Participants celebrate the introduction of digital services of the KFCC at Bongole parish in Mpigi district of Uganda on Aug. 4. Photo courtesy of KFCC

Korean entity offers mobile banking services in African country

The Korean Federation of Community Credit Cooperatives (KFCC) said on Aug. 5 that it had held a launching event of the digital financial system in Uganda.

The top apex organization for Korea’s cooperative banking sector has celebrated the digital transformation of its financial services at Bongole parish in Mpigi district.

In particular, the KFCC has introduced the management information system to increase accounting transparency. In addition, savings and loans through mobile phones will be possible.

South Korean diplomats, officials of the Korea International Cooperation Agency (KOICA), and Ugandan bureaucrats took part in the event.

Such efforts to go digital in Uganda are in line with the social values of increasing financial inclusiveness and seeking sustainable development, according to the KFCC.

The outfit has shared its experiences in Korea with developing economies, spreading the slogan of “no one left behind” in such countries as Uganda, Laos, and Myanmar.

It waded into Uganda in late 2018 to start with about 30 members. Thereafter, the figure has snowballed to approach 10,000 as the entity has become a grassroots financial institution there.

“Through the digital transformation projects, we expect that more funds will get into the KFCC in the rural areas. This is a virtuous cycle,” KFCC Chairman Park Cha-hoon said.

“Through cooperation with various organizations in Uganda, we hope that our projects would become one of representative ODA models.”

Brief for official development assistance, ODA is a program of the KOICA geared toward helping emerging economies with Korea’s public funds.