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

  • 62%

    of women participated in the labor force in 2017, according to Findex.
  • 95%

    of Mongolian women were formally banked as of 2017, Findex found.
  • 29%

    of women borrowed from a formal financial institution in 2017, but more than half of women reported borrowing money that year, according to Findex research.
  • 23%

    of women age 15 or older saved at a financial institution in 2017, Findex found, yet 34% of all women saved money that year.