Nergui B. is 56 years old and lives with his wife in a ger (the Mongolian nomadic tent) in Tuv province, Mongolia. All of his children are grown up and live separately from them. Nergui's wife, Tsend-Ochir, receives a pension from the government. Nergui earns his living by operating a taxi service business. He has been operating his business since 2005, and is an experienced driver. He spends his earnings on his family. He has been planning to expand and renovate his winter house. Nergui is a very hardworking and honest person. He is requesting a loan of 1,000,000 MNT to repair the car that he has been using for his taxi service.
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.