Establishing Village Banks
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inancial inclusion refers to having access to reasonably priced financial services, including transactions, payments, savings, credit, and insurance, that are provided in a responsible and sustainable manner. Since a transaction account enables people to keep money and send and receive payments, opening one is a first step toward greater financial inclusion. Therefore, having an account for transactions opens doors to additional financial services.
Daily life is made easier by having access to money, which helps families and businesses prepare for everything from long-term objectives to unanticipated emergencies. Account holders are more likely to use additional financial services like loans and insurance to launch and grow their businesses, make investments in their children’s or own health or education, manage risk, and recover from financial setbacks, all of which can enhance their overall quality of life.
“At UFCC we put members first in everything we do; our members are the prime beneficiaries of our services.“
Critical to note is that the need for greater digital financial inclusion has been exposed by COVID-19 dilemma. Digital financial inclusion entails the use of cost-effective digital means to provide populations that are currently underserved and financially excluded with a variety of formal financial services that are responsibly delivered at a cost that is affordable for customers and sustainable for providers.
The journey for Uganda Federation of MG Community Credit Cooperatives (UFCC) started in 2018 when the mother organisation, Korean Federation of Community Credit Cooperatives (KFCC) signed a memorandum of understanding with the Government of Uganda. Today there are 18 MGs in Uganda. At UFCC we put members first in everything we do; our members are the prime beneficiaries of our services.