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Baljinnyam D. is 45 years old. He lives with his wife and three daughters in the Khovd Providence of Western Mongolia. The family lives in a "ger," a yurt or traditional Mongolian nomadic tent. His youngest daughter, age 13, attends a local secondary school and his middle daughter, age 20, attends a local university. His oldest daughter is currently looking for a job in their town. His wife is a tailor in a sewing company.

D. works as a taxi driver. He started his business in 2006 and, since then, has saved 3,000,000 tugrugs as a safety net for his family. He has seen a decrease in his business in the last year and is planning to trade his car for a large truck with several tons of hauling capacity so that he can transport materials instead of people. D. is requesting a 2,000,000 tugrug (approx. $1410 USD) loan to purchase a truck with at least 10 tons of hauling capacity.

XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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Additional Information

About XacBank

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.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,424.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,425 helped Baljinnyam to purchase a truck with at least 10 tons of hauling capacity.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Oct 26, 2009
Nov 10, 2009
Currency Exchange Loss:
Apr 16, 2011