Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Senegal
SENFCDODCHPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,420,266.00
Year-over-Year Change
166.83%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of household depositors at commercial banks in Senegal. It provides insight into financial inclusion and banking access for Senegalese households.
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 which are Households at Commercial Banks for Senegal' series tracks the total number of household deposit accounts held at commercial banks in Senegal. This metric is a key indicator of financial access and financial sector development.
Methodology
The data is collected through surveys of commercial banks operating in Senegal.
Historical Context
Policymakers and economists use this trend to monitor progress in increasing financial inclusion and expanding access to formal banking services.
Key Facts
- Senegal is a lower-middle income country in West Africa.
- Access to formal banking services is a key driver of economic growth.
- Financial inclusion remains a challenge in many developing economies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of household deposit accounts held at commercial banks in Senegal. It provides insight into financial inclusion and access to formal banking services.
Q: Why is this trend relevant for users or analysts?
A: Tracking household banking access is crucial for understanding financial sector development and progress towards greater financial inclusion in the Senegalese economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of commercial banks operating in Senegal.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to monitor progress in expanding access to formal banking services and promoting financial inclusion in Senegal.
Q: Are there update delays or limitations?
A: The data may be subject to delays in reporting from commercial banks and may not capture all informal financial activities.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors which are Households at Commercial Banks for Senegal (SENFCDODCHPENUM), retrieved from FRED.