Video: Kenya's mini-moguls
Amidst the economic carnage, Kenyas Equity Bank is booming. Micro loans as small as $10 are helping the countrys budding business people. Can Wall Street learn a lesson from these rural entrepreneurs?
Last year Philip Ndungu dropped out of school, as he couldnt afford the fees. But when Equity Bank opened in his neighbourhood, Philip was granted a $100 loan to start a business selling breakfasts. I sell to about 700 people a day before I go to school. Equitys founder Dr James Mwangi believes its success is due to aiding Kenyas poorest entrepreneurs. Equity has developed a model that has incorporated them, made banking inclusive.
Produced SBS, distributed Journeyman Pictures