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S. is a 54-year-old widowed mother of a grown daughter who lives in the Khovd province of western Mongolia. She lives by herself in a ger, a traditional Mongolian nomadic tent, and operates a grocery business in her town. She began her business in 1997 with the help of her daughter, but since then her daughter has moved away with her own family, S. operates the business on her own now. She attributes her business’ success to the accounting skills she learned while at university and hopes to keep growing her business in the future. She says, “I get a pension, but I conduct my business in order to save money for my children and grandchildren.” S. is requesting a 1,000,000 tugrug loan to purchase more groceries for her shop.

About XacBank
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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,437.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,400 helped Dagvadorj to purchase more groceries for her shop.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 9, 2009
Nov 22, 2009
Currency Exchange Loss:
Jul 24, 2011