Oyunbold is 33 years old, and lives with his wife and an 11-year-old only daughter in his wooden house in Darkhan, the second largest city of Mongolia. He has been running a taxi business in his hometown for five years and earns twenty dollars throughout the day. At the moment, his wife doesn’t have a job, so she cares for her daughter at home. Oyunbold and his wife are planning to rent a counter in a bazaar to increase their family income. His wife will manage the counter, because she has experience. Before, his wife used to work at a counter by taking cash for others. A friend of his wife, who rents a counter in a bazaar for several years, has agreed to go to the nearest border of China with his wife and will teach her where, what, and how to buy goods. The loan Oyunbold is taking will be used to buy some goods and to rent a dress counter in order to increase his family income. By doing this, Oyunbold’s family can increase their income and can save the money for their daughter’s education.
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.