2017 Mongolia Global Money Week

Leading Organizations:
Mongolian Bankers Associations
Central Bank of Mongolia
Participating Organizations:
Mongolian Bankers Association
Central Bank of Mongolia
Presidential Office of Mongolia
Ministry of education, culture, science and sport
Deposit Insurance Corporation
Education Development Center NGO
Arig bank
Credit bank
XacBank
Trade and Development Bank of Mongolia
Xac NGO
AFA Academy
Number of children reached directly: 22 000
Number of children reached Indirectly: 150 000

Previously only led by the Mongolian Bankers Association, the Global Money Week celebration in Mongolia in 2017 has seen an immense increase in involvement by all major governmental bodies that are involved in the financial education and inclusion of young people in the country.

This year, Global Money Week has been led, organized, and endorsed jointly by 6 institutions, including The Office of the President of Mongolia (The Mongolian Presidential Office or MPO), the Bank of Mongolia (BOM or the Central Bank of Mongolia), Ministry of Education, Culture, Science and Sports (MECSS), Mongolian Bankers Association (MBA), Deposit Insurance Corporation (DIC), and the Knowledge Dissemination Center (KDC). This is a result of incorporating Global Money Week (GMW) 2017 within the framework of the “National Program for Financial Literacy” (NPFL) of the country. Although the main programs happened between 27 March and 2 April, the entire national campaign surrounding Global Money Week stretched from 13 March to 17 April.

In addition to this being the longest, biggest, and most multi-sectoral GMW campaign celebrated in Mongolia, the institutionalization of Global Money Week in the country’s NPFL has signaled a strong commitment from multiple stakeholders that this will be an annual event that will be consistently propagated across the country addressing financial education and inclusion of young Mongolians.

Mongolia has approached GMW through 2 mainstream activities:

  1. Activities organized by member organizations of Mongolian Bankers Association

  2. Co-hosted Events by the Mongolian Presidential Office, the Bank of Mongolia, the Ministry of Education, Culture, Science and Sports and the Mongolian Bankers Association, Deposit Insurance Corporation, and Knowledge Dissemination Center

Stream 1: Through MBA Member-organized Activities

Since 2014, MBA has coordinated and encouraged 21 members to organize activities for young people in Mongolia during GMW. With participation of all member banks, activities included, among others:

  • Visits to schools to give talks about personal finance and & financial sector involvement
  • Facilitation of active and engaging activities such as debates, forums, and competitions
  • Organization of visits to banks for secondary school students
  • Distribution of information through mass media channels such as TV/radio shows, internet, etc. whereby children and financial sector practitioners were able to actively engage with each other.

Stream 2: Co-hosted events by MPO, BOM, MECSS, MBA, DIC, and KDC

Nationwide campaigns were released by the leading organizations by distributing information as well as posters to secondary schools and high schools across the country. In addition, 2 competitions were also launched all throughout Mongolian schools under the GMW theme “Learn. Save. Earn.”:

  • Nationwide essay competition for secondary school teachers, and high school students – therefore engaging both students and teachers
  • Nationwide freelance drawing/poster competition for elementary & middle school students

Moreover, MBA organized Financial literacy lectures for the university students, banking officers, and soldiers. The member banks of MBA, which include Arig Bank, Credit Bank, XacBank, Trade and Development

Bank and Khan Bank celebrated the GMW with their customers and youths. Furthering this after GMW, MBA is aiming to provide financial literacy knowledge for the public, not only during GMW, but also consistently throughout the whole year.

These activities will all then be capped by an award ceremony on the 14th of April at the Central bank of Mongolia presented by the President of Mongolia, alongside the Governor of the Bank of Mongolia, CEO of Mongolian Bankers Association, Head of Savings Insurance Corporation, Head of Education Delivery Center NGO.


