'National Credit Union Federation of Korea'

2020 NACUFOK Summary of International Cooperation

July 2020NACUFOK Chairman Kim Yoon-sik is elected head of the WOCCU COVID-19 Response Committee

World Council of Credit Unions (WOCCU) held virtual board of directors and general meetings for five days (July 16-21 local time).

WOCCU has usually held a large conference once a year during regular general meetings, but this year the conference was canceled in accordance with global movement restrictions and guidance from health authorities amidst the COVID-19 pandemic. Instead, only the regular general meeting and the board of directors meeting were held virtually, with the directors elected via anonymous email.

Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea and the only WOCCU director from an Asian country, was elected the head of the COVID-19 Response Committee at the board of directors meeting held after the general meeting. The committee was organized to establish strategies for overcoming the COVID-19 crisis and identify plans to support credit unions and their members around the world. Representatives from each continent will be invited to be members of the committee towards developing systematic response strategies through regular committee meetings and webinars.

“The NACUFOK organized an emergency response committee in the early stages of the pandemic to facilitate preemptive measures,” Kim said in his inauguration statement. “To overcome the pandemic, systematic response strategies will be prepared on behalf of all credit unions around the world and support that is as comprehensive as possible provided, including goods and materials to help prevent further spread of the pandemic.”

In addition, the NACUFOK won the 2020 Member Growth Award, along with the Ghana Cooperative Credit Unions Association and the Kenyan Union of Savings and Credit Cooperatives.

2020NACUFOK donates relief supplies to areas affected by COVID-19 and to help defeat the pandemic

The NACUFOK engaged in a variety of relief activities last year to help areas harmed by the coronavirus and natural disaster.

The NACUFOK donated USD 100,000 in support to areas in Australia affected by forest fires and USD 50,000 to people in Vietnam and the Philippines suffering from flooding. It also delivered 115,000 face masks to countries around the world and personal protective gear against COVID-19, such as protective clothing and sanitary gloves, to Colombia and Kenya. It took the lead in efforts to help credit unions across the globe recover from disaster and fight the pandemic.

International credit union community expressed active support and appreciation for the dedication and relief efforts of the NACUFOK. An official from one of the WOCCU member countries that received masks and other protective items thanked the NACUFOK for its lead in being a responsible model towards the international community in need: “As a member of the credit union community, I feel great pride in the fact that the NACUFOK, which received international aid 60 years ago, has grown into a global leader with the ability to directly provide protective gear, which is difficult even for the WOCCU to carry out […] The support provided by the NACUFOK to credit unions around the world will deliver a message of great comfort and hope to desperate credit union members and the socially vulnerable across the globe.”

"In line with the pandemic control measures from the South Korean public health authorities, the NACUFOK formed an emergency response committee in the early days of the coronavirus pandemic and proactively and immediately supplied face masks to traditional markets in South Korea," said Kim Yoon-sik, Chairman of the NACUFOK. “Now, we will formulate a systematic response strategy for credit unions around the world, beyond South Korea, to help them wisely recover from the pandemic and spare no effort in providing every form of aid possible, including assistance with supplies to prevent COVID-19.”

October 2020NACUFOK receives papal blessing from Pope Francis

Celebrating the 60th anniversary of South Korean credit union movement, the NACUFOK this year received the good news of a papal blessing from Pope Francis.

On October 22, Pope Francis gave the Apostolic Blessing to NACUFOK Chairman Kim Yoon-sik at the Catholic Diocese of Busan in South Korea. In commemoration of the 60th anniversary for Korea’s credit unions, the presentation was held in Busan, birthplace of credit unions in South Korea.

The ceremony took place in July in the NACUFOK building. The recommendation for the blessing was presented by Father Paul Paek Hyeon of the Catholic Diocese of Daejeon and President of Daejeon Catholic Peace Broadcasting Corporation. Joseph Son Sam-seok, Bishop of the Busan Diocese, delivered the blessing, which was received by Mr. Kim on behalf of NACUFOK’s six million members and employees.

The NACUFOK received the papal blessing for having maintained its identity as a financial cooperative that values people and communities for the past 60 years. With the blessing, the NACUFOK was recognized for its contributions, including the Seven Inclusive Finance Project, to helping ordinary people and the socially disadvantaged and providing appropriate financial benefits to those denied the benefits.

“Through the credit union movement in South Korea, which began with Sister Mary Gabriella and Father Jang Dae-ik, both pioneers of the movement, we have followed the path of noble ideology and philosophy for the past