About Mongolia

Mongolia is a landlocked country with an area of 1,564,116 km2 in East and Central Asia. It is bordered by Russia to the north and the People's Republic of China to the south, east and west. Ulaanbaatar city is the capital and largest city, which is home to about 38% of the 3,227,863 residents. The country contains very little arable land, as much of its area is covered by steppes, with mountains to the north and west and the Gobi Desert to the south. Approximately 30% of the populations are nomadic or semi-nomadic. Mongolia is a parliamentary republic.

German Sparkassenstiftung Mongolia

The cooperation project in Mongolia started in December 2016 on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and the German Sparkassenstiftung for International Cooperation and with the support of the Central Bank of Mongolia and the Mongolian Bankers Association and the project will be implemented until November 30, 2024.

Mr. Markus Loch, Country Representative of German Sparkassenstiftung Mongolia and the Team in front of the Chinggis Khan statue.

Since 2021 we are working on re-establishment of the Banking and Finance Academy of Mongolia. As part of the cooperation, we developed three very important document including the appropriate training measures and courses for the whole banking sector in Mongolia such as “Dual Vocational Training&Education ordinance for bank employees”, “Minimum standards for all bank employees” and “Framework curriculum for new bank employees in Mongolia” and the president of the Central Bank of Mongolia confirmed on November 25, 2021, officially.

The overall goal of the cooperation project is to support the whole banking and finance sector of Mongolia in close cooperation with our two project partners, the Central Bank of Mongolia and the Mongolian Bankers Association to strengthen the banking and finance sector of Mongolia by professionalising the bank staff and introducing international standards and to improve public financial literacy. To this end, we are active in the banking and finance sectors in the areas of consulting, dual vocational training for new bankers and further education for experienced bankers including the management level and CEOs of the banks.

An additional project goal was the introduction of the World Savings Day in Mongolia.

Primary target groups:

  • New entrants and young people with little to no experience, who through a dual vocational training seek to enter into professional life and / or young employees in banks that want to make themselves more competent and also young bankers with a short period of experience, whom the bank management certifies a high potential.
  • Middle to high-level employees of project partners, including banks, who will act as master trainers of the theoretical part of the dual vocational training.
  • Middle to high-level employees of the involved banks, who will act as mentors for the participants of the dual vocational training.
  • Middle to high-level employees of project partners
  • All kinds of bankers up to high-level employees of the commercial banks in all areas of the entire banking business, especially focused on soft skill.
  • Population, particularly of low- and medium-income earners and MSMEs and entrepreneurs.

Our main activities and some data:

  1. Dual Vocational Training for bank specialists
  • 2017-2021, 250 graduates
  • Since 2022, 19 graduates and 128 trainees
  • 2017-2023, 48 trainers
  • Handbook for bank specialists

2. Special Trainings for middle to high-level employees of project partners and commercial banks, some examples:

  • 2017-2019, 87 participants in total of 20 trainings on different topics
  • 2019, 2023, 2 study tours to Germany have been organized.
  • Since December 2021, 348 participants in total of 22 trainings with “Insights MDI”
  • and much more

3. Public financial literacy

3.1. Campaigns “World Savings Day” and “Global Money Week”

  • Cooperation with Central Bank of Mongolia, Mongolian Bankers Association, Deposit Insurance Corporations of Mongolia, and commercial banks.
  • Camel is the national savings symbol.
  • Activities for public, school children and students in Ulaanbaatar and other regions.

3.2. Savings Games for the entire population

3.3. Business Games for students and MSMEs

We integrated Micro Business Game and Savings Game to improve financial literacy of the Mongolian population.

The main goal is to strengthen the professional skills in the (micro) finance sector and the financial literacy of youth and adults in Mongolia.

Deutsche Sparkassenstiftung für internationale Kooperation e.V.
Simrockstraße 4, 53113 Bonn

» Contact Us!

Logos German Cooperation and Partners in Transformation