Savings and credit cooperatives
As of 2019, the number of licensed Savings and Credit Cooperatives (SCCs) was 261, a decrease of 6.5% from 2018. The number of members of SCCs increased (13.5%) from 62,556 in 2018 to 70,968.
In 2019, total assets increased by 11.2%, compared to 2018, and reached MNT 222.6 billion. Capital growth decreased by 19.5 percentage points from 2018.
As of 2019, a total of 261 licensed Savings and Credit Cooperatives (SCCs) carried out activities under license and registration by the FRC. The number of members of SCCs increased (13.5%) from 62, 556 in 2018 to 70,968.
In 2019, total assets of SCCs increased by 11.2%, compared to 2018, and reached MNT 222.6 billion. Capital growth decreased by 19.5 percentage points from 2018. Of all 261 listed SCCs, 164 were in Ulaanbaatar, and 97 are in rural areas. Of all 164 SCCs in Ulaanbaatar, 92.7% were in the six central districts, and 7.3% were in the three remote districts.
The number of SCCs per 10,000 people (aged 18 to 64 years) and the number of SCCs per 1,000 entities:
(Financial Inclusion Indicators, Alliance for Financial Inclusion)
Access to Savings and Loans:
As of 2019, nationally one in 57 of all 18-64-year-olds was a member of an SCCs and engaged saving and in receipt of a loan.
Average savings per member (among all members holding saving accounts) was MNT4.3 million in 2019. Average savings per member was MNT5.9 million in Ulaanbaatar and MNT1.4 million in local areas.
One in 105 people in rural areas, and one in 36 in Ulaanbaatar was a members of an SCC and receipt of loans.
In 2019, licenses and registrations issued in the field of SCCs included:
- New licenses issued to 17 SCCs,
- Licenses were extended to 52 SCCs
- Licenses were suspended on 10 SCCs
- License was reinstated to one SCC
- Licenses were revoked for 35 SCCs
- License to operate as an insurance agent to one SCC
- License to open branches to 27 SCCs
- Registered to change addresses and locations for 13 SCCs, and
- Registered to have executive directors and elected members, for 34 SCCs