Local project partner
Bank of Mongolia (BoM)) and 100 MSMEs
German project partner
European Bank for Reconstruction and Development (EBRD)
16.09.2020 - 26.03.2021
Mongolia ranks 82nd in the World Bank's Doing Business report, and MSMEs in particular struggle with various challenges. Approximately 30% of MSMEs in Mongolia lack access to finance, which negatively impacts investment and growth.
Financial education is particularly important for businesspeople from rural areas who face difficulties in choosing the appropriate financial products and conducting financial activities, as geographic isolation and limited access to information can be challenging.
On behalf of the EBRD, German Sparkassenstiftung supported the Bank of Mongolia in developing a "Financial Literacy Training Program for MSMEs in Mongolia".
- German Sparkassenstiftung's team of experts reviewed existing financial literacy training programs for MSMEs in Mongolia, regarding program objectives, training materials, implementation methods and results.
- In addition, MSMEs were surveyed to identify the needs and expectations of MSMEs and to obtain information on their financial and economic literacy. These MSMEs were selected in close collaboration with the Bank of Mongolia (BoM) and the EBRD.
- A strategy proposal for the financial education of MSMEs in Mongolia was developed as part of the project and presented to the BoM and EBRD. In addition, further training materials were developed in close cooperation with the BoM.
- Furthermore, trainers of the different stakeholders were trained to conduct all trainings virtually. The team of experts subsequently supported the BoM in conducting the trainings with 100 additional MSMEs.
- Finally, a national conference has been planned in Ulaanbaatar to present the results of the program and further raise stakeholder awareness of the importance of financial education.