2016 Mongolia Money Week

Leading Organizations:
Mongolian Bankers Association
Participanting Organizations:
Bank of Mongolia
Ministry of Education, Culture and Science
Mongolian Stock Exchange
Mongolian Deposit Insurance Corporation
XacBank
Khan Bank
Trade and Development Bank
Golomt Bank
National investment Bank /NIBank/
Capital Bank
Aflatoun
Golden Fundation of Development Association (Aflatoun partner)
Date of the event:
14th - 20th of March
Total number of children & youth engaged: 15 800
Total indirect reach 15 000:

With the launch last year of Mongolia's National Financial Literacy Program, the Mongolian Bankers Association (MBA) was given the leading role in the annual Global Money Week celebrations in the country. As part of GMW 2016, MBA partnered with the Bank of Mongolia, the Ministry of Education, Culture and Sports, Deposit Insurance Corporation of Mongolia, Mongolian Stock Exchange, and all of the commercial banks in the country to celebrate Global Money Week! From the 14th to the 25th of March, a range of activities were organized, including a social media contest, a TV show, bank tours, school visits, visits to the Central Bank and the Mongolian Stock Exchange, and a training for the MBA Financial Education Working Group.

The Mongolian Bankers Association has announced a short-video/Vine Facebook contest under the theme: "Financial Education in My Life". Submission of videos was closed on March 20th. The judging committee selected the two best videos and awarded them with a savings account equal to 500USD.

The MBA and its members together with the Central Bank of Mongolia organized a talk show with the theme "Why is financial literacy important?" - the show was aired on the most viewed TV channel in Mongolia during peak time. The talk show guests were high-level representatives of the MBA, Central Bank, Ministry of Education, school teachers, parents and NGOs. They discussed the current level of financial literacy of Mongolians in general (and specifically children) and pointed out problems that the country has encountered with the development of financial literacy. Further, they discussed the importance of the National Financial Education Program and suggested and agreed on strategies/activities to successfully implement the program.

Some selected school students visited the Bank of Mongolia and the Mongolian Stock Exchange (MSE) as part of the GMW celebrations. Students rang the bell to open the market for the trading day at the Mongolian Stock Exchange. The students were also given a tour of the MSE and learned about the financial sector and how the stock exchange operates. High school students developed their understanding of the banking environment, how the Central bank operates and the Central bank’s monetary policy.

Some of MBA member banks including the Xacbank, Trade and Development Bank, and National Investment Bank brought primary and mid-high school students to the bank offices and discussed important financial literacy concepts. In addition, they introduced the operation of the banks and organized a bank tour. Further, banks also showed a video on the Mongolian Sustainable Finance Initiative to promote the long-term goals of Mongolia in the financial sector and the role of children today and in the future to achieve this. The visits to the banks and the corporate headquarters of these commercial banks were also identified by the participating banks as a way to introduce and help the children choose their profession and career in the future

Other MBA member banks also visited schools were they organized lectures about money, savings, and financial literacy in general. They also organized interactive activities in which students could participate.

Launched within Global Money Week, the National Investment Bank created the character “NIB Little Financier” with the aim of imparting financial knowledge to children. The character is aimed at improving financial knowledge of children in line with the Central Bank of Mongolia and World Bank’s program on “improvement of the basic financial knowledge of citizens.” The program was launched on March 14th and is expected to conclude on June 1st, 2016. The following events were held for this promotion:

    1. Organized special events and training for children
    2. TV program "Bong’s adventure" linked to a cognitive program in schools
    3. NIB character, along with the Bong’s characters, visited schools and gave knowledge about savings to children
    4. Demonstrated savings by opening a personal wish box for the children of the 4th grade of the above schools
    5. Conducted training for parents, teachers in the subjects of money and savings

As the MBA is one of the key stakeholders of the National Financial Literacy Program, the institution established a working group on financial literacy that included representatives of all member banks and organizations of the MBA. The kick-off meeting of the working group was organized during GMW 2016. MBA also organized trainings for the working group on topics including: what is financial education for the youth? Why is it important? Role of banks in creating financial literate young people? What should and shouldn’t banks do? Why is commercial financial education wrong? etc. Furthermore, the working group discussed their work plan for 2016.

