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Tsembel M. is 53 years old and lives with her husband and two daughters in a small house in Uvurkhangai province in central Mongolia. Both of her daughters, Huyagmaa and Mungunhuyag, are university students. M. operates a small grocery business, where she sells a variety of food products at the local market. M. started her business in 2000, and has built a stable operation over the years. Her earnings have created financial stability for her family and have enabled her to buy land and build a new house. M. is a very hardworking businesswoman and is known for her good character. She says, "My one goal is to increase my earnings so that I can provide a good education for my children." She is requesting a 4,000,000 tugrug loan (~2800 USD) to purchase grocery products to sell at her business.

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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Additional Information

About XacBank

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.

About Mongolia

  • $5,900
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,419.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,125 helped Tsembel to purchase grocery products to sell at her business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Oct 20, 2009
Nov 13, 2009
Currency Exchange Loss:
Dec 15, 2010