Saemaeul Geumgo Uganda Corporation Obtains Permanent Corporate Establishment Approval

Jjallamba Saemaeul Geumgo Rube, the chairman, is celebrating with members while holding the permanent corporation registration certificate. Photo by Saemaeul Geumgo Central Association

[Asia Economy Reporter Song Seung-seop] Uganda Saemaul Geumgo has permanently secured its status as an official financial institution locally.

On the 7th, the Saemaul Geumgo Central Association announced that Uganda Saemaul Geumgo obtained permanent corporate establishment approval from the local government.

Uganda Geumgo was started in October 2018 by 30 villagers in rural areas. Currently, it provides financial services to 5,000 underprivileged people. It was explained that the Ministry of the Interior and Safety, Korea International Cooperation Agency (KOICA), and the Embassy of the Republic of Korea in Uganda supported the approval process.

It was also evaluated that the local Geumgo's financial self-sufficiency (OSS) indicator is stable, exceeding 100%. Financial self-sufficiency is a tool to measure the sustainability of financial institutions. The higher it is, the more it means that surplus funds can be distributed as dividends to members and reserves can be accumulated without external support.

Park Cha-hoon, the Central Association President, emphasized, “Saemaul Geumgo is helping rural residents in Uganda with the seeds of hope it has sown.”