Ugandan students from St. Tereza Primary School pump their fists while holding piggy banks during the Savings Day event held on June 3. Photo courtesy of KFCC

Korean outfit organizes Savings Day every Friday

In Uganda, 41 percent of its 44 million people live in poverty as they live on less than $1.9 a day, according to nonprofit organization Opportunity International.

Up to 76 percent of the African country’s population lives in rural areas, so few of them are able to enjoy financial services throughout their lives.

Experts point out that this should be changed. Toward that end, they note that the sub-Saharan nation’s youngsters need to understand finance and savings _ almost half of its population is under the age of 15.

Many global outfits are trying to help, including the Korean Federation of Community Credit Cooperatives (KFCC), South Korea’s largest apex organization for the cooperative banking sector.

The KFCC announced on June 7 that it had held various events in time with the Savings Day in elementary schools located in Mpigi and Mityana districts of Uganda.

Included in them are Bishop George Ssinabulya Day and Boarding Primary School, St. Tereza Primary School, Tiribogo Primary School, and St. Kizito Primary School.

The KFCC, which first waded into Uganda in 2018, now sees more than 7,000 Ugandan people take advantage of its financial services.

Unlike other cooperative banks there, which suffer deficits, the KFCC noted that it had chalked up profits to provide dividends to its members.

And more than 100 elementary school students are taking part in the Savings Day events, which are held every Friday, according to the KFCC.

“Each elementary school’s Savings Club has such posts as auditors, financiers, and PR managers so that children can learn more,” a KFCC official said.

“At the end of this year, we are set to pick savings champions among the primary school students.”