Bhutan

2021 Bhutan Global Money Week

GMW NATIONAL COORDINATOR:

  • Royal Monetary Authority of Bhutan

PARTICIPATING ORGANISATIONS:

  • Financial institutions, Ministry of Education, 20 schools, Gedu College of Business Studies, Bhutan Care Credit Ltd (MFI)

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 28

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 6,830

NUMBER OF ADULTS REACHED DIRECTLY:

  • 1,500

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 5,000

To celebrate GMW2021, the Royal Monetary Authority of Bhutan together with partners planned different activities.

On March 24th the launch of “Financial Literacy and FinTech” curriculum, a joint Certificate Programme at Gedu College of Business Studies (GSBS) was held. The initiation of the programme was graced by the Vice Chancellor and the Governor of the RMA. The college envisions that the programme helps young people to better understand financial matters and give practical experience of undergoing FinTech challenge. The modules impart critical understanding of the linkages between financial inclusion to inclusive economic development, managing personal finance, and more. Upon successful completion of the programme, students were awarded a joint certificate (RMA-GCBS) on Financial Literacy and FinTech.

During the week, the “KUEN-Phen Financing” concept, an integrated model of crowdsourcing and bridge financing for the marginalised segment, was launched. The launch was attended by the Governor of the RMA, and other representatives from financial institutions, NGOs, and relevant agencies. The KUEN-Phen Financing supports the National Financial Inclusion Strategy 2018-2023 objective of creating an inclusive finance for unserved and underserved segment of the population. Kuen-Dhen is a not-for-profit spearheaded by the Royal Monetary Authority in collaboration with the Royal Securities Exchange of Bhutan (RSEBL) and Bhutan Care Credit Limited (BCCL). Its aim is to raise funds through an innovative mix of crowdsourcing and bridge financing.

Many school across the country participated in GMW through numerous initiatives such as financial literacy programmes, opening of bank accounts, creative competitions in essay, art, quiz and video as well as launching of other school projects and Students Business Seedling (SBS) Nucleus clubs. The Bank of Bhutan collaborated with the Parking Fee Collectors and Taxis for payments through National QR with an aim to reduce cash and small note handling. TBank and Tabadramtoe Lower Secondary School (A YE Banking school) initiated opening of bank accounts for students. Similarly, Bhutan Development Bank Limited (BDBL) assisted in opening bank accounts for students at Zangkhar Primary School (A YE Banking School), Lhuntse. Bhutan National Bank Limited (BNBL) team celebrated GMW2021 at Haa and Paro with the sensitisation programme on financial literacy for children and youth. Druk PNB Limited joined the Campaign at Umling Lower Secondary School, Gelephu with the opening of bank accounts for students.

2019 Bhutan Global Money Week

LEADING ORGANISATIONS:

  • Royal Monetary Authority of Bhutan

PARTICIPATING ORGANISATIONS:

  • 2 Media Organisations, 512 Schools, Bank of Bhutan Limited (BOBL), Bhutan Association of Women Entrepreneurs (BAOWE), Bhutan Broadcasting Service Limited (BBSL), Bhutan Care Credit Limited (BCCL), Bhutan Chamber of Commerce and Industry (BCCI), Bhutan Development Bank Limited (BDBL), Bhutan Insurance Limited (BIL), Bhutan National Bank Limited (BNBL), College of Natural Resources (CNR), College of Science and Technology (CST), Credit Information Bureau (CIB), Department of Cottage and Small Industry (DCSI), Druk Punjab Bank Limited (DPNBL), Financial Institution Training Institute Limited (FITI), Gedu College of Business Studies (GCBS), GIC-reinsurance Limited (GICL), Loden Foundation, Ministry of Agriculture and Forest (MoAF), Ministry of Economic Affairs (MoEA), Ministry of Education (MoE), Ministry of Labour and Human Resource (MoLHR), National Land Commission (NLC), National Pension and Provident Fund (NPPF), Respect Educate Nurture Empower Women (RENEW), Royal Education Council (REC), Royal Institute of Management (RIM), Royal Insurance Corporation of Bhutan Limited (RICBL), Royal Security Exchange of Bhutan Limited (RSEBL), Royal Thimphu College (RTC), Rural Enterprise Development Corporation Limited (REDCL), T-Bank Limited (TBL), Tarayana Foundation, Technical Training Institute (TTI), Thimphu Tech-park Limited, Vocational Training Institute (VTI), Youth Development Fund (YDF)

