Ganbold G. is 47 years old, married, and has one child who attends college. They live in a rented apartment in Narantuul area, Ulaanbaatar, the capital Mongolia. His wife is disabled and must stay home all day. Ganbold manages a public transportation service business in Ulaanbaatar city. He started his business in 2000. Since then he has worked hard to stabilize and expand his business. His daily earning is 60,000 MNT and he pays 12,500 MNT to his conductors. He is one of the reliable and safe drivers amongst his colleagues. He is an honest man who says, "I want to have my own apartment in the near future." He is requesting a loan for 2,000,000 MNT to pay his daughter's college tuition fees.
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.