UFCC officials pump their fists during an educational session for sustainable financial models offered by the KFCC in November in Uganda. Photo courtesy of KFCC

Korean outfit shares know-how on co-op finance model

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Nov. 30 that the outfit had offered financial education in Uganda for two weeks this month.

The KFCC joined hands with South Korea’s Ministry of the Interior and Safety to provide the training sessions between Nov. 14 and Nov. 28.

A total of 90 officials of the Uganda Federation of MG Community Credit Cooperatives (UFCC) took part in the education aimed at helping them set up sustainable financial models.

The KFCC has tried to tap into overseas countries to share its know-how on the grassroots financial model, and Uganda has been one of its key targets.

Earlier in September, the KFCC launched the UFCC, a central organization for co-op financial model for its members amounting to some 9,200.

They can take advantage of savings and loan services through mobile banking, which is dubbed as breakthrough offerings in the African country.

The UFCC is set to underpin the management of its branches and info-tech systems, on top of offering education and governance consulting to its members.

“Through the UFCC, Ugandan farmers would have better access to financial services. Plus, the UFCC will be able to win people’s trust as a financial institute for regional residents,” KFCC Chairman Park Cha-hoon said.

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

Its globalization initiative is a part of its efforts to strengthen the so-called ESG management, which refers to Environmental, Social, and corporate Governance as three central factors in improving the sustainability of a company or business.

Over the past few years, an increasing number of corporations and organizations have adopted ESG management both at home and abroad.