&nbsp

2015 Mongolia Money Week

Participants:
Mongolian Bankers Association
Bank of Mongolia
Trade and Development Bank Mongolia
XacBank
Date of the event:
9th - 17th of March
Number of children reached:
1 900

Building on the successful Global Money Week celebrations in 2014 under the leadership of the Mongolian Bankers Association and the support of the Bank of Mongolia, Global Money Week continued to be celebrated by various institutions in Mongolia. The participants celebrated the week in line with their organizations’ corporate social responsibility initiatives and programs. This year’s celebration in Mongolia focused strongly on stressing the importance of savings, developing healthy money management habits, building a better understanding of financial products, and growing children’s enthusiasm for investing in their future.

The two leading participants in this year’s celebrations were the Trade and Development Bank of Mongolia and Xacbank, leading financial institutions in the country.

Trade and Development Bank, the oldest and largest bank in the country with 51 branches, organized various activities in 20 schools in Ulaanbaatar and 7 in the countryside. The bank hosted over 800 students through talks on money, banks and savings account. A fun contest related to money was conducted where children were challenged to save and spend their money wisely for two months. The winner of the contest will be announced on June 1st, on the eve of International Children’s Day.

Xacbank has a special focus on children and increasing inclusion of young people in the formal financial system which they continued to promote through Global Money Week. Children from marginalized and rural areas of Ulaanbaatar City were the main focus of the events organized by XacBank’s CSR initiatives. The bank’s outreach program covered rural provinces and remote areas in Ulaanbaatar City. XacBank organized social and financial education programs for children for who have been involved with them since 2009. About 850 children and their parents were involved through classes on money management and the importance of savings, and visits to the branches of Xacbank to learn more about how banking operates.

&nbsp

2014 Mongolia Money Week

Participants:
Mongolian Bankers Association
Bank of Mongolia
Mongolian Stock Exchange
Capital Bank
Capitron Bank
Chinggis Khaan Bank
Credit Bank
Erel Bank
Golomt Bank
Khan Bank
National Investment Bank
Trade and Development Bank
XacBank
Date of the event:
10th - 17th of March
Number of children reached:
10 000
Additional number of children reached through media:
500 000

Mongolian Bankers Association, Bank of Mongolia, and Mongolian Stock Exchange hosted a series of events between March 10-17, to celebrate Global Money Week 2014. Mongolian Bankers Association member banks, namely Capital Bank, Capitron Bank, Chinggis Khaan Bank, Credit Bank, Development Bank, Erel Bank, Golomt Bank, Khan bank, National Investment Bank, Trade and, and XacBank, participated in the national celebrations by organizing different activities with children and youth.

To promote and raise awareness on the importance of children and youth's economic citizenship education among the public (MBA) organized an online social media contest on Facebook which featured a variety of creative financial awareness themed submissions in the form of photos, comics, drawings and cartoons. The MBA also visited schools educating school students about their financial rights and responsibillties.

During excursions to the Bank of Mongolia university and high school students gained an understanding of the banking environment, how the financial regulatory authorities operate, and about Mongolia’s monetary policy. The students also had the opportunity to speak with the Governor of the Bank of Mongolia to discuss financial topics and freely ask questions. Children and youth visited the Money Museum of Bank of Mongolia to learn about money through guided, interactive and entertaining tours.

High school students rang the bell which opened the Mongolian Stock Exchange (MSE) day of trading. Furthermore, the students also enjoyed a tour of the MSE which provided them with an understanding of the economic environment, how the stock exchange operates and the role it plays in the economy.

