KIVA.ORG: Mongolia’s XacBank Turns Loans into Savings

Let’s talk savings. Imagine you are a seamstress living in central Mongolia — like this Kiva borrower — and your husband’s cab breaks down or you need to fix a leaky roof. How are you going to pay for that? Without savings, your options are limited to borrowing either from a bank or an individual. But that may require a long wait, making the need for cash even more dire. If you had savings, however, this cash flow problem could be averted, or at least diminished. This is the goal of Kiva field partner XacBank. Based in Mongolia, it’s offering Kiva clients voluntary savings accounts to smooth out life’s unexpected financial speedbumps. To read the full article, click hereMongolia’s XacBank Turns Loans into Savings

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