Finanzgruppe Sparkassenstiftung

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Mongolia

Introduction of dual vocational training for bank specialists (and introduction of World Savings Day) in Mongolia


   
Region
Mongolei

Country
Mongolia
 
Beneficiary
Job starters, young adults without professional experience, young bank staff with potential for management positions, lecturers and students of the Banking and Finance Academy of Mongolia, furthermore the Mongolian population (in particular women and people in rural areas), low- and medium-income earners, MSMEs and start-ups.
 
German partners
The German partners are being evaluated. Foreign partners:
Central Bank of Mongolia (Mongolbank)
Banking & Finance Academy
Commercial banks of Mongolia
 
Origin of funding
German Federal Ministry for Economic Cooperation and Development (BMZ)
 
Dates (start/end)

01.12.2016 - 30.11.2018
(Orientation phase)

1 long-term expert
Various short-term experts


   

Project description

The project targets to strengthen the banking sector in Mongolia by professionalising the bank training and introducing international standards. The main focus lies on developing training concepts and contents for an eight-month dual vocational training course for bank specialists, comprising 40 percent of theoretical and 60 percent of practical training in the specialist departments of the participating Mongolian banks.

In 2005, new educational standards were introduced in Mongolia to promote practice-oriented learning in the some 630 public schools and vocational colleges. However, there is still a gap between aspirations and reality. Due to insufficient qualifications, graduates of state and private vocational colleges are often not able to find a job. In many cases, the education at the vocational colleges is not customised to the requirements of the working world. In addition to that, the Mongolian education sector lacks qualification programmes for older job-seeking people without formal professional training as well as guidance for school-leavers.

Due to the fact that there are no standardised requirements for bank specialists, it is particularly necessary to qualify the bank staff. Most of the bank staff are recruited from universities and colleges, where there is no practical bank training.

The project promotes a professionally sound and practice-oriented training, which enables the bank staff to render adequate consulting services to broad segments of customers. On the other hands, the customers or in other words the Mongolian population, are empowered to make use of financial products and services, they have not had access to, yet.

Thus, the practical part of the training does not focus on administrative processes, but on hands-on consulting situations. Further supporting measures, such as the introduction of World Savings Day are supposed to additionally contribute to enhance the financial education of the population and strengthen the (potential) customers’ trust in the Mongolian banking sector.

The precondition for the sustainability of this dual vocational training system is to create a local trainer pool to continue the training of bank staff autonomously in the future.

The project is based on similar activities of the Sparkassenstiftung in other project regions. In particular, the experiences gained from the savings banks partnership project to introduce dual vocational training in the financial sectors of Kyrgyzstan, Tajikistan and Turkmenistan serve as successful model.

 

Services provided

  • Development and introduction of basic dual vocational training in Mongolia in a pilot project to specialise as bank specialist
  • Design and introduction of practice-oriented special courses (e.g. risk management, customer relationship management (CRM), staff development
  • Introduction of World Savings Day

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