Best practice in Mongolia

Mongolia is one of the world’s lowest population density nations – less than 1 person per square km in most areas. But the number of mobile phone users are increasing sharply and giving convenient communication opportunity for 2.7 million Mongolians.

According to the XacBank of Mongolia’s research, there are 1.9 million mobile subscribers in Mongolia and the bank has implemented the project to deliver banking services through mobile phones and other ICT to low-income, underbanked population in remote rural areas throughout the country. This service is called AMAR which means easy. Former CEO of this bank stated that “Leapfrogging access to finance challenges with mobile phones” in 2007.