Mrs. Otgonjav is 45 years old. She is a widow and she works as a teacher in a kindergarten in Ulaanbaatar, the capital city of Mongolia. She has two sons and currently lives with her younger son. Her salary is generally not enough for her family expenses. Her younger son, Lkhagva-Ochir, has no job and wants to support his mother by earning an income. Thus, he has decided to start a taxi business. The loan Otgonjav is taking will be dedicated to covering the cost of buying a new car so her son can 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.