Participants at the KFCC training session with officials from developing countries pump their fists at the KFCC institute in Daejeon, South Korea. It took place last month. Photo courtesy of KFCC

10-day training sessions took place in Korea last month

The Korean Federation of Community Credit Cooperatives (KFCC) announced on Aug. 1 that it had conducted a 10-day multinational invitational training here last month.

Geared toward sharing the inclusive financial model of the KFCC, the training session took place at the outfit’s institute in Cheonan, some 80 kilometers south of Seoul, during July 17 and 26.

A total of 11 bureaucrats and relevant people from five countries took part in the event, including Algeria, Bangladesh, Honduras, Mexico, and Tunisia.

To share the best practices of the KFCC, the participants delved into the significance of building up a grassroots financial model through case studies.

The program also covered various aspects, like the growth of the KFCC and operational know-how related to savings and loans. And the 11 officials visited the info-tech center of the KFCC.

The KFCC currently represents around 1,300 financial cooperatives across Korea, with a customer base of up to 20 million people.

As of the end of last year, the entity’s total assets amounted to 284 trillion won ($220 billion). It doubled its total asset to 200 trillion won ($160 billion) in less than a decade between 2012 and 2020.

“I hope that this training will enable the participants to gain valuable insights into the history of community participation and mutual prosperity with members of the KFCC in South Korea, serving as a stepping stone for contribution to the enhancement of financial inclusion,” KFCC Executive Director Kim Dong-wook told the closing ceremony.

As examples of financial inclusion, Kim took three examples of increasing financial access in rural areas, reducing poverty, and improving the quality of life for the residents.

The gathering is a part of the KOICA Global Fellowship Program, aimed at supporting capacity building in developing countries by transferring Korea’s experience and expertise.

Short for the Korea International Cooperation Agency, the state-run KOICA has worked on the official development assistant (ODA) programs to help emerging economies with Korea’s public funds.

Since 2016, the KFCC has tried to tap into other countries to share co-op financial models in developing countries.

Thereafter, it tapped into such countries as Uganda and Laos. It also strives to expand the scope of target countries to Fiji, Cambodia, and others.