How to release energies of the poor
Thursday, August 16, 2007
For Richard Ndungu, the CEO at KPMG, when a company re-organises or repackages her products to facilitate access by the poor people, it is engaging in corporate social responsibility.
Speaking at a SIFE Kenya CEO?s luncheon, Ndung?u pointed out that by unbundling a ?Bamba Fifty? Safaricom empowered millions of Kenyans who would otherwise have never used cell phone services. Equity Bank was also cited as another example of a fast growing bank in the East Africa region courtesy of its strategy to target the low income groups.
One key lesson from Ndung?u?s argument is that by focusing on profits and market potential, both companies are releasing the energies of those at the bottom of the economic pyramid, enabling them to join mainstream economy. Banking services are important in starting and expansion of businesses. Communication is strategic in getting products to the market.
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