Members of the Korean Federation of Community Credit Cooperatives (KFCC) branches share best practices at the Namirembe Cathedral in Kampala on Dec. 14. Photo courtesy of KFCC

Korean outfit successfully finishes educational session in Kampala

The Korean Federation of Community Credit Cooperatives (KFCC) said on Dec. 15 that the outfit had successfully finished week-long education in Uganda.

The top apex organization for Korea’s cooperative banking sector offered educational sessions between Dec. 8 and 14 in the African country.

On the final day, members of all 15 cooperative banks convened at the Namirembe Cathedral in Uganda’s capital city Kampala to share best practices and carry out discussions.

In particular, the KFCC said that the event dealt with ways of backing youngsters and females who typically could receive the financial services.

Representatives from two branches, including Bongole parish in Mpigi district, demonstrated how they successfully provided financial services to residents. Parish refers to Uganda’s sub-county.

The two branches attracted more than 1,000 members in less than a year, respectively.

The KFCC tapped into Uganda in Oct. 2018 to take a firm root as a financial platform to spearhead the regional development of the country’s rural areas.

Currently, a total of 15 branches are under operation there after getting the green light from the government.

“The world is keeping an eye on the advantages of our model as a homegrown cooperative banking system,” a KFCC official said. “Beginning next year, the Uganda unit plans to go digital and set up a central organization.”

In South Korea, the KFCC boasts of a customer base of more than 20 million and represents up to 1,300 financial cooperatives across the nation.

Without resting on its laurel in South Korea, the KFCC has proactively waded into overseas countries, including Uganda, Fiji, Laos, and Myanmar.