A KFCC member in Uganda rejoices after trying out mobile banking services in Tiribogo during a recent event designed to mark the launch of the banking-on-the-go services. Photo courtesy of KFCC

Korean outfit joining hands with Ugandan telecom giant

The Korean Federation of Community Credit Cooperatives (KFCC) noted on April 11 that it had joined hands with Uganda’s top wireless operator MTN to start mobile banking services in the African country.

To recognize that, the Seoul-based financial outfit announced that it had held a launching event in its branch located in Uganda’s Tiribogo together with MTN.

After sending their MTN mobile money to their accounts at the KFCC, people convened at the event showed their pleasure with applause.

As a business bellwether in the Ugandan mobile telephony business, MTN accounted for 53 percent of the market as of the end of last June.

Thus far, no apex organization in Uganda has managed to join forces with MTN, which showed highly stringent criteria for cooperation in the financial segment.

As the KFCC already embarked on mobile banking services along with the other telecom giant in Uganda, Airtel, the former expected further improvement in financial inclusiveness.

As most Ugandan people are customers of either MTN or Airtel, the KFCC said that almost all of them would be able to enjoy its banking services on the move.

To further expand its financial infrastructure in Uganda, the KFCC plans to establish its branches across the country so as to help youngsters familiar with mobility-specific banking offerings.

“Thus far, farmers in Uganda have had to travel up to 40 kilometers for financial services. But KFCC members in the country can enjoy financial services at any time and at any place,” KFCC Chairman Park Cha-hoon said.

“We will continue to put forth efforts to support the financially marginalized.”

Uganda is one of the major destinations of the KFCC, which has briskly attempted to share its business model in overseas nations over the past several years.

Late last year, the organization established the UFCC, a central organization for co-op financial models for its members in the country.