Mobile Phone “Currency” Accelerates Microlending in Kenya

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)

Nick Aster is a new media architect and the founder of TriplePundit.com

TriplePundit.com has since grown to become one of the web's leading sources of news and ideas on how business can be used to make the world a better place.

Prior to TriplePundit Nick worked for Mother Jones magazine, successfully re-launching the magazine's online presence. He worked for TreeHugger.com, managing the technical side of the publication for 3 years and has also been an active consultant for individuals and companies entering the world of micro-publishing. He earned his stripes working for Gawker Media and Moreover Technologies in the early days of blogging.

Nick holds an MBA in sustainable management from the Presidio School of Management and graduated with a BA in History from Washington University in St. Louis.