N. Yanjinlham lives with her husband and son in the Bayanzurkh district of Ulaanbaatar, the capital city of Mongolia. Her husband is retired and her son, age 28, drives a taxi.
Yanjinlham operates a groceries and dairy trading business in the city with the help of her daughter-in-law. She also sells firewood from her home to supplement her income. Yanjinlham started her business in 2002 and has built a stable operation over the years. She is a very hardworking businesswoman and is focused on the future. Her business has provided her family with financial stablilty and has enabled her to improve her quality of life.
Yanjinlham has many plans for the future and says, "With continued success, I hope to buy a house for my son." She is requesting a 1,190,000 tugrug loan to purchase more dairy products to sell in her business. Yanjinlham and her husband, Shagdarsuren, are shown in the photo.
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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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.