Ariunbold is 23 years old and lives with his parents and younger brother in their wooden house in Darkhan, the second largest city in Mongolia. He has been running a taxi business since 2008. Darkhan's parents are pensioners and his younger brother is 20 years old. Before the winter, his brother worked as a builder in Ulaanbaatar, the capital. But at the moment, his brother is at home and will not have a job again until next spring. Ariunbold is worried about his brother’s future. He says that working as a builder is not safe, and the salary is not enough to live on if his brother has a family, because of the seasonality of the work. So Ariunbold is planning to buy a used car that runs on gas, which his brother can use as a taxi. The loan he is taking out will be put towards the car so that his brother can improve his living conditions.
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.