Mr. Munkh-Erdene is 26 years old and lives with his parents and brother in Darkhan, the second largest city of Mongolia. Since 2011, he has worked as an electrician at a local steel mill. He is an open-minded, hard-working guy who sets great objectives for himself. However his parents are pensioners; Munkh-Erdene is the one who earns income for his family, because to live on a pension in Mongolia for month is like becoming a winner in “Survivor”.
Currently, he lives in his parent’s old wooden house, and as an elder son in the middle of his twenties, he is planning to build his own house. As he said, in the coming two years, he is planning a wedding and to make a family. Now winter has come to Mongolia, building materials are getting cheaper than usual. The loan, Munkh-Erdene is taking will be used to buy building materials, such as: five tons of concrete, 7,500 pieces of brick, and wood for his new house, which will be built in the coming spring.
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.