Mrs. Otgontuul, 43, is a taxi driver who lives with her daughter in a 'ger', a traditional nomadic tent, in the 'ger' district of Ulaanbaatar, the capital city of Mongolia. Her daughter has entered secondary school this year. Mrs. Otgontuul has been running her taxi service for seven years.
Last year, her husband died from a serious illness. Now she has to be responsible to raise her daughter alone. For this reason, she decided to start a new business selling clothes beside her taxi business. As Otgontuul said, she will be using her loan to purchase the some casual clothes to expand the working capital of her new business and purchase the some new spare parts for her taxi to make repairs.
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.