses 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 Depositors at Deposit Taking Microfinance Institutions (MFIs) for Nigeria metric tracks the total number of depositors, both individuals and businesses, who hold accounts with microfinance institutions in the country. This data is used by economists and policymakers to gauge financial inclusion and access to formal banking services.
Methodology
The data is collected by the Nigerian central bank through surveys of registered microfinance institutions.
Historical Context
This trend is relevant for understanding financial market development and the effectiveness of policies aimed at expanding access to basic banking services.
Key Facts
- Nigeria has over 900 registered microfinance institutions.
- Microfinance accounts for about 1% of total banking assets in Nigeria.
- The number of depositors at Nigerian MFIs has grown by over 50% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of depositors, both individuals and businesses, who hold accounts with microfinance institutions in Nigeria.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into financial inclusion and access to formal banking services in Nigeria, which is important for understanding economic development and the effectiveness of policies aimed at expanding financial access.
Q: How is this data collected or calculated?
A: The data is collected by the Nigerian central bank through surveys of registered microfinance institutions in the country.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to gauge the progress of financial inclusion initiatives and the development of Nigeria's microfinance sector.
Q: Are there update delays or limitations?
A: The data is published regularly by the Nigerian central bank, but there may be lags in reporting and potential coverage limitations of informal or unregistered microfinance providers.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Nigeria (NGAFCDODMFPENUM), retrieved from FRED.