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 120 000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 53 000

Royal Monetary Authority of Bhutan
Royal Monetary Authority in collaboration with financial institutions and other relevant stakeholders organised a series of nation-wide events to celebrate Global Money Week 2019. GMW was formally recognized by the Ministry of Education, to include the celebration in the national school curriculum, and was celebrated in over 500 schools across the kingdom. The Royal Monetary Authority (RMA) organised events throughout the country, to reach out to those in rural areas. The Authority also encouraged all FSPs to share the events organised by the Authority and to independently initiate creative events to mark the nation-wide Global Money Week 2019. Furthermore, the Authority separately organised their own events (25-31 March) at Trashigang Dzongkhag to reach out to rural areas. The event comprised of the following highlights. First, an opening event was organised where the Youth Savers 1K milestone was launched, in attendance of the Honourable Dasho Dzongda, Trashigang Dzongkhag, CEO of T-Bank, CEO of Royal Securities Exchange of Bhutan Ltd, and in presence of esteemed participants from FSPs and other stakeholders. Second, at secondary schools, activities such as TOT on YE Banking, and Money box, speech bubble and story writing challenges, PSL sensitization sessions, and e-money sensitization sessions were organised. During the Week, Financial Literacy and bank account opening sessions at various schools were conducted. Finally, different competitions and currency gallery walks were conducted across the nation.

2018 Bhutan Global Money Week

LEADING ORGANISATIONS:

  • Royal Monetary Authority of Bhutan

PARTICIPATING ORGANISATIONS:

Bank of Bhutan Limited (BOBL), Bhutan Association of Women Entrepreneurs (BAOWE), Bhutan Development Bank Limited (BDBL), Bhutan Insurance Limited (BIL), Bhutan National Bank (BNB), Credit Information Bureau (CIB), Druk Punjab National Bank (DPNB), Financial Institution Training Institute (FITI), Ministry of Agriculture and Forest (MOAF), Ministry of Education (MOE), Ministry of Labour and Human Resources (MOLHR), National Institute of Zorig Chusum, National Pension and Provident Fund (NPPF), Renew Empower Nurture Educate Women (RENEW), Rigsum Institute of IT and Management, Royal Academy of Performing Arts, Royal Institute of Management, Royal Insurance Corporation of Bhutan Limited (RICBL), Royal Securities Exchange of Bhutan Limited (RSEBL), Rural Education and Development (READ), Rural Enterprise Development Corporation (REDCL), T-Bank, Technical Training Institute, Thimphu Tech Park, Youth Development Fund (YDF), 28 schools

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 30 000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 160 000

Royal Monetary Authority of Bhutan
GMW2018 in Bhutan is considered a platform for enhancing youth financial education and inclusion. GMW2018 was celebrated with series of events and activities. The Royal Monetary Authority spearheaded all GMW2018 activities in coordination with several financial institutions, NGOs, government agencies, schools, and other stakeholders. The Honorable Governor of the Central Bank attended the GMW2018 opening ceremony. Important initiatives, such as Financial Literacy School Curriculum and Youth Ethics Banking, were launched during the opening event. The school curriculum will be further incorporated by the Ministry of Education and be implemented into formal schools across the country. A panel discussion was also organised to bring together future collaboration with the media sector and educational organisations to support financial literacy in the country. Financial institutions set up thematic talks for various educational and vocational institutes. 90 students from different schools had the opportunity to visit the Central Bank and other banks to learn more about their missions. They also visited cooperative farms and livestock rearing initiatives. The Royal Monetary Authority also organised fun activities on financial literacy, including mascot colouring sessions, crafting money boxes, and an essay competition on GMW2018 theme 'Money Matters Matter'. The 'Student Business Seedling' programme was kicked off during GMW for business idea competition where children will be rewarded with scholarships. Across the country, mass bank account openings were initiated in numerous schools for grade 11 and above. In addition, young entrepreneurs were given the opportunity to pitch their business ideas to gain funding from the Priority Sector Lending (a recent initiative of RMA for promoting Cottage Small Scale Industries). GMW2018 increased and improved participants’ knowledge and skills in financial literacy and Buthanese children and youth are already looking forward to the next edition of GMW. The Youth Ethics Banking (YE Banking) prize was awarded to four recipients in 2018 as pilot programs and will be replicated to many schools during GMW2019.

