Mr. Ganzorig is 25 years old and lives with his wife and 2 children in Darkhan, the second largest city of Mongolia. His eldest son is 4 and he goes to kindergarden. Ganzorig’s wife works at the local general practitioner as a nurse. Ganzorig does not own his own place to live and currently his family is renting a one-bedroom flat in Darkhan city, but he owns a land plot in a suburb of Darkhan which he uses for growing vegetables. Part of the harvest he sells to vegetable retailers for extra income for his family.
Ganzorig has been running a taxi business for 4 years using his family car. Free of work time, he works on his land growing and watering his vegetables. He is planning to dig a water well in the middle of his land to save time and cost on water transportation. The loan Ganzorig is taking will be used to pay for the labor cost to dig a water well on his land plot, which will be used for irrigating his vegetables on his land.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.