To expand digital lending for small and medium enterprises (SMEs) in Mongolia, including women-owned businesses, IFC and M bank, Mongolia's first digitally focused bank with a branchless model, joined forces to launch an innovative program in Ulaanbaatar. It is part of IFC's ongoing efforts to promote an inclusive and sustainable financial sector in the country.
IFC will provide up to US$30m in financing to M bank, with twenty-five per cent of the funding earmarked for SMEs owned by women. As part of the program, IFC has been working with M bank to expand its SME finance and supply chain finance (SCF) products and services. IFC will also provide technical guidance to help M bank further develop and implement an environmental and social management system.
