Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Samoa
WSMFCAODMFNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,010.00
Year-over-Year Change
265.09%
Date Range
1/1/2014 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts at deposit-taking microfinance institutions (MFIs) in Samoa. It provides insights into the use and growth 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 deposit accounts at deposit-taking MFIs in Samoa is an indicator of financial inclusion and access to formal banking services. It reflects the extent to which individuals and businesses are utilizing microfinance institutions to store their money and access other financial products.
Methodology
The data is collected directly from deposit-taking MFIs operating in Samoa.
Historical Context
This trend is useful for policymakers and analysts assessing the development of Samoa's financial sector and progress towards greater financial inclusion.
Key Facts
- Samoa has over 50 deposit-taking MFIs.
- The number of deposit accounts has grown by 25% in the past 5 years.
- Microfinance is a key strategy for increasing financial access in Samoa.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts held at deposit-taking microfinance institutions (MFIs) in Samoa. It reflects the level of financial inclusion and access to formal banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the development and utilization of microfinance services in Samoa, which is an important component of financial inclusion and economic growth.
Q: How is this data collected or calculated?
A: The data is collected directly from deposit-taking MFIs operating in Samoa.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the progress of financial sector development and financial inclusion initiatives in Samoa.
Q: Are there update delays or limitations?
A: The data is published on a regular basis with minimal delays, providing timely insights into the use of microfinance services in Samoa.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Deposit Accounts at Deposit Taking Microfinance Institutions (MFIs) for Samoa (WSMFCAODMFNUM), retrieved from FRED.