The MG Community Credit Cooperatives led by Chairman Park Cha-hoon said that representatives of community credit cooperatives in Uganda held a meeting and decided on Aug. 23 to establish Uganda Federation of Community Credit Cooperative Society.
The Uganda Federation of Community Credit Cooperative Society will support an integrated information technology (IT) system to provide efficient financial services along with support for safe operation management, education and training services, and governance consulting.
It also plans to operate the Central Floating Fund (CFF) to support the liquidity of community credit cooperatives and provide financial investment opportunities.
The MG Community Credit Cooperatives predicted that the establishment of the Uganda Federation of Community Credit Cooperative Society would be a major turning point in the settlement of community credit cooperatives in Uganda. It also said the formal approval process by the Ugandan government will be carried out soon.
Uganda community credit cooperative is regarded as Korea's leading financial ODA (Official Development Assistance) model, starting with 30 village residents in Uganda's rural areas in October 2018 and now becoming a regional representative financial cooperative that provides financial services to about 9,000 members.
Chairman Park Cha-hoon of the MG Community Credit Cooperatives said, "Uganda community credit cooperative has all systems in place to spread," adding, "We look forward to the positive role of the Uganda community credit cooperative and realize the win-win value of global MG."