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Local Project Partners
Bank of Mongolia (Mongolbank), Mongolian Bankers Association and participating banks
German Project Partners
Germany’s Federal Ministry for Economic Cooperation and Development (BMZ)
12/2016 - 11/2018
The project aims to strengthen the banking sector in Mongolia by professionalising training and bringing it in line with international standards. The rollout of new education standards is intended to promote practice-oriented learning in public schools and vocational training facilities across the country. However, the gap between rhetoric and reality remains large. Having attended training courses that are not geared to job market demands, graduates of the country’s state and private vocational training establishments discover they are underqualified and therefore often unable to find suitable work. Banking sector employees are no exception here, as their training is not governed by any statutory requirements either. Most banks recruit staff directly from universities and tertiary level training institutions – none of which offer any practical (bank-specific) training.
The project promotes technically sound, practice-oriented training that will enable banking staff to adequately advise a wide range of customers on various financial products. Training takes as its role model Germany’s dual system of vocational education and training, albeit customised to meet Mongolia’s specific needs. Additional measures, such as the introduction of World Savings Day, are intended to help enhance the population’s financial literacy and build customer confidence in the Mongolian banking system.
The project got off the ground in December 2016 with a train-the-trainer seminar at the Potsdam-based Nord-Ostdeutsche Sparkassenakademie (North-East German Savings Banks Academy). Initial measures for 2017 include the design of a practice-oriented curriculum for dual vocational education and training (VET) for banking-sector staff as well as specialisation courses to advance existing staff’s skills.