Otgonbayar is 41 years old and lives with his wife and three children in the Hovd province of Mongolia. He and his family all live together in their ger, a Mongolian nomadic housing tent. His two oldest children attend secondary school while his youngest daughter stays at home with his wife.
Otgonbayar owns his own car and is a taxi driver in his town. He began his business in 2008 and has gained a lot of business experience in a short amount of time. He needs to keep his car in good condition so that he can continue to earn a living. Therefore, he is requesting a 1,100,000 tugrug loan in order for him to make the necessary repairs and to replace parts on his car.
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.