Microfinance can play a big role in helping quake-hit Haiti get back on its feet, says Alex Counts, president, CEO & founder of the Grameen Foundation. He explains more to Gerard Lyons of Standard Chartered, CNBC's Amanda Drury, Sri Jegarajah & Martin Soong.
One week after the earthquake in Haiti, donations to the relief effort have surged past $210 million, according to the latest tally by the Chronicle of Philanthropy. That puts the pace of giving well ahead of the effort following the 2004 Asian Tsunami, but behind the $457 million raised in the week following Hurricane Katrina.
Corporate donations to the relief effort in Haiti now total more than $106 million according to the U.S. Chamber of Commerce, surpassing the $100 million in aid initially pledged by the U.S. government.
With so many consumers reaching for their phones to make a donation to help victims of the earthquake in Haiti, the response could be seen as a small breakthrough for the use of mobile payments.