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KFCC promotes financial inclusion via branches in developing nations

Sept. 24, 2023 - 13:46 By Mun So-jeong

The Laos Saemaul Geumgo training workshop was held last month with Laos government officials in attendance. (The Korean Federation of Community Credit Cooperatives)

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Friday it had further expanded its global financial inclusion model for developing countries, allowing greater access to financial services that can help them alleviate poverty.

“Under the Sustainable Development Goals, a universal call to end poverty and inequality by the United Nations, we will continue to practice environmental, social and corporate governance efforts all over the planet,” a KFCC official said.

Setting up its first global branches in Myanmar in 2017, Uganda in 2018 and Laos in 2020, the KFCC now has 56 branches overseas, with some 15,000 members.

Regardless of political unrest which can lead to economic instability, these global branches are accumulating members and savings based on strong community spirit, the cooperative said.

Under the value of mutual aid, KFCC, also known as Saemaul Geumgo, provides an official development assistance model that contributes to the economic growth of developing nations.

In order to promote financial literacy, the model introduces feasible financial services and products that can boost asset buildings, as well as the economic well-being of the financially excluded.

Following last year’s workshop in Fiji, the cooperative hosted another training workshop for Laos last month, discussing their plans for inclusive and sustainable development.

Acknowledged for its contribution toward financial inclusion, the KFCC has been selected as one of the prime examples of ODA model by the Office for Government Policy Coordination in 2021.

In the meantime, the KFCC declared the “World Saemaul Geumgo Day” to celebrate its 60th anniversary this May, in partnership with International Co-operative Alliance and European Association of Co-operative Banks.