Mrs. Monh-Altantsetseg is 40 years old and lives with her husband, three children and her mother in a Ger (Mongolian housing tent) in the Govi-Altai province of Mongolia. Her husband, Batbayar, age 39, works at local private company as a guardsman. Her children Narantsetseg, age 16; Anhtsetseg, age 13; and Altangerel, age 12, are local secondary school students. Her mother is retired and stays at home.
She has been running a charcoal and firewood retail business in the local market since 2010. She is now requesting 1,000,000 MNT (Mongolian tugriks) to purchase a large amount of charcoal and firewood to sell at retail prices in the local market. She is a hardworking, optimistic and welcoming woman who says, "My three children are soon to be university students, and I need [to] save money to pay their university tuition fees."
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.