Byambajav T. is 25 years old and lives with his wife and son in Zavhan province in western Mongolia in a traditional Mongolian nomadic tent, known as a ger. He has made a living by running a mobile phone and spare parts business for the last three years and now has quite a few clients. Byambajav wishes to expand his business as well as open a mobile phone store and trading center. He is modest but confident and optimistic about achieving the goal. He is requesting a loan for 4,000,000 loan to buy mobile phones and spare parts from China.
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.