XacBank Awarded "5-Diamond Profile of the Month" Honor

Gankhuyag Chuluun, 30, serves as Chief Executive of XacBank, a pioneering bank that is helping to spur the economy in Mongolia. Approximately 99 percent of the bank's loans are paid back on time. Photo: Robert Kellett/Mercy Corps

Since 2001, XacBank has worked to nurture Mongolia’s emerging economy by providing loans to entrepreneurs. Today, the bank received well-deserved praise for its accomplishments: it was nominated as MIX Market’s “5-diamond profile of the month.”

MIX Market (www.mixmarket.org) is a global organisation that provides valuable microfinance information to organisations, donors and investors. MIX Market awarded the “5-diamond” honor to XacBank (www.xacbank.org) because of the bank’s financial efficiency and accountability, outreach and impact on the communities it serves.

“This is a recognition that we are one of the most transparent institutions worldwide in the microfinance industry,” said Gankhuyag Chuluun, XacBank’s Chief Executive. “It is a significant achievement for the Bank and for Mongolia.”

Mercy Corps helped develop XacBank to fight poverty throughout Mongolia. The bank currently has over 44,000 active clients and a loan portfolio of nearly £9 million.

As Mercy Corps works to improve livelihoods in Mongolia, XacBank’s award-winning programmes will continue giving hard-working families opportunities to succeed. This collaboration is ensuring a brighter economic future for Mongolia and gaining attention around the world.