Kiva conducts regular, ongoing monitoring of all Field Partners, but only posts status updates here in response to relevant, major changes at the partner.

Status update — August 9, 2016

Credit Mongol has made 3 of the agreed upon repayments in accordance with their repayment plan, however the July payment is currently late. Since it will take some time for Credit Mongol to make sufficient payments for Kiva to become comfortable allowing them to begin fundraising on our platform again, we have set their fundraising status to Inactive. Kiva will continue to work with Credit Mongol to recover the remaining amount owed to lenders and will post more information when it becomes available.

Status update — May 17, 2016

Kiva and Credit Mongol have come to an agreement on a repayment plan, where Credit Mongol has agreed to make small monthly payments to Kiva based on their available cash. Credit Mongol has submitted their first repayment in accordance with this plan, which has been settled out to lenders. Kiva will continue to work with Credit Mongol in hopes of recovering the remaining amount owed and will post more information when it becomes available.

Status update — February 22, 2016

Due to economic difficulties in Mongolia, Credit Mongol is facing cash flow issues and has failed to meet its payment obligations to Kiva lenders since December 2015. Kiva is working with Credit Mongol to develop a new repayment plan for these funds, and will post more information to this page as it becomes available. Kiva staff last visited Credit Mongol in July 2015.

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

    This Field Partner All Kiva Partners
  Start Date On Kiva Apr 14, 2010 Oct 12, 2005
Total Loans $4,915,725 $874,960,175
Amount of raised Inactive loans $0 $710,400
Number of raised Inactive loans 0 536
Amount of Paying Back Loans $1,128,375 $136,648,425
Number of Paying Back Loans 548 167,060
Amount of Ended Loans $3,787,350 $737,601,350
Number of Ended Loans 2,078 916,439
Delinquency Rate 70.81% 8.46%
Amount in Arrears $372,378 $7,476,165
Outstanding Portfolio $525,913 $88,321,485
Number of Loans Delinquent 548 22,435
Default Rate 0.00% 1.32%
Amount of Ended Loans Defaulted $0 $9,707,641
Number of Ended Loans Defaulted 0 27,160
Currency Exchange Loss Rate 4.50% 0.44%
Amount of Currency Exchange Loss $221,021 $3,823,595
Refund Rate 0.13% 0.65%
Amount of Refunded Loans $6,200 $5,700,625
Number of Refunded Loans 4 5,834

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 43.33% 74.90%
Average Loan Size $1,871 $407
Average Individual Loan Size $1,871 $640
Average Group Loan Size $0 $1,805
Average number of borrowers per group 0 7.8
Average GDP per capita (PPP) in local country $5,900 $5,934
Average Loan Size / GDP per capita (PPP) 31.72% 6.86%
Average Time to Fund a Loan 12.85 days 6.92 days
Average Dollars Raised Per Day Per Loan $145.63 $58.85
  Average Loan Term 18.56 months 11.06 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 1,248 447,300
  Journaling Rate 41.85% 41.58%
  Average Number of Comments Per Journal 0.02 0.05
  Average Number of Recommendations Per Journal 0.03 1.27

Borrowing Cost Comparison (based on 2014 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 33% PY 38.00% PY 26.87% PY
  Profitability (return on assets) 2% 5.8% -0.78%
  Average Loan Size (% of per capita income) 137.80% 156.00% 18.82%

Country Fast Facts

Field Partner Staff

Zorigoo Agvaan
Zorigoo Agvaan
Bayar Bat-Ochir
Ganbaatar Naranbaatar