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O. Baasan is 51 years old and lives with his wife and 22-year-old son in an apartment in Dornogobi province, Mongolia. His youngest son, Altanshagai, currently attends college and his wife is a retired doctor. Basaan manages a taxi service in his town. He started his business in 2001 by renting a car from his friend. After growing his business, he used his savings and a loan to purchase his own car. After repaying his loan, he took out another loan to make repairs and improve his car. He has used these improvements to further grow his business and has proven himself as a trustworthy borrower. Baasan is working hard to achieve his future goals and provide for his family and son's education. He says, "All of my older children are on their own and live happy and successful lives. All I want is to educate my youngest son so he can achieve the same life as his siblings. I want to expand my business and hope to open a tourism company in the future." Baasan is requesting a 1,500,000 tugrug (approximately 1050 USD) loan to pay his son's tuition fees.

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
  • 7
    View loans »
    Mongolia Loans Fundraising
  • $15,432,150
    Funds lent in using Kiva
  • 1,432.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,050 helped Baasan to pay his son's tuition fees.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 20, 2009
Dec 1, 2009
Currency Exchange Loss:
Jul 15, 2010