2017 Bhutan Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 10 000

NUMBER OF CHILDREN REACHED INDIRECTLY:

  • 20 000

With the Royal Monetary Authority of Bhutan (RMA, or the Central Bank of Bhutan) at the helm of the Global Money Week planning, GMW2017 was celebrated at a very large scale within the country. RMA and various stakeholders in Bhutan took the initiative towards financial inclusion by forming the Financial Inclusion and Literacy (FIL) Unit which collectively spearheaded the national financial inclusion policies and strategies, including the national roll-out of Global Money Week 2017! This led to the participation of more than 60 organisations during the GMW in Bhutan, representing all sectors from public, private, and civil society.

Through the joint efforts of 25 educational institutes, including schools, vocational institutes and monastic schools and their network, GMW was celebrated throughout all provinces in Bhutan going beyond the capital of Thimphu. Activities have ranged from high-level events, to visits between schools and banks, where children have actively engaged with the financial sector. Moreover, activities have also covered the education of young people about financial matters, and opened bank accounts for children participating in Global Money Week. Out of the 10,000 kids that participated, 991 savings accounts were opened!

The opening event of Global Money Week was graced by His Excellency Lyonpo Namgay Dorji (Honorable Finance Minister), Honorable Dasho Penjore (Governor of RMA of Bhutan), the Regional Coordinator of the Alliance for Financial Inclusion (AFI), and other distinguished guests. This was covered in all national media outlets and has been communicated all throughout Bhutan. During the event, some of the highlights included the launch of:

Theatre performances on ‘‘Your money, financial crisis and lessons in your life”, which featured Ap Dagap’ (a well-known Bhutanese figure) were delivered throughout the Week by a renowned theatre group who creatively communicated the importance of being financially competent.

In addition to the opening, recognition was also provided for the outstanding initiative on the design of an innovative Financial Literacy game, which will be further distributed to get kids engaged in talking about money matters in a fun and engaging manner.

A series of GMW events were also carried out during the week, including thematic talks to schools, tertiary educational institutes, defense sectors, vocational institutes and monastic schools, youth field visit programs, airing of radio jingles on Radio Valley on ‘promoting youth entrepreneurs, and a feature programme of Nu.100 rural savings accounts for the disadvantaged students in Thimphu and Lhuntse. Other financial literacy events were also delivered by various stakeholders at Dagana, Punakha, Tsirang and Gelephu – ensuring that GMW was celebrated throughout Bhutan.

Interestingly, because Karate is a big part of childhood in Bhutan, the National Karate Day was jointly celebrated with Global Money Week to show the connection between being fit and healthy with a good future for children and their communities, which translates to their overall financial, health, and mental fitness.

The GMW programme in the country ended with a memorable financial fair at the country’s clock tower with the distribution of FinSave Gift Cards to the children, and to the general public, where children and teachers also shared how they got inspired by GMW.

2016 Bhutan Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

TOTAL NUMBER OF CHILDREN AND YOUTH ENGAGED:

  • 1 932

In 2016, the Royal Monetary Authority of Bhutan continued to advance financial education for young people in Bhutan, which was built on the country’s existing Financial Literacy Programme of the Central Bank. Specifically for GMW2016, the Royal Monetary Authority reached out to young girls in the urban and rural areas of the country. The Royal Monetary Authority did this through in-class sessions and the distribution of materials that focus on expanding the knowledge of young high school students on financial products and the importance of having savings.

