Technology

Mobinet Group set hold University Debate Championship to educate more on Fintech in Uganda

By Joseph Lubandi

Posted on January 25, 2018

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Mobinet Group, a Hong Kong based fintech company with operations across Africa, announces the launch of its inaugural annual Ugandan Universities Debate Championship (UUDC) scheduled to take place on Friday 9 February.

Mobinet, in partnership with Interswitch, an integrated payment and transaction processing company are hosting this flagship event to provide a platform for young people to share their perspectives on some of the issues surrounding financial technology and its impact on the future of the Ugandan financial sector. The country’s vast student population makes it the ideal location to launch such an event.

Financial Technology commonly referred to as ‘fintech’ is one of the world’s fastest growing investment areas. In 2017, Africa recorded over 500 innovation startups, ranked 3rd behind Asia and Europe, in ventures designed to increase financial inclusion within developing economies with high levels of unbanked and under-banked citizens.

This year’s debate features four top universities; Makerere University, Kyambogo University, Uganda Christian University and Makerere University Business School. The tournament will be held at the Pearl of Africa Hotel under the theme ‘Harnessing youth voices for financial inclusion.’ The winners will be awarded various prizes including an all-expenses paid trip for the top two teams to some of the world’s most desired destinations.

The debate will be attended by over 250 students, various dignitaries from the corporate world and government, as well as notable institutions within the country. It will be chaired by Mr. Jacob Eyeru of the Uganda Debate Society using the gold standard British Parliamentary Format of Debate.

In the Ugandan market, financial inclusion remains a big challenge with just 55% of all adults having access to formal financial services; of which 11% gain access through traditional bank branches and over half through Fintech enabled services. The necessity to connect all ‘unbanked’ and ‘under-banked’ Ugandans to financial services cannot be overstated because it catalyzes capital exchange in the economy which in turn provides foundation to trade growth and consequently economic development.

Mobinet CEO, Andrew Otiko commented: “the impact of fintech in improving the lives of many people across Africa cannot be underestimated. It is vitally important to tap into the views of the next generation of users of this technology who will be instrumental in shaping the next wave of fintech and promoting greater financial inclusion for all.

Here at Mobinet we are committed to improving financial inclusion within the Ugandan market and changing the landscape for the provision of financial services within the country. Complimenting Uganda’s launch of its National Financial Inclusion Strategy 2017-2022 in October 2017, we are delighted to provide a platform through the championship to spark this conversation.

Discussions which will highlight the reasons a broad and inclusive access to formal financial services is essential for the sustainable development of individuals,businesses and the economy of Uganda.”

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