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Zagdzesem is 44 years old and lives with his wife and five children in the Uvurkhangai province of Mongolia. He and his family live together in a ger, a traditional Mongolian nomadic tent. All of his children, ages 18 to 9, attend a local secondary school while Zagdzesem operates a café and welding business with the help of his wife. His wife is the café cook and manager while Zagdzesem is responsible for the welding business. They used to sell meals door-to-door, but as they grew successful, they were able to purchase a shipping container where they now make their meals and sell them. In order to supplement their income, Zagdzesem also builds homes in the summer months. The family also has approximately 50 heads of livestock which they care for and use. He says, “My wife and I work hard to grow our businesses in order to be able to afford our children’s education.” Zagdzesem is requesting a 250,000 tugrug (~170 USD) loan in order to purchase food for their growing café business.

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
  • 10
    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 $175 helped Zagdzesem to purchase food for their growing café.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Oct 29, 2009
Nov 26, 2009
Currency Exchange Loss:
Dec 15, 2010