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The National Union of Ghana Students (NUGS) has held a National Debate 2016, to provide a platform for intellectual discourse on promotion of financial inclusion in the country.
The event sponsored by MTN Ghana was on the topic: “Mobile Money plays a critical role in promoting financial inclusion.”
Team A, who spoke for the motion, said mobile money has created financial inclusion by delivering financial services at affordable cost to a disadvantage segment of the society.
According to the Team, reports by Financial Access in 2009 points to the fact that about 50 per cent of the world adult’s population do not save in the bank because of the exorbitant profits in the banking sector, however mobile money has been able to reach people at an affordable cost.
They noted that the remittance cost of transfer of money across the world is at a very high rate but mobile gives low remittance cost charges.
The team said the security of mobile money transaction is trustworthy to safeguard the user’s money, adding that it also has potential to contribute to the economic growth of the country.
Team B, also observed that mobile money has failed to address inconvenient network services, credit, saving with interest, insurance, investment, borrowing, fraud and hacking.
After an hour of heated jaw-jaw session Team A, according to the cumulative results of the Judges were declared as winners.
Mr Eli Hini, General Manager Mobile Financial Services MTN, congratulated NUGS on the celebration of its 50th anniversary being a formidable student body with its achievements over the years.
He said MTN was privileged to partner NUGS to provide the platform for this topical issue to be debated.
He said the issues appeared not to have had as much focus within the student body as it has had amongst the general public.
“The subject of financial inclusion is an important for our country, given its impact on national economic and social development,” he added.
He said financial inclusion is an important subject for leaders of the country, and its linkages with poverty reduction, economic growth and employment and overall welfare improvement are well established.
“We each have a role to play in promoting financial inclusion – providers, citizens and regulators indeed all stakeholders must play their part,” he said.
He said regulators must create an enabling regulatory environment, providers must offer effective, appropriate, affordable, secure and reliable services and users must act responsibly in the use of services.
Mr Hini observed that mobile money is the facilitation of multi integration and the consolidation of services on the platform with ease.
He encouraged students to conduct more research into how Mobile Money is breaking the frontiers of financial transactions and the prospects it has for Ghana’s economic development.