Use of Financial Services: Number of Loan Accounts at Deposit Taking Microfinance Institutions (MFIs) for Rwanda
RWAFCNODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100,152.00
Year-over-Year Change
32.56%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures the number of loan accounts at deposit-taking microfinance institutions (MFIs) in Rwanda. It provides insight into the reach and usage of microfinance services, which are crucial for financial inclusion and economic development.
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 loan accounts at deposit-taking MFIs in Rwanda represents the scale of microfinance activities and access to credit for underserved populations. It is an important indicator of financial sector development and financial inclusion in the country.
Methodology
The data is collected by the National Bank of Rwanda through regular reporting from licensed deposit-taking MFIs.
Historical Context
Policymakers and development organizations use this metric to assess the impact of microfinance initiatives and identify areas for expanding financial services.
Key Facts
- Rwanda has over 400 deposit-taking microfinance institutions.
- Microfinance loan accounts grew by 8% annually from 2015 to 2020.
- Over 60% of Rwandan adults have access to formal financial services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts at deposit-taking microfinance institutions (MFIs) in Rwanda. It provides insight into the scale and reach of microfinance services in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding financial inclusion and the development of the microfinance sector in Rwanda. It helps policymakers and organizations assess the impact of initiatives to expand access to credit and other financial services.
Q: How is this data collected or calculated?
A: The data is collected by the National Bank of Rwanda through regular reporting from licensed deposit-taking microfinance institutions operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and development organizations use this metric to evaluate the effectiveness of financial inclusion programs and identify areas where more access to microfinance services is needed.
Q: Are there update delays or limitations?
A: The data is updated regularly by the National Bank of Rwanda, but there may be some delays in reporting from individual MFIs. The metric may not capture all informal or unregistered microfinance activities in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Deposit Taking Microfinance Institutions (MFIs) for Rwanda (RWAFCNODMFNUM), retrieved from FRED.