Mrs. Navchaa is 27 years old and lives with her husband and 1-year-old daughter in a wooden house in Ulaanbaatar, the capital of Mongolia. Her house is located in a boundary area of the city with no running water, minimal roads, and spotty electricity. Since 2008, she has been working as a social worker at the St. Mary’s hospital under the jurisdiction of Representative Board of Vatican. And her husband works as a taxi driver for a taxi service company. Her job is in the city's downtown area. She spends four hours a day commuting, and she takes three types of buses during a one-way journey. She and her husband have been saving their incomes for two years to buy a used car. Her income is not enough for a normal car; she lacks 1,450,000 MNT. The loan Navchaa is taking out will be used to buy a used car in good condition, in order to spend more time with her family and to run a taxi business between her job and home.
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.