Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.

Status update — November 21, 2017
Credit Mongol's final loans with Kiva have ended or been defaulted, and this partnership is now closed. For the last 23 months, Kiva has been working with Credit Mongol to try to recover the remaining amount due to Kiva lenders. In April 2016, Kiva and Credit Mongol agreed upon a payment plan; however, to date Kiva has received only a fraction of the payment commitments made in this plan. In January 2017, the partner, specifically the main shareholder and CEO Barsbold Ulambayar, completely stopped responding to all of Kiva’s attempts to communicate. It has recently come to Kiva’s attention that Credit Mongol is involved in a number of lawsuits with multiple debtors laying claim to its assets. After consulting with an external debt collector, Kiva’s present assessment is that this Lending Partner is unwilling and unable to make further payments, and thus Kiva has settled out the remaining balance received to date to all lenders on a pro-rata basis and has defaulted the remaining $490,026.40 in outstanding. If Kiva is able to recover any additional funds from Credit Mongol, they will be applied to lenders' accounts on a pro-rata basis.

Status update — April 21, 2017

Although Kiva has been working to recover funds from Credit Mongol, Credit Mongol has become uncommunicative and stopped following the payment plan that was previously agreed upon. As a result, Kiva hasn't received a payment from Credit Mongol since October 2016. Kiva is exploring all options for recovering the remaining amount owed, and will keep lenders updated as the situation progresses.

Status update — August 9, 2016

Credit Mongol has made 3 of the agreed upon repayments in accordance with their repayment plan, however the July payment is currently late. Since it will take some time for Credit Mongol to make sufficient payments for Kiva to become comfortable allowing them to begin fundraising on our platform again, we have set their fundraising status to Inactive. Kiva will continue to work with Credit Mongol to recover the remaining amount owed to lenders and will post more information when it becomes available.

Status update — May 17, 2016

Kiva and Credit Mongol have come to an agreement on a repayment plan, where Credit Mongol has agreed to make small monthly payments to Kiva based on their available cash. Credit Mongol has submitted their first repayment in accordance with this plan, which has been settled out to lenders. Kiva will continue to work with Credit Mongol in hopes of recovering the remaining amount owed and will post more information when it becomes available.

Status update — February 22, 2016

Due to economic difficulties in Mongolia, Credit Mongol is facing cash flow issues and has failed to meet its payment obligations to Kiva lenders since December 2015. Kiva is working with Credit Mongol to develop a new repayment plan for these funds, and will post more information to this page as it becomes available. Kiva staff last visited Credit Mongol in July 2015.

Partner description:

Credit Mongol is one of the first non-banking financial institutions (NBFIs) 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. Founded in 2000, it has grown to become the largest NBFI in the country, serving 3,882 clients last year alone.

Today, Credit Mongol has a Kiva portfolio of $543,389 financing 469 borrowers. It operates a network of 13 branches in addition to its headquarters, and offers 19 loan products to both urban and rural clients. 

Credit Mongol provides services and loan products tailored to consumers, micro-entrepreneurs and businesses in six of Mongolia's 21 provinces. It also reaches into extremely rural and remote regions more than 700 km away from the capital city of Ulaanbaatar, helping poorer citizens and small businesses that have typically lacked access to credit and other financial services. 

Uniquely, the institution offers loans for solar panel kits that are specifically designed and marketed to nomadic herders. For the many itinerant, rural families who have had no access to electricity, solar panel loans give them the opportunity to run electrical devices like lights and appliances, considerably improving their quality of life.

Credit Mongol is currently piloting a car leasing project, and hopes to introduce micro-housing loans in the near future. The institution is going through the process to become a certified bank so that it can offer even more diverse services to clients, including savings products. It also plans to open several new branches to expand its presence in rural areas.

Based on past and present success, Credit Mongol is continuously expanding to reach more micro-borrowers, and striving to become the most sustainable, socially-responsible and best performing institution of its kind in Mongolia.

You can join Credit Mongol's lending team here, or make a loan to a Credit Mongol borrower here.