To contribute to the socio-economic development of the country while creating a fair value for its shareholders. This will be achieved by providing inclusive, value adding, and reliable financial services to all people and entities of Mongolia through establishing a leading financial institution ... Read more
To contribute to the socio-economic development of the country while creating a fair value for its shareholders. This will be achieved by providing inclusive, value adding, and reliable financial services to all people and entities of Mongolia through establishing a leading financial institution that is equally concerned about Planet, People, and Profit. Hide
Background and Main Challenges:
XacBank - the first commercial bank in Mongolia with a social mission - was created as the result of a merger of the two largest non-bank financial institutions in Mongolia, X.A.C. (Golden Fund for Development) LLC and Goviin Ekhlel (Gobi Initiative) LLC, on 1st October 2001. Goviin Ekhlel LCC ... Read more
XacBank - the first commercial bank in Mongolia with a social mission - was created as the result of a merger of the two largest non-bank financial institutions in Mongolia, X.A.C. (Golden Fund for Development) LLC and Goviin Ekhlel (Gobi Initiative) LLC, on 1st October 2001. Goviin Ekhlel LCC was established by Mercy Corps in December 1999 with funding from USAID as a NBFI serving rural businesses. X.A.C. LLC began in 1998 as part of the MicroStart Mongolia project under UNDP, shortly afterwards transformed into Mongolia’s first NBFI by uniting the micro-financial service activities of six national NGOs.
By the end of its first year of operation in 2002, the Bank established its local presence in each of 21 provinces in the country. Since that time the Bank has continued to expand with new branch and extension openings, fulfilling its mission and strategy of providing the most accessible and transparent banking services aimed at the marginalized citizens in remote rural areas, including the nomadic herders. XacBank is continuously growing and becoming a dynamic leader in offering a full range of innovative banking and inclusive financial products as well as personalized customer services targeted at various segments of the national market and supporting the business development in Mongolia. Hide
Address:
Prime Minister Amar's Street Sukhbaatar District, POBox-46/721
XacBank is a leading provider of development finance in Mongolia, delivering innovative products and inclusive services to all the regions of the country through a rural presence and extensive network of 67 branches. Its clientele represent not only the lower-income segment of the market – Micro ... Read more
XacBank is a leading provider of development finance in Mongolia, delivering innovative products and inclusive services to all the regions of the country through a rural presence and extensive network of 67 branches. Its clientele represent not only the lower-income segment of the market – Micro entrepreneurs - but also a growing number of Small and Medium sized enterprises.
XacBank’s core products include a wide array of current and savings accounts, various credit and lending products, as well as both domestic and international remittances. The Bank boasts also an ever-growing range of innovative products in the market, including rural franchisee service for cooperatives, herder loans, household loans and financial leasing, as well as new residential housing loans. Also, instant money transfers, escrow accounts, standing orders, cash collection and cash-back services are used widely by our customers and clients.
Moreover, XacBank provides not only credit/debit card services such as MasterCard and VISA card, but also, popular international remittances and settlements through SWIFT, EUROGIRO and Western Union. Last but not least, the Bank is focusing on virtual channel delivery services such as SMS-banking, Mobile telephone banking (M-banking), Internet banking and E-commerce. Hide
MFI Report
