Gender Mainstreaming in the Mongolian Financial Sector and Guidelines for Developing Feminized Financial Products
International good practices show that promoting gender equality through the financial sector directly impacts women`s financial independence and overall economic empowerment. There is innovation and good practice across the globe at financial institutions and initiatives addressing finance as a tool for gender equality and advancing women’s economic power and potential. Specifically, for women-owned micro, small and medium enterprises, having adequate financial access to loans and other products is the key to sustaining and expanding their business in Mongolia. Women face numerous challenges from traditional gender norms, such as dual care responsibilities, which limit their time and commitment, and lack of collateral assets in accessing a loan. Therefore, financial institutions must consider their specific needs and requirements separately. Mongolia’s financial sector has been a leader and driver of sustainable finance for social progress, leveraging the finance sector’s responsibility, reputation, innovation, and product and service offering to demonstrate that the financial sector can deliver on Mongolia’s sustainability and social ambitions. The Mongolian financial sector has proven its ability to embrace innovation, and the mainstreaming of critical issues and gender finance is a growing field. Bringing elements of global good practice and making that practice uniquely Mongolian is recommended. Such practice will help create buy-in, build a more stable economy and financial system, and support women’s innovation, creativity, and ingenuity as business leaders and market actors while supporting the continued economic prosperity of the Mongolian financial sector.