Nine petals a flower makes

We have started working with our first credit union.  Eson delbee translates into 9 petals.  When we ask where the name came from we are advised that the CU was started 10 years ago by 9 founding members.  They felt that their CU would grow like a flower and bloom in the face of adversary.  And grow it has.

 I’m surprised when we arrive at the CU on the first day, located on the 6^th floor of a very nice office complex, we step out of the elevator and other than the fact that I can’t understand a word anyone is saying I could be in Canada, each desk has a computer, there are product information sheets displayed in a rack in the centre of the room, and the staff all of whom who appear very professional are working industrially at their desks.  The morning is a flurry of meetings and then it’s into the car and off to the country.

The reason for this impromptu visit is to show us the roots of the credit union.  It turns out that Eson delbee started in a district of UB called Baganuur.  Baganuur is home to the largest open pit mine in Mongolia and it is here that the roots of Eson delbee are to be found.  The trip is “not far, not far” only an hour…”not far”…I find that I am becoming obsessed with the roads and traffic in Ulaanbaatar, but that is for another blog, sufficient for today to say that it takes over 2 hours to reach Baganuur and 3.5 to get back, both Trudy and I arrive pale faced and breathing deeply.  I am reminded of my childhood days of riding the Ferris wheel with my best friend chanting “in your nose out your mouth, in your nose out your mouth” the entire time with hopes to avoid the inevitable.  The issue isn’t that the road it’s self is windy but that in an effort to avoid as many potholes as possible the drivers weave in and out of the lanes with complete and utter disregard for the tummy’s of their wimpy passengers. 

As we drive through the country a shape looms on the horizon, at first it is hard to recognize but soon the massive statue of Genghis Khan rises out of the grass.  Measuring 131’ tall he is hard to miss.  Our translator tells us that there are plans in place to construct 10,000 solders that will guard the grounds around Genghis Khan soon.  Mongolians can pay 1,000,000 tugriks (about $700 Canadian) to have their faces used as a template for one of the faces of the solders.   

 

 

I am pleasantly surprised with Baganuur.  Much cleaner than Ulaanbaatar it has the feel of a small community although in reality it is quite large coming in as Mongolia’s 10^th largest city.  We visit the home of the credit union.  Located on the bottom floor of an apartment building the one room office is very small.  This location will now be a branch of the CU with the head office being located in UB.  It has quickly become apparent that the staff at the credit union are very astute. 

Faced with a system that doesn’t yet support the credit union structure (no central, no way to manage liquidly) they have recognized an opportunity to balance their needs in house.  The branch is Baganuur has a reasonably high amount of deposits (all Mongolian credit unions struggle to attract deposits due to the fact that this is no deposit insurance available for credit unions), where as the members in Ulaanbaatar are net borrowers.  By opening a branch is UB they will be able to lend out the funds that they have accumulated in Baganuur. 

As I wind up the day I wonder about the value we bring, clearly these guys know their stuff.  Trudy tells me to trust the process, time will tell she says, soon you will see.