B. Lkhagvasuren: The Bank of Mongolia is Leading the “Financial Code for Women Entrepreneurs” Initiative

The official launch of the Financial Code for Women Entrepreneurs program took place on April 16, 2025, at the Government Palace (State Palace), under the patronage of the Speaker of the State Great Hural of Mongolia. The opening ceremony was attended by D. Amarbayasgalan, Speaker of the Mongolian Parliament; B. Lkhagvasuren, Governor of the Bank of Mongolia; T. Jambaajamts, Chairman of the Financial Regulatory Commission; along with key representatives from the European Bank for Reconstruction and Development, the Mongolian Banking Association, and women business leaders.

In his opening remarks, Speaker D. Amarbayasgalan emphasized that efforts to establish a legal framework ensuring gender equality and the protection of women's rights are gaining momentum globally. He also noted the increasing use of terms such as "women-owned businesses" and "women-led small enterprises" in both the business and legal spheres.

Governor B. Lkhagvasuren, in his speech, highlighted that the Financial Code for Women Entrepreneurs initiative began in September 2024, following the signing of a Memorandum of Understanding between the Bank of Mongolia and the European Bank for Reconstruction and Development. Since then, the initiative has expanded through close collaboration between the two institutions. Mongolia is one of the first countries in the region to implement this initiative.
The Bank of Mongolia is serving as the national coordinator and central information hub for the Financial Code for Women Entrepreneurs. As the lead organizer, the Bank is developing a roadmap to integrate the initiative with national policies and strategies.
The implementation of this initiative will enable financial institutions to collect gender-disaggregated data, providing a strong foundation for evidence-based policymaking. It will also support the adoption of international standards, such as gender taxonomy and specialized data systems for women entrepreneurs. In doing so, it will strengthen the capacity of regulatory authorities to craft data-driven, inclusive policies.

As of 2024, women constitute 45.4% of Mongolia’s workforce, with female employees making up more than 50% of workers in sectors such as services, trade, and education. Moreover, 42.1% of all loans issued to small and medium-sized enterprises—totaling 3.3 billion MNT—were granted to female borrowers. However, these loans carried an average interest rate of 17.1%, which is 0.8 percentage points higher than other loan types. The average loan size for female borrowers was 66.4 million MNT—less than half the amount received by male borrowers. These figures underscore the importance of coordinated policy efforts to improve women's access to finance, calling for greater collaboration between the government and the private sector.

During the launch event, approximately 70 financial institutions and professional associations joined the Financial Code for Women Entrepreneurs. This marks the beginning of a broader series of actions and programs designed to enhance the accessibility of financial services for women entrepreneurs across Mongolia.