From the private sector, the Bhutan National Bank Ltd. continued their annual campaign of making visits to various schools across the country. As part of these school visits, the managers of the Bhutan National Bank branch conducted classes with children and also opened bank accounts for those who were able to acquire approval from their parents. This provided the children with both financial education and access to a savings account, thus helping them to learn by doing.

The Bhutan Development Bank and Druk PNB Bank Ltd. also organised some school visits to teach about financial concepts, particularly what the function of a bank is and the importance of saving. Both banks also distributed various financial literacy materials.

2015 Bhutan Money Week

PARTICIPANTS:

Building on the pioneering work done by the Royal Monetary Authority of Bhutan in 2013 and 2014, Global Money Week continued to be celebrated by various institutions in line with the Financial Literacy Programme of the Royal Monetary Authority of Bhutan in 2015. During the celebrations, the participating institutions focused on highlighting the importance of savings, education and a basic understanding of banking, and how these are conducive to a successful future.

The Bhutan National Bank Limited, the Bhutan Development Bank Limited, and Druk PNB Bank Ltd continued their participation through various activities in 2015. These three banks are among the largest in the country. They highlighted the active role that the private sector has been taking in advancing the empowerment of children and youth as economic citizens in Bhutan.

The Bhutan National Bank, in particular, has adopted schools where they have set up Banking Clubs. The members of the club conducted a field trip which included a visit to the head office of the bank, an interactive programme with officers of the bank, and the opportunity to observe the weekly operations of a branch. Through this programme, the bank also had a chance to inform and introduce Global Money Week to customers who visited their bank branches and participated in the campaign.

The information session hosted by the Bhutan National Bank Limited, the Bhutan Development Bank Limited, and the Druk PNK Bank Ltd., also gave an opportunity for children to open a child savings bank account, promoting the behaviour of saving at a young age.

2014 Bhutan Money Week

PARTICIPANTS:

The Bhutan Royal Monetary Authority (RMA) led this year’s GMW Celebrations, in association with Royal Insurance Corporation of Bhutan Bhutan National Bank Limited, Bhutan Development Bank Limited, Bhutan Insurance Limited, T-Bank and Druk PNB. As part of the Financial Literacy Programme exciting events were hosted ranging from visits by the Financial Literacy Programme team to schools, opening bank accounts under RMA’s guidance and an essay writing contest.

Representatives of Royal Monetary Authority and the Financial Literacy Programme visited schools in Paro to speak to students about financial education.

A host of banks, namely the Royal Monetary Authority, Bhutan National Bank Limited, Bhutan Development Bank Limited, Bhutan Insurance Limited, T-Bank and Druk PNB, all visited schools to help children open savings accounts. The participating schools received all the necessary information and education material beforehand.

The Royal Money Authority in association with the local schools organised a financial-themed essay writing contest. The winners of the contest received rewards and letters of recognition.

2013 Bhutan Money Week

NAME OF THE ORGANISING ENTITY:

  • Royal Monetary Authority of Bhutan's

PARTNER:

  • Bhutan National Bank Ltd.

DATE OF THE EVENT:

  • 15th - 21st of March

NUMBER OF CHILDREN REACHED:

  • 500

The Royal Monetary Authority (RMA) initiated different programs to create financial awareness among the youth and general public. During Global Money Week a “Financial Literacy Education and Awareness Campaign” was held in 20 districts, spearheaded by the Central Bank in collaboration with the financial institutions in Bhutan, with financial assistance from the World Bank. The main aim of the campaign was to educate youngsters on the roles and responsibilities of central bank and the services and products provided by the financial institutions.

On the 21st March 2013, the RMA Governor launched a financial education comic book for primary-school children and for high-school students. Television, radio programs and a music video, based on the theme of financial literacy, were also launched. Audiovisuals on counterfeit notes were produced to enhance the level of understanding of Ngultrum currency notes in Bhutan by the general public. On the 22nd March 2013, the RMA – along with the Bhutan National Bank – also conducted various school educational programs in few schools where piggy bank accounts were discussed, comic books were read and quiz competitions were held where prizes comprising of colour pencils, art books, comic books, and notebooks were distributed.

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