Batsayhan B. is 42, married and the father of two. His family lives in Ulaanbaatar, the capital city of Mongolia. His spouse, Sarantsetseg, is unemployed and stays at home. Batsayhan's eldest daughter is a university student, and his youngest attends elementary school.
In 2005, Batsayhan started his retail business along with a taxi service. When he began his business, he had only one vehicle and drove it himself. From his profit, he has been able to buy two more cars, which he rents out to other taxi drivers.
His daily income per car is around 12,000 tugrug ($1.00 USD=1450 MNT), and his monthly income can reach over 1 million tugrug. With this loan, he will buy a refrigerator for his home. Batsayhan is a hard-working person who wishes a happy life for his two daughters.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.