XacBank

XacBank is one of Mongolia’s largest banks and a global leader in sustainability.

About XacBank

Created in 2001 as the result of a merger between the two largest non-bank financial institutions in Mongolia, Goviin Ekhlel LLC and X.A.C LLC, XacBank is the flagship subsidiary of TenGer Financial Group. The bank serves micro customers, small and medium enterprises (SMEs) as well as large corporations with a range of inclusive banking, fair investment and other financial products and services. It operates in all 21 Mongolian provinces and the capital city, serving more than 500,000 customers through its 97 retail and business branches as well as specialized banking outlets, including 400 AMAR mobile banking agents and 70 Savings and Credit Cooperatives. The bank aims to create sustainable value for its shareholders and institutional investors, while promoting a triple-bottom line vision and mission as built around the “Planet, People and Profit.”

The Program

XacBank’s commitment to serving the female economy dates back to 2009, when it joined with Women’s World Banking in the ASPIRE Pilot Program, which delivers financial education to 14- to 18-year-old girls. More recently, in January 2014, XacBank became the second partner bank of the International Finance Corporation’s (IFC’s) Women Entrepreneurs program. The agreement helps expand the financing and business services XacBank offers Mongolia’s SMEs, especially those run by women entrepreneurs.

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XACBANK AT A GLANCE

XacBank has been in operation since the 2001 merger of Goviin Ekhlel LLC and X.A.C LLC.

The bank serves more than 500,000 customers in all 21 provinces of Mongolia.

XacBank’s network includes 97 branches, 400 AMAR mobile banking agents and 70 Savings and Credit Cooperatives.

XacBank

The Opportunity - Mongolia

  • 72%

    gross female enrollment ratio for Mongolian universities as of 2012, according to UNESCO.
  • 43%

    of Mongolian women got a loan in 2011, the World Bank found.
  • 24%

    of 2011 loans to women in Mongolia were from a financial institution, according to Findex research.
  • 56%

    of women age 15 or older participate in the Mongolian labor force, the ILO found.