Mr. Byambatogtokh, 29, runs a taxi business around the districts of Ulaanbaatar, the capital city of Mongolia. He has been running his business since 2007, and once he changed his car to a better one. His business is a main income source of his family these days. Before, he used to work as a cook, but his salary did not usually meet his family’s necessities. Now he lives with his wife and his three children in his small, old house, which is in the slum district of the city.
His wife Bolormaa, 31, is unemployed but she is planning to start a new business such as a cafeteria near their home. Byambatogtokh has experience in this kind of business. They are planning to run their business in a rental house, so that Byambatogtokh needs 1,500,000 MNT to cover the rental payment of their cafeteria house at first.
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.