Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Senegal
SENFCDODMFPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,301,677.00
Year-over-Year Change
269.21%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in Senegal. It provides insights into the depth of financial inclusion and the reach 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 depositors at MFIs is an important indicator of financial inclusion and access to formal banking services, especially for underserved populations. It helps policymakers and analysts understand the extent to which Senegalese citizens are utilizing regulated deposit-taking microfinance institutions.
Methodology
The data is collected by the Central Bank of West African States (BCEAO) through regular reporting from licensed deposit-taking MFIs in Senegal.
Historical Context
This trend is used to evaluate progress towards financial inclusion goals and inform policies aimed at expanding access to basic banking services.
Key Facts
- Senegal has over 1.5 million depositors at MFIs as of the latest data.
- The number of depositors has grown by over 50% in the past decade.
- Microfinance is a key strategy for expanding financial inclusion in Senegal.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of depositors at deposit-taking microfinance institutions (MFIs) in Senegal, providing insights into financial inclusion and access to formal banking services.
Q: Why is this trend relevant for users or analysts?
A: The number of depositors at MFIs is an important indicator of financial inclusion and access to basic banking services, especially for underserved populations. It helps policymakers and analysts understand the depth of formal financial services in Senegal.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of West African States (BCEAO) through regular reporting from licensed deposit-taking MFIs in Senegal.
Q: How is this trend used in economic policy?
A: This trend is used to evaluate progress towards financial inclusion goals and inform policies aimed at expanding access to basic banking services in Senegal.
Q: Are there update delays or limitations?
A: The data is reported regularly by the BCEAO, but there may be some delays in publication and potential limitations in coverage of all deposit-taking MFIs.
Related Trends
Number of Identified Exporters to Senegal from Montana
MTSENA475SCEN
Value of Exports to Senegal from Pennsylvania
PASENA052SCEN
Firms with a Bank Loan or Line of Credit to Total Firms for Senegal
DDAI03SNA156NWDB
Number of Identified Exporters to Senegal from Indiana
INSENA475SCEN
Real Effective Exchange Rate as Based on Consumer Price Index for Senegal
SENEREERIX
Value of Exports to Senegal from New York
NYSENA052SCEN
Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors at Deposit Taking Microfinance Institutions (MFIs) for Senegal (SENFCDODMFPENUM), retrieved from FRED.