An expert of the Korean Federation of Community Credit Cooperatives (KFCC) provides financial education for residents in an Uganda village. Photo courtesy of KFCC

Financial experts hold education sessions for residents

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Dec. 8 that the entity’s experts would carry out week-long education in Uganda.

The primary apex organization for Korea’s cooperative banking sector said that its officials would offer educational sessions between Dec. 8 and 14 in the African country.

Up to 2,200 residents of two Uganda districts will be able to take part in the sessions at 44 education centers. The easy and graphic-rich educational materials will be available in the vernacular language.

At the end of the sessions, up to 15 KFCC branches in Uganda will share best practices and discuss ways to further develop a better financial system, according to the KFCC.

Since this October, the Uganda government has worked on the Parish Development Model to encourage people to deal with the poverty problems, which affect up to 70 percent of the households.

Parish refers to the unique sub-county of Uganda.

The KFCC, which tapped into the country in late 2018, has proactively underpinned such efforts by coming up with inclusive financial policies.

As of the end of last month, Uganda’s cooperative banking enables some 7,000 residents of Uganda villages to take advantage of financial services.

Toward that end, the KFCC has joined hands with the Korea International Cooperating Agency, a state-run organization for Korea’s official development assistance (ODA) programs.

“The cooperative banks in Uganda not only offer financial services but also contribute to increased revenues and gender equality,” a KFCC official said.

Observers point out that our financial outfits are required to tap into foreign countries in a more proactive fashion.

“There are so many countries where people struggle to enjoy banking services,” Prof. Seo Yong-gu at Sookmyung Women’s University said.

“As an advanced financial powerhouse, South Korea needs to way into such countries to offer financial services to ordinary people.”