Welcome to CCA’s international development blog page … the sights and sounds, the people and places as experienced by credit union and co-operative volunteers on the frontline of development.

Monday, October 25, 2010

Otgoo and Mongo

Otgoo, Entrepreneur (left), Mongo, credit union CEO (right).
Let me introduce you to Otgoo = youngest. Being the youngest of eleven children she is acquainted with poverty and knows that it takes commitment create hope for her family. Her dream – to see her three children educated and self-reliant.

Enter Mongo, the credit union`s CEO. When they first met 5 years ago, Otgoo had a small shop, but needed to expand if there would ever be enough for post secondary education. Mongo believed in her and provided the necessary loan – at a fair rate instead of the 10 – 15% per month some money lenders charge for “`higher risks”. One son would attend and graduate from university.

Then came the financial crisis…   but Otgoo had a dream. 30% of the copper miners in Erdenet are Russian, so why not import some of their favourite products. But where do you get money in the midst of a recession for import business start up costs? Where trust lives of course – at her credit union.  Today her children are educated and she has even been able to help one son start a small transport company. And yes, he`s a member too.

“Our most basic common link is that we all inhabit this planet.
We all breathe the same air.
We all cherish our children’s future.
And we are all mortal.”

               - John F. Kennedy

“Union is a source of success.” (Evlevel butne)  - Mongolian Proverb


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