"Improving access to finance in Mongolia” program approvedEconomy
Ulaanbaatar /MONTSAME/ A program “Improving access to finance in Mongolia” was approved by the Financial Stability Council on March 1. The Financial Regulatory Commission developed the program and the regular meeting discussed it, approving by a joint ordinance No А-62/63/31/А\26 made by the council members namely, President of the Bank of Mongolia, Head of the Financial Regulatory Commission, Minister of Finance and Executive Director of the Deposit Insurance Corporation.
With implementation of the program, it is expected to upgrade legal environment and introduce advanced technology-based products and services to the market. Moreover, financial product and service types will be increased and service cost will be reduced in addition to raising citizens’ financial education and creating conditions to deliver financial services faster, cheaper and more easily.
According to the statistics, Mongolia’s access to financial service is high comparing with countries that are in the same development level as assessing it with the number of citizens who have commercial bank account. On the other side this indicates that our country’s access to financial products and services provided by non-bank financial institutions to citizens and entities is unsatisfactory.
Enhancing access to finance is an important policy tool to raise productivity of entities and organizations as well as to increase economic participation and social position of citizens who are living in rural and remote areas.