Nyamjav is 23 years old and lives with his parents and three siblings in Hovd province, Mongolia. He and his family live together in a ger, the Mongolian nomadic tent, in a rented yard. His mother works at a local hospital. His father operates a game business at a local market. Two of his siblings are university students. One of his siblings is a secondary school student. Presently, Nyamjav operates a taxi service business with a Korean car, which he owns. He transports his customers to and from many different areas. Nyamjav has been operating his business since 2009, after leaving his job as a guard. Nyamjav is a very hardworking and optimistic person. He has many plans for the future and says, “I would like to keep operating my taxi business and, with my earnings, I would like to purchase my own plot of land with a house and yard.” He is requesting a 1,300,000 tugrug (~ 930 USD) loan to repair his car and to purchase tires, paint and an engine for his car.
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.