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Approved to post Kiva loans from: Mongolia
Status update - August 5, 2015:
Kiva and Transcapital have ended their partnership. Over the course of our 4.5 year partnership, Transcapital made $619,200 in loans and repaid those loans to Kiva lenders with a low default rate of 0.06%. We thank Transcapital for their collaboration and wish the organization the best as it continues to serve its clients in Mongolia.
Transcapital was established in March 2001 as a privately-operated, non-bank financial institution (NBFI), meeting the regulatory criteria of the Bank of Mongolia and the Financial Commission of Mongolia.
Today, the institution has grown to be one of the leading microfinance NBFIs in the country with 12 branches serving mainly urban and semi-urban clients -- including a growing number of migrants in the capital city of Ulaanbaatar. As of May 2012, Transcapital offers 20 loan products and works with about 2,500 clients. Almost 68% of these clients are women, and about 60% live in ger districts -- settlements made up of houses and traditional Mongolian felt tents that lack basic infrastructure.
Working with Kiva will enable Transcapital to make funding available to more borrowers. This is a core part of the organization's mission to be a comprehensive financial service provider and protect the wealth of customers, including those who are economically disadvantaged or who have typically lacked access to financial services. Transcapital will continue to innovate and maintain ethical practices and transparency to become a leading NBFI and satisfy the financial needs of all of its customers.
Kiva's flexible, zero-interest financing will allow Transcapital to invest its profits in social performance activities to alleviate poverty. Currently, the institution plans to open three new branches deep in the underserved ger districts around Ulaanbaatar. Also this year, it will further loosen its collateral requirements for Kiva borrowers to ensure that marginalized communities have access to the financial tools they need.
Going forward, Transcapital will strive to give borrowers the highest level of customer service, and create new options for low-cost funding. At the same time, the institution will ensure that all savings accumulated by working with Kiva are used to benefit borrowers.