The Korean Federation of Community Credit Cooperatives (KFCC) offers financial education for residents at Maggya village in Uganda. Photo courtesy of KFCC

Korean outfit vies to help rural villages of Uganda

The Korean Federation of Community Credit Cooperatives (KFCC) has started financial education at more than 100 rural Uganda villages on Sept. 29.

The primary apex organization for Korea’s cooperative banking sector said that the sessions will take place in 107 villages where the KFCC is operating.

In addition to encouraging the participation of existing clients, the KFCC will try to attract new customers at the parishes, or the sub-counties of Uganda.

Recently, the Uganda government came up with the Parish Development Model to help people deal with the poverty problems, which affect some 68 percent of nation’s households.

Against this backdrop, the KFCC’s parish-based business model and inclusive finance policy are highly welcomed there, according to the KFCC.

For example, the KFCC’s branch has drawn more than 1,000 customers at Bongole parish in Mpigi district.

“I believe that people in Uganda can improve their economic and financial status. In particular, the KFCC will put forth efforts to help people in Uganda’s rural areas achieve their dream,” KFCC Chairman Park Cha-hoon said.

This May, the KFCC gained the status of perpetual legal entity in Uganda, which means that the organization became an official financial institution of the country.

In June, the Uganda Broadcasting Corporation televised a program covering the KFCC alone to praise the KFCC model as one of the best practices to change the African country’s rural areas.

In South Korea, the KFCC represents approximately 1,300 financial cooperatives. Its customer base tops 20 million here.

To duplicate its success outside of the country, the KFCC has vehemently tapped into overseas countries, including Uganda.