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MICROFINANCE DEVELOPMENT FUND HAS JOINED THE NATIONAL PROGRAM FOR FINANCIAL LITERACY 2016-2021

The project of creating a program for protecting consumers’ interests and improving public financial literacy was started with the initiative of Mongolbank to build the financial market infrastructure and it’s institutions. The program was developed, with World Bank support, building on various meetings and discussions among the Ministry of Finance, Ministry of Education, Culture and Science, Financial Regulatory Commission, Mongolian Banks Association, Mongolian Insurers Association, Savings Insurance Corporation, Microfinance Development Fund, non-state organizations operating in the financial sector, relevant associations, and universities. The program’s key priority areas, objectives and operating plan were determined by taking into consideration not only global development trends and international experience, but also home country characteristics and levels of public financial literacy.

 

Program Benefits

Improved financial literacy of individuals will play an important role in boosting economic growth and poverty reduction. It also offers a great deal of benefits to all stakeholders such as consumers, the financial services sector, Government, the central bank, other financial regulatory institutions, employers, educational service providers, workers and voluntary organizations.

The following outcomes are expected from improved financial literacy.

· Improved finance literacy of individuals will lead to increased use and purchase of financial products

· Individuals will be more likely to select financial products that match their needs

· Individuals will be less likely to fall victim to financial frauds

· Increased bank savings and reduced debts

· Increased productivity in workplaces

· Increased number of citizens participating in stock markets

· Reduce poverty and reduced crime

Program Vision and Objectives

Program Vision: Every citizen of Mongolia will possess the knowledge (literacy), skills and confidence necessary to manage his/her personal and household finance in an appropriate way

Program Objectives

· Improve individuals’ capability to manage their personal finances

 · Enable people to avoid financial frauds

· Implement financial literacy activities in cost-effective and efficient ways

· Support various stakeholders and individuals participating in financial literacy programs to effectively cooperate and exchange information with each other.