Nyamjav is 27 years old and lives with his wife and son in a ger, a Mongolian yurt, in Uvs province of Mongolia. His wife is a student. He manages a transportation service business between Ulaanbaatar city and the border with China. He started his business in 2009 and is planning to continue it in the future. He is a polite man who is planning to have an apartment for his family. He is requesting a 1,200,000 MNT loan to purchase auto parts for his truck.
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.