Enkhtur lives with his wife in a house in Ulaanbaatar, the capital city of Mongolia. His wife is pregnant and stays at home while Enkhtur operates a taxi service.
Enkhtur began driving a taxi in 2007 and paid 33,000 tugrugs (~23 USD) per day in rental fees for a car to drive. Since then, he has managed to save enough money to not only buy his own car in order to operate his business, but he also managed to build his own house. He would like to keep earning more profit so that he can improve his growing family’s living standards.
Enkhtur is requesting a 1,500,000 tugrug loan in order to purchase repair parts for his taxi.
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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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.