Sharip N. is 52 years old and lives with his wife and two children in Bayn-Ulgii province, Mongolia. He and his family live together in a ger, which is a traditional Mongolian nomadic housing tent. They have been living together in their current home for 10 years. Sharip operates a taxi service in his town. He has worked as a driver since 1976. Sharip began his career as a driver for a governmental organization between 1976 and 1989. In 1989 he began transporting coal with his car. Sharip started his current taxi service in 2006. His oldest son, Shalhar, also operates a transportation business with his Russian microbus. He transports his customers to and from Ulaanbaatar and Ulgii. Sharip is an open person and has many plans for the future. His family and business are both very important to him. Sharip says, “I would like to build a house for my son.” He is requesting a 2,000,000 MNT loan to purchase spare parts for his cars.
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.