Mongolia: Transformational Mobile Banking Services
The Mongolia Country Program Strategy 2006-2008 includes as the financial sector
outcome "sound financial system with improved efficiency and outreach and improved access to financial services." The 2008-2010 Mongolia Country Operational Business Plan states that advisory TA is expected to address institutional strengthening and efficiency of public service delivery, and that efforts will be made to supplement the non-lending program with co-financing.
The proposed R-PATA will enable the implementation of a regulatory system for mobile telephone-based financial services which will facilitate both competition and transformational market behavior to expand financial services to poorer households, particularly in rural areas.
Project Details
-
Project Officer
Lee, Seung Min
East Asia Department
Request for information -
Country
Mongolia -
Modality
- Technical Assistance
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Sector
- Finance
| Project Name | Transformational Mobile Banking Services | ||||
| Project Number | 43569-012 | ||||
| Country | Mongolia |
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| Project Status | Closed | ||||
| Project Type / Modality of Assistance | Technical Assistance |
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| Source of Funding / Amount |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | Governance and capacity development Private sector development |
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| Sector / Subsector | Finance / Banking systems and nonbank financial institutions - Finance sector development |
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| Gender Equity and Mainstreaming | No gender elements | ||||
| Description | |||||
| Project Rationale and Linkage to Country/Regional Strategy | The Mongolia Country Program Strategy 2006-2008 includes as the financial sector outcome "sound financial system with improved efficiency and outreach and improved access to financial services." The 2008-2010 Mongolia Country Operational Business Plan states that advisory TA is expected to address institutional strengthening and efficiency of public service delivery, and that efforts will be made to supplement the non-lending program with co-financing. The proposed R-PATA will enable the implementation of a regulatory system for mobile telephone-based financial services which will facilitate both competition and transformational market behavior to expand financial services to poorer households, particularly in rural areas. |
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| Impact | Access to formal financial services is improved for the poor and unbanked through the introduction of transformational mobile banking services. |
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| Project Outcome | |
|---|---|
| Description of Outcome | A regulatory environment for mbanking that safely promotes competitive, transformational market behaviors. |
| Progress Toward Outcome | Regulatory diagnostic in draft final with road map to regulatory reforms. MOU between financial regulators, MOF and the telecom regulator expected to be signed before year end 2012. |
| Implementation Progress | |
| Description of Project Outputs | 1. A defined methodology for the development of mbanking regulations that will facilitate services to the un- and under-banked. 2. An operational m-banking oversight committee. 3. Diagnostic review of current regulatory status and a comparison of the enabling principles. 4. Statement of intent and policy road map for regulatory system reform to enable interoperability and other standards to be met 5. Implementation of key reforms in the road map under the mbanking oversight committee. 6. Knowledge dissemination to relevant stakeholders to ensure understanding of the products, issues, risks, and benefits |
| Status of Implementation Progress (Outputs, Activities, and Issues) | The draft mobile banking policy has been amended and the telecommunications regulator have apporved the final draft policy. Bank of Mongolia management has approved the policy. The TA is close to completion. It is in the process of finalizing consultant payments and closing of contracts. The holding of a final workshop with the EA to discuss results in Mongolia will still be discussed and consequently if there is a possbility of moivng ahead with KPS. |
| Geographical Location | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | Consultation with banks, telecommunications providers, and other market participants took place prior to TA signing. |
| During Project Implementation | A stakeholder Advisory Group meets, engages fully in the process of policy and road map development and implementation, and has ongoing dialogue with the Working Group on Mobile Banking. They are also reading and reviewing the draft regulatory diagnostic and sharing comments. |
| Business Opportunities | |
|---|---|
| Consulting Services | Individual consultants will be recruited. |
| Responsible ADB Officer | Lee, Seung Min |
| Responsible ADB Department | East Asia Department |
| Responsible ADB Division | Public Mgt, Financial Sector and Regional Coop Division, EARD |
| Executing Agencies |
Bank of Mongolia (Central Bank) Mr. L. Lkhagvasuren Baga toiruu-9, Ulaanbaatar, Mongolia; Fax +976 11 311 471 Bank of Mongolia (Central Bank) Commerce Street 6 Ulaanbaatar - 11 Mongolia |
| Timetable | |
|---|---|
| Concept Clearance | 15 Jun 2009 |
| Fact Finding | 18 Feb 2009 to 19 Feb 2009 |
| MRM | - |
| Approval | 18 Dec 2009 |
| Last Review Mission | - |
| PDS Creation Date | 26 Jan 2010 |
| Last PDS Update | 19 Sep 2013 |
TA 7479-MON
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 18 Dec 2009 | 27 Jan 2010 | 27 Jan 2010 | 31 Jul 2011 | 31 Jul 2013 | - |
| Financing Plan/TA Utilization | Cumulative Disbursements | |||||||
|---|---|---|---|---|---|---|---|---|
| ADB | Cofinancing | Counterpart | Total | Date | Amount | |||
| Gov | Beneficiaries | Project Sponsor | Others | |||||
| 400,000.00 | 0.00 | 50,000.00 | 0.00 | 0.00 | 0.00 | 450,000.00 | 18 Nov 2021 | 282,725.29 |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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| Title | Document Type | Document Date |
|---|---|---|
| Transformational Mobile Banking Services | TA Completion Reports | Jul 2014 |
| Transformational Mobile Banking Services | Technical Assistance Reports | Dec 2009 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
| Title | Document Type | Document Date |
|---|---|---|
| Transformational Mobile Banking Services | Technical Assistance Reports | Dec 2009 |
Evaluation Documents See also: Independent Evaluation
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Procurement Plan
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