Munkhbat, 22, runs a taxi around the districts of Ulaanbaatar city, the capital city of Mongolia. He lives with his wife and son in the slum district of Ulaanbaatar. His monthly earning is not enough for his family's necessities. He earns approximately USD 25-30 in a day, depending on the season. He has been running his business for three years and his father practiced him initially. Now he needs to renovate his taxi car for better quality service. As he said, it will help to improve his business and increase his earnings. He will repair and renovate his car in January by himself. The loan he is taking will be dedicated to purchasing spare parts for his car renovation.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) 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. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.