Country
Mongolia

Local Project Partners
Mongolbank (central bank),
Mongolian Bankers Association

German Project Partners
Sparkasse Ostprignitz-Ruppin

Donor
German Federal Ministry for Economic Cooperation and Development (BMZ)

Duration
01.12.2018 - 30.11.2024

The overall objective of the project is to transform Mongolia's financial sector to support a socially inclusive market economy in Mongolia.

Project objective 1 is to strengthen the banking sector in Mongolia by institutionalising standardised basic banking training (trainee training) and further training-based approximation to international standards.

The project objective 2 is to strengthen basic financial education through coherent capacity development inputs to the National Programme of Basic Financial Education of Mongolia.

The project aims to strengthen Mongolia's banking sector by professionalising bank staff according to the German model of dual vocational training and by introducing international standards. It includes sound technical and practice-oriented training that enables bank staff to adequately advise a wide range of clients on various financial products. The practical part of the training is strongly oriented towards concrete advisory situations.

Other project activities, such as the introduction of World Savings Day, are intended to improve the financial literacy of the Mongolian population and strengthen customers' trust in the Mongolian banking system.

Project Tasks

• With the new training academy and the training regulations published by decree by the central bank, the second main project phase will lay the foundations for sustainable financial sector development.
• In addition to the content-related qualification, this will also structurally support social and consumer policy changes that have been declared as important goals by the Mongolian central bank and the financial supervisory authority (consumer protection, improved inclusion of the financial market).