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Promoting Inclusive Markets and Financial Systems

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In Mongolia, two main characteristics affect how youth can be reached by a financial institution:
  • Provinces are far-flung and there is little infrastructure, making it difficult to get from one place to another.
  • The financial needs and financial knowledge of Mongolian youth vary greatly depending on whether they live in urban or rural areas. Standards of living and access to information vary greatly from one region to another, making it difficult to standardize financial services and financial education programs designed for youth.
As of 2011, XacBank has organized its youth financial education program only in province centers and larger towns. Its big challenge is to distribute the program to poor and rural youth. Other steps taken in Mongolia to reach youth include the following:
  • Student workbooks and teacher manuals have been developed.
  • The Aflatoun program will reach 1,250 children in 34 schools, including 24 new schools and 10 schools that implemented the program last year.
  • NGOs are planning and building a fund to bring the project to impaired children. The social and financial education programs need to be implemented by a financial institution (XacBank) in cooperation with teachers who work in the school dormitory.
Learning about social responsibilities and financial literacy empowers children to believe in themselves, know their rights and responsibilities, understand and practice saving and spending, and start their own innovative enterprises.

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