Members of the UFCC pump their fists during the inaugural meeting of the organization at its head office in the Mpigi District, Uganda. Photo courtesy of KFCC

UFCC comes to town in African country

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Sept. 13 that the entity had launched a central organization in Uganda last week.

The new organization, dubbed the Uganda Federation of MG Community Credit Cooperatives (UFCC), hosted its first general meeting at its head office in the Mpigi district.

During the gathering, the UFCC members approved its projects and budgets. They also opted to benchmark the KFCC to ensure the sustainability of its operation (See the Korea News Plus article published on Aug. 30).

In a congratulatory remark, Mpigi District Governor Ssejjemba Martine said, “The establishment of the UFCC is the result of the concerted efforts by all related parties to develop regional financial co-op models and enhance financial inclusiveness in rural areas.”

The UFCC is geared toward underpinning the management of its branches and info-tech systems. It will also offer education and governance consulting to its members.

In addition, the UFCC plans to run a fund to financially support co-op members in case they suffer liquidity problems and provide chances for investment.

The KFCC made a foray into Uganda in late 2018 to start with a mere 30 members. But the user base has snowballed to reach some 9,000 as of the end of last month.

“The inaugural meeting would give momentum for further growth of the UFCC. The new organization would be responsible for integrating regional branches in a stronger way,” KFCC Chairman Park Cha-hoon said.

Representing around 1,300 financial cooperatives in South Korea, the KFCC is the leading apex organization for the country’s cooperative banking sector.