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KFCC hosts workshop for sustainable growth in Africa

Dec. 6, 2023 - 13:31 By Song Jung-hyun

Kenya’s Minister of Cooperative and Micro, Small, and Medium Enterprises Development Simon Kiprono Chelugui (center) and participants of a workshop for sustainable growth, hosted by the Korean Federation of Community Credit Cooperatives, pose for a photo during the three-day event held in Nairobi, Kenya. (KFCC)

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Wednesday it successfully hosted a three-day workshop in Kenya, to discuss ways to foster financial inclusion and a transition to sustainable growth in Africa.

The workshop titled “Cooperatives for a Sustainable Transition in Africa” kicked off in Nairobi on Monday in collaboration with the International Cooperative Alliance and the University of Leuven in Belgium.

Over 50 officials from 18 African nations attended the event.

During the workshop, the KFCC and African nations discussed the various roles of the cooperatives in supporting the growth of local communities in Africa while reflecting on the achievements of the KFCC's global financial inclusion model in some developing countries.

Since 2017, the KFCC set up community credit cooperatives, also known as "Saemaul Geumgo," to promote financial inclusion and literacy in nations deprived of financial infrastructure, including Myanmar, Uganda and Laos.

In particular, its achievement in driving financial inclusion through digital technology and transformation in rural areas of Uganda drew attention from participants, the KFCC said.

"I am thankful to the KFCC which presented a guideline for the future of African cooperatives, providing us with motivation and opportunities to build capacity for change," said Simon Chelugui, Kenya's minister of cooperative and micro, small, and medium enterprises development, expressing gratitude during the workshop.

"Through this workshop, we established a common agenda with African countries on how we can bring positive changes to the local communities and nations across the African continent,” an official from KFCC stated. “Going forward, we will continue to play a central role in inspiring a transition to sustainable economies in Africa.”