Friday, January 7, 2011
Welcome Transcapital, a new Kiva field partner in Mongolia!
Transcapital Company, Ltd. was established in March 2001 as the first privately-operated non-bank financial institution (NBFI) in microfinance and has met regulatory criteria of the Bank of Mongolia and Financial Regulatory Commission of Mongolia.
Altanzul, the Chief Executive Officer said, “Transcapital is privileged to work with Kiva under a common goal, to alleviate poverty in Mongolia. Since NBFIs in Mongolia do not take deposits or savings, microfinance institutions, such as Transcapital, have limited funding to provide microloans. Being a Kiva field partner, we will be able to reach hundreds of more clients. Our partnership will allow lenders around the world to assist many micro-entrepreneurs with a very transparent and accountable way. We promise to be a responsible and successful stakeholder of the Kiva system.”
Today, the institution has grown to be one of the leading microfinance NBFIs in the nation with 12 branches, serving mainly urban and semi-urban microfinance clients, including a growing number of migrants to the capital city, Ulaanbaatar. Transcapital's portfolio consists of 17 credit products with approximately 2,400 clients. 70 percent are women and 60 percent live in ger districts on the outskirts of Ulaanbaatar. Ger districts are settlements without basic infrastructure, like running water and central heating. Many of the ger districts’ inhabitants are migrants from the countryside looking for work.
Transcapital’s vision is to be the leading NBFI to satisfy every financial need of customers, including entrepreneurs and individuals who generally have no access to financial services, with continuous innovation and utmost excellence at all levels. The vision will be accomplished by motivated staff, competency, innovation, ethics, and transparency.
Chingerel, the Kiva Coordinator (pictured during a training session with the Kiva Fellow) said, "I'm excited to share information about Mongolian businesses and culture with other people through the Kiva website. I look forward to sharing true information about the entrepreneurs. I'm happy to learn about Kiva's processes and work together with Kiva staff to grow the Transcapital program."
Transcapital posted its first three loans in the last week of December. Please be on the lookout for more loans from Transcapital in the future.
This post was written by Amber Barger, a Peace Corps Volunteer and Kiva Fellow currently working with all 3 of Kiva's field partners in Mongolia.