Nairobi — A Kenyan Information Technology company has won one million dollars (Sh80 milllion) in Nokia's Growth Economy Venture Challenge.

Virtual City Ltd, a home-grown Kenyan company, won the prize for developing a solution that aims at addressing systemic issues relating to small and micro enterprises in emerging markets.

The award was given out by, Nokia's new CEO Stephen Elop and presented to John Waibochi at the ongoing Nokia World Forum in London.

A statement from Nokia said that The Mobile Distributor Solution aims to boost the profitability of small and micro businesses by increasing the number of transactions as well as improving inventory management, the accuracy of records, and reporting from the field.

"The Mobile Distributor Solution is designed to improve the distribution efficiencies for small and micro enterprises in the Fast Moving Consumer Goods market," read the statement.

The project will generate revenue for the partners Virtual City and Nokia, while increasing the income levels of the stakeholders in the supply chain by opening up increased product sales coupled with additional benefits of mobile payment capabilities, transaction fees revenue, loyalty programs benefits, etc all facilitated by inexpensive and affordable mobile phones.

In the Growth Economy Venture Challenge, developers were required to submit their best idea for a new mobile product or solution designed to improve the lives of people in the developing world.

Judges looked for one idea that has risen above the rest, an idea that changes the way people use Nokia mobile devices, demonstrates how mobility can radically improve the lives of people who reside in areas where the average income is under $5 (Sh400) per day or an idea that recognizes a good business opportunity that also contributes to "doing good" in the world.