Mobile Phone “Currency” Accelerates Microlending in Kenya

By Nick Aster | September 27th, 2005 View Comments

moneybag.jpgMost of the world’s poor remain so because access to credit is denied. Microlending has helped revolutionize credit, but it’s the beginning. Now, small merchants in Kenya can use pre-paid phone cards in cell phones to call suppliers with orders. In addition, the telecom operator allows a transfer of funds from the pre-paid card to another subscriber.
Voila, 21st century funds transfer helps accelerate commerce among Kenya’s poorest. “Many people think it’s repugnant to make profits out of poor people, but having seen Kenyan poverty at work, I don’t agree,” says strategy guru C.K. Prahalad about the development. More on BBC News.
(This article contributed by Ken Chung)

Categorized: Investment & Markets|

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  • vikas singhania
    Foreign exchange fees on credit cards should be of interest to those traveling beyond the borders of the United States. Exchange rates offered by credit cards may or may not be the best rates out there. Of equal and perhaps greater importance, however, is the foreign transaction fee that your credit card bill might show once you have returned from your trip.
    Many travelers now rely on credit cards to pay for overseas travel and purchases. For many consumers, credit cards are easier to keep up with than traveler's checks and they're almost universally accepted now.
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    Dx
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    Currency Converter-Currency Converter
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