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July 15, 2023

Country Feature: Mongolia & Fintech

According to the World Bank’s Global Findex Database, the percentage of adults in Mongolia with bank accounts is nearly universal. Bank account ownership also appears equally distributed between low and higher-income individuals, as well as across the gender divide.

The growth in account ownership is a product of several factors. Among them, the government’s Child Money Programme – a social protection scheme that aims to guarantee a basic income for families below the poverty line. Under the scheme, families with children to 17 years of age receive government cash transfers of MNT 100,000 (about US$30) per month.

Mongolia’s 98.5% bank account ownership compares with 71% in developing countries, and 76% worldwide. It has also spurred a booming digital payments ecosystem, which is projected to reach US$7.7 billion in transaction value by 2027.

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