The Mini Moguls Teaching Wall Street A Lesson

Mini Moguls (2009): Kenya’s micro finance initiatives are helping people achieve their dreams

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Amidst the economic carnage, Kenya’s Equity Bank is booming. Micro loans as small as are helping the country’s budding business people. Can Wall Street learn a lesson from these rural entrepreneurs?

Last year Philip Ndungu dropped out of school, as he couldn’t afford the fees. But when Equity Bank opened in his neighbourhood, Philip was granted a 0 loan to start a business selling breakfasts. ‘I sell to about 700 people a day before I go to school.’ Equity’s founder Dr James Mwangi believes its success is due to aiding Kenya’s poorest entrepreneurs. ‘Equity has developed a model that has incorporated them, made banking inclusive.’

SBS Australia – Ref. 4438

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