Zayat B. is 52, married and the father of one son and two daughters. He lives with his daughters and wife on a plot of land he owns in Ulaanbaatar, the capital of Mongolia. Zayat's spouse, Munhtsetseg, has worked as an assistant teacher at a kindergarten for her entire life. His eldest son, Tumenjargal, is 25 years old and has his own family, which lives on a nearby plot of land.
Zayat worked as a driver for his entire life. After retiring, he started a retail business selling small electronic items. Besides this business, Zayat repairs TVs in a small room at the local market. Zayat is a hard-working person, and is applying for this loan to buy TV accessories and small electronic items in Ereen, a city near the Chinese border.
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.