Mankei H., age 60, lives in Bayan-Ulgiy province, western Mongolia, with his wife and three children. His youngest daughter is a student and currently lives and studies in Ulaanbaatar, Mongolia's capital city. His oldest son works and lives in Kazakhstan after graduating from university, while Mankei's middle daughter has recently completed her undergraduate degree but stays at home currently.
Since 2006, he has been operating a food-trading business next to his home and has gained many years of experience. His business has not built up to a sustainable level because he purchases his products from local markets at high prices.
Mankei is an honest and hardworking man. He says, "I want to save my earnings for my children's tuition fees for the future." He is requesting a 1,400,000 Mongolian tugriks (MNT) loan to purchase more grocery products from Turlik market, one of the main and biggest markets of the province.
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.