Officials of the Korean Federation of Community Credit Cooperatives (KFCC) celebrate the launch of its Maggya branch in Uganda. Photo courtesy of KFCC

UBC praises KFCC as a proper model to change underdeveloped rural areas

Uganda’s public broadcaster network has recognized the Korean Federation of Community Credit Cooperatives (KFCC) as one of the best practices to change the African country’s rural areas.

The Uganda Broadcasting Corporation (UBC) recently televised a program covering the KFCC alone for about six minutes. It was aired a few times.

In the program, the UBC praised the KFCC as the agent of change for the nation’s underdeveloped farming villages.

The KFCC, the foremost apex organization for Korea’s cooperative banking sector, made inroads into Uganda in late 2018 by offering financial services to some 30 people in a rural community.

The number of the KFCC service beneficiaries jumped to around 5,000 in a couple of years, with 70 percent of them being women, who said the KFCC helped them alleviate poverty.

Observers noted that the UBC news program would offer a message of hope to people in Uganda, which is struggling to deal with the virus infection.

A KFCC official said that the Korean government and the Korean embassy in Uganda underpinned its attempt to offering financial services to Uganda citizens.

“After the TV program was broadcast, we were flooded with requests to learn the KFCC model from across Uganda,” KFCC Chairman Park Cha-hoon said.

“We will put forth greater effort to expand our presence to other rural areas in Uganda so that we will be able to help more and more people.”

In South Korea, the KFCC represents about 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.