Bayantungalag is a 53-year-old widow who lives in a ger district (which lacks basic infrastructure) of Ulaanbaatar city, Mongolia. She has two children ages 35 and 29. She had worked at local police center and retired in 2010.
Bayantungalag has been operating a clothing retail stall business since 2010, when she retired. She operates her business at the local indoor market. She sells a wide range of clothing imported from Beijing and Ereen, the border city of China. The great Mongolian holiday Naadam will be held very soon and she wants to purchase more clothes to sell during the Naadam, which is a high shopping season in Mongolia, so she requests a 3,500,000 MNT (Mongolian Tugriks) loan.
“It’s really difficult to live alone and receive income from my children, thus I decided to make own business and with my business profit I can live and buy all the necessary things without the income from my children. They have their own life, so I don’t want to interfere with my children’s life,” she said.
Transcapital is one of the leading non-bank financial institutions (NBFI) in Mongolia. Through 12 branches, it serves mainly urban and semi-urban microfinance clients, including a growing number of migrants in the capital city of Ulaanbaatar. Of its clients, almost 68% are women and 60% live in ger districts, settlements made up of houses and traditional Mongolian felt tents that lack basic infrastructure.