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Ideas to accelerate economic growth in developing countries

In this Credit Suisse emagazine interview, Mr. C. K. Prahalad talks, for example, about how the mobile phone is becoming a wallet not least in developing countries. Here’s an extract from the interview:

"In the majority of developed countries, it is not yet possible to carry out a financial transaction by SMS. But this technology already exists in the Philippines and is now being tested in India. The so-called "mobile banking" was developed by banks together with telecommunications providers and is aimed at people with low incomes. This innovation could now be further expanded so that the mobile phone really does become a wallet in the industrialized nations too."

Using the power of the Internet, kiva.org has introduced another efficient way of speeding up economic growth in developing countries by releasing the entrepreneurial potential there. Choose a business and try it out yourself for $25 here.

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