Mr. Munkhbold, 28 and a marketing manager in a private company, lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. He has been working as a manager since last year but his salary is not enough for his family. So he wants to run a taxi business after his work on weekdays or weekends. It is beneficial for his family income and to improve their quality of life.
Starting a taxi service calls for a good and solid car. And he needs a financial support with the car payments. Therefore Munkhbold is taking a loan to aggregate his car payments so he can afford to start a taxi business.
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.