Capital Bank visited various high schools to give financial educationbased presentations. Given Capital Bank’s focus on sustainability, the presentations also included focus on “Child participation for green development.” About 800 students in Ulaanbaatar city and 15 aimags (Umnugobi, Baganuur, Darkhan, Orkhon, Zamiin-Uud, Arkhangai, Khovd, Khuvsgul, Uvs, Bayan-Ulgii, Bayankhongor, Uvurkhangai, Dornod, Selenge, Dornogobi, Khentii) participated. Capital Bank also welcomed students to its branches to learn about how banks work. Furthermore, to promote the importance of youth's financial education/economic citizenship education among the public Capital Bank’s Global Money Week’s news was published on their official website, Facebook page and Mongolia’s top 7 financial websites.

Credit Bank visited schools with their “Every child is a financier” campaign. They also visited the “New Era” Laboratory School to teach them about the financial sector, savings and budgeting. Credit Bank welcomed the “New Era” Laboratory school to its branch, where they met the CEO, learned about banks, and participated in a financial knowledge quiz. The focus of the visit was to improve the participants’ understanding of the bank’s purpose and services.

Erel Bank organized a series of bank visits for 4-7 graders where they received financial lessons on money, savings, savings accounts, and the bank’s role in society.

Khan Bank organized multiple events in order to increase financial inclusion for children and youths through its Khan Bank Foundation. Khan Bank employees from 520 Branches across the country organized a session for 5-7th grade students of Secondary Schools from 9 districts. Within the framework of this program, Khan Bank contributed to the children’s financial education by teaching them comprehensive lessons in an interesting and effective way. More than 5700 students throughout the country have been engaged in the session including basic concepts about the value of money, spending money wisely, and saving. Moreover, in cooperation with the Mongolian Union of Pupils Khan Bank Foundation organized a session for children who have dropped out of school and are living in remote districts of the city. The children gathered at the Unofficial Education Center of Sukhbaatar district.

The Trade and Development Bank visited 4 schools, and reached a total of almost 200 children. During the visit, bank staff spoke to the students about money, finance, and their future, and played games related to the topic. They welcomed 16 students to its branch by showing them how the bank works, playing financial games with them and providing them with small gifts.

XacBank’s event focused on the children who are living rural area or remote area of Ulaanbaatar city. XacBank has provided financial and social education program to these children since 2009. Activities were held in 15 rural provinces and 2 remote areas of capital city Ulaanbaatar. Almost 850 children and an equal number of parents participated in XacBank’s financial enterprise activity and bank excursion and lesson.

 

2013 Mongolia Money Week

Name of organizing entity - Central Bank of Mongolia
Partners - Stock Exchange Market, Metropolitan Education Department, National Life Insurance LLC
Date of the event - 15th – 21st of March
Number of children reached - 1 677

To date, Mongolian school children have had finance trainings, but never expected to visit the Central Bank and Stock Exchange Market, where only adults have access. During the Global Money Week, they had a chance to learn about the monetary systems, the history of money and stock exchange market as well as to identify their future careers. A 16-year-old student said that she would study very well to become the President of the Central Bank in future; another student, that he would begin trading in the stock market as soon as possible.

The Central Bank of Mongolia took the lead in organizing Global Money Week events with the NGO Development Solutions (DS) as a facilitator. DS organized visits to the Money Museum at the Central Bank, visits to the Stock Exchange Market and to the National Life Insurance. Financial literacy trainings took place at schools in Ulaanbaatar city, Khentii and Gobisumber regions and reached more than 500 students. Small workshops were also organized for the school teachers.

A financial literacy survey among 1000 school children and teachers as well as parents was conducted. The initiatives of the Child and Youth Finance Movement were introduced to private sector companies, such as Rio Tinto LLC, Savings Bank, Khan Bank, and development organizations such as Swiss Agency for Development and Cooperation, Mercy Corps, USAID and JICA.

“I learned how to manage my pocket money using my kiddie cashbook as I attended the financial literacy class. I also understood that I had to help my parents save and spend wisely, “ said a 13-year-old student.

“I have obtained high-level financial literacy knowledge during the Global Money Week to teach my school children. I am looking forward to witness the next Global Money Week in Mongolia.“ Khishigmunkh, Teacher of Shine Mongol High School