Credit Mongol
Mongolia
Last updated on June 1, 2012
Partner Description:
Credit Mongol is one of the first non-banking financial institutions (NBFIs) 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. Founded in 2000, it has grown to become the largest NBFI in the country, serving 3,882 clients last year alone.
Today, Credit Mongol has a Kiva portfolio of $543,389 financing 469 borrowers. It operates a network of 13 branches in addition to its headquarters, and offers 19 loan products to both urban and rural clients.
Credit Mongol provides services and loan products tailored to consumers, micro-entrepreneurs and businesses in six of Mongolia's 21 provinces. It also reaches into extremely rural and remote regions more than 700 km away from the capital city of Ulaanbaatar, helping poorer citizens and small businesses that have typically lacked access to credit and other financial services.
Uniquely, the institution offers loans for solar panel kits that are specifically designed and marketed to nomadic herders. For the many itinerant, rural families who have had no access to electricity, solar panel loans give them the opportunity to run electrical devices like lights and appliances, considerably improving their quality of life.
Credit Mongol is currently piloting a car leasing project, and hopes to introduce micro-housing loans in the near future. The institution is going through the process to become a certified bank so that it can offer even more diverse services to clients, including savings products. It also plans to open several new branches to expand its presence in rural areas.
Based on past and present success, Credit Mongol is continuously expanding to reach more micro-borrowers, and striving to become the most sustainable, socially-responsible and best performing institution of its kind in Mongolia.
You can join Credit Mongol's lending team here, or make a loan to a Credit Mongol borrower here.
Partner Description:
Credit Mongol is one of the first non-banking financial institutions (NBFIs) 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. Founded in 2000, it has grown to become the largest NBFI in the country, serving 3,882 clients last year alone.
Today, Credit Mongol has a Kiva portfolio of $543,389 financing 469 borrowers. It operates a network of 13 branches in addition to its headquarters, and offers 19 loan products to both urban and rural clients.
Credit Mongol provides services and loan products tailored to consumers, micro-entrepreneurs and businesses in six of Mongolia's 21 provinces. It also reaches into extremely rural and remote regions more than 700 km away from the capital city of Ulaanbaatar, helping poorer citizens and small businesses that have typically lacked access to credit and other financial services.
Uniquely, the institution offers loans for solar panel kits that are specifically designed and marketed to nomadic herders. For the many itinerant, rural families who have had no access to electricity, solar panel loans give them the opportunity to run electrical devices like lights and appliances, considerably improving their quality of life.
Credit Mongol is currently piloting a car leasing project, and hopes to introduce micro-housing loans in the near future. The institution is going through the process to become a certified bank so that it can offer even more diverse services to clients, including savings products. It also plans to open several new branches to expand its presence in rural areas.
Based on past and present success, Credit Mongol is continuously expanding to reach more micro-borrowers, and striving to become the most sustainable, socially-responsible and best performing institution of its kind in Mongolia.
You can join Credit Mongol's lending team here, or make a loan to a Credit Mongol borrower here.
Repayment Performance on Kiva
Repayment Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Start Date On Kiva | Apr 14, 2010 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $2,911,850 | $432,399,575 | |
| Amount of Raised Inactive Loans | $0 | $301,825 | |
| Number Of Raised Inactive Loans | 0 | 235 | |
| Amount of Paying Back Loans | $1,646,700 | $92,726,900 | |
| Number Of Paying Back Loans | 727 | 100,693 | |
| Amount of Ended Loans | $1,265,150 | $339,370,850 | |
| Number Of Ended Loans | 840 | 443,521 | |
| Delinquency Rate | 0.00% | 2.50% | |
| Amount In Arrears | $0 | $1,467,080 | |
| Outstanding Portfolio | $1,252,117 | $58,746,667 | |
| Number of Loans Delinquent | 0 | 11,059 | |
| Default Rate | 0.00% | 0.95% | |
| Amount of Ended Loans Defaulted | $0 | $3,227,945 | |
| Amount of Ended Loans | $1,265,150 | $339,370,850 | |
| Number Of Ended Loans Defaulted | 0 | 9,845 | |
| Currency Exchange Loss Rate | 0.00% | 0.02% | |
| Amount of Currency Exchange Loss | $0 | $77,519 | |
| Refund Rate | 0.09% | 0.94% | |
| Amount of Refunded Loans | $2,625 | $4,075,975 | |
| Number Of Refunded Loans | 2 | 4,599 |
Loan Characteristics On Kiva
Loan Characteristics On Kiva| This Field Partner | All Kiva Partners | ||
| Loans To Women Entrepreneurs | 42.52% | 74.00% | |
|---|---|---|---|
| Average Loan Size | $1,858 | $408 | |
| Average Individual Loan Size | $1,858 | $646 | |
| Average Group Loan Size | $0 | $1,747 | |
| Average Number Of Entrepreneurs Per Group | 0 | 8 | |
| Average GDP Per Capita (PPP) in Local Country | $2,175 | $3,348 | |
| Average Loan Size / GDP Per Capita (PPP) | 85.40% | 12.18% | |
| Average Time To Fund A Loan | 11.1 days | 4.68 days | |
| Average Dollars Raised Per Day Per Loan | $167.31 | $87.13 | |
| Average Loan Term | 17.6 months | 9.63 months |
Journaling Performance on Kiva
Journaling Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Total Journals | 711 | 208,136 | |
|---|---|---|---|
| Journaling Rate | 72.69% | 40.14% | |
| Average Number Of Comments Per Journal | 0.03 | 0.11 | |
| Average Number Of Recommendations Per Journal | 0.05 | 2.66 |
Borrowing Cost Comparison (based on 2011 data)
Borrowing Cost Comparison (based on 2011 data)| This Field Partner | Median for MFI Peers in Country | All Kiva Partners | ||
| Portfolio Yield | 37.00% | 34.50% | 35.16% | |
|---|---|---|---|---|
| Profitability (Return on Assets) | 6% | 6% | -0.08% | |
| Average Loan Size (% of Per Capita Income) | 137.80% | 137.80% | 46.79% |
Country Fast Facts
Country Fast Facts- Country:
- Mongolia
- Capital:
- Ulaanbaatar
- Official Language:
- Mongolian (Khalkha Mongol 90%), Turkic, Russian
- Population:
- 2,646,000
- Avg Annual Income:
- $2,175
- Labor Force:
- herding/agriculture 42%, mining 13%, manufacturing 6%, trade 4%, services 29%, public sector 6%
- Population Below Poverty Line:
- 36.1%
- Literacy Rate:
- 97.8%
- Infant Mortality Rate (per 1000):
- 52.12 deaths
- Life Expectancy:
- 64.89 years
Field Partner Staff
Ariunbold BatbilegPurevtulga Dorjpurev
Purevtulga Dorjpurev
Batchimeg Erdenechimeg
Jane Imai
Ganbaatar Naranbaatar
Tsolmon Turtogtokh