Being a girl in many parts of the world even in the 21st century is not easy. Many girls in the developing world leave secondary school before completion. Even if they complete school, their opportunities for economic independence are minimal, with options typically limited to working in the informal economy or marrying at an early age. 

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In an industry best known for lending small amounts to the working poor, emerging models in microfinance are reaching more clients with customized products and services through new channels. Women’s World Banking (WWB) and its network member XacBank are innovating in each of these areas to launch a savings and financial education program for girls in Mongolia. Anjali Banthia and Benjamin Shell from WWB provide a snapshot of how their project is pushing the industry in unexpected directions.

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XacBank successfully executed the Bank of Mongolia’s recent order addressed to all commercial banks in Mongolia to bring the capital adequacy ratio to a minimum of 12 percent. The above measure will guarantee a secure environment for deposit holders and adequate level of growth for the bank.

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Ulaanbaatar, Mongolia , November 11th, 2008: XacBank and TenGer Financial Group (TFG) are pleased to announce the successful closing of equity investment into Mol Bulak Finance Micro Credit Company of Kyrgyz Republic, after 5 months of concerted effort. As a result of this deal XacBank and TFG will own 30 percent of shares in Mol Bulak Finance MCC, one of the most dynamic microfinance institutions in Kyrgyzstan.

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Up to 300,000 Mongolians will be reached by a new cellphone banking service to be launched by Mongolian microfinance firm XacBank . The Consultative Group to Assist the Poor (CGAP ) , a Washington, DC-based microfinance body, is supporting XacBank with technical assistance and funding.

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Oyunchimeg Dendev is a seamstress and mother of five in Ulan Bator, Mongolia. In 1995 she left her low-paying factory job to start a tailoring business in her home using one manual sewing machine. She sold her products on the street, as she could not afford to rent a stall in the market. In 1996, her husband lost his job and joined her in the business. Her oldest children helped too, but without the investment capital needed to rent a vending stall, hire additional labor, or make essential purchases such as bulk materials and motorized sewing machines, Dendev's business could not grow.

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