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Munkhtuya R. is 59 years old and lives with her husband and three children in Khovd province, Mongolia. She and her family live in a ger, a traditional Mongolian nomadic tent. Her oldest son and daughter are university students and her youngest daughter attends a local secondary school.

Munkhtuya used to work as a nurse but now operates a small grocery shop in her town with the help of her husband. Her salary as a nurse was very low and she started her grocery shop in 2006 so that she could earn more money to support her family. Munkhtuya has found success with her new business and due to her good management has doubled her profits in just two years. She recently purchased a van using her savings from the business.

Munkhtuya is focused on continuing her success in the future and says, "It is hard to live if in Mongolia if you don't conduct your own business. Our shop is the only source of income for my family, therefore, my dream is to continue to grow my business in the future." Munkhtuya is requesting a 2,500,000 tugrik (MNT) loan to purchase grocery items 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. To get regular updates from XacBank, please join our lending team.

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
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,448,550
    Funds lent in using Kiva
  • 1,430.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,750 helped Munkhtuya to purchase grocery items for her shop.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 10, 2009
Nov 24, 2009
Currency Exchange Loss:
Oct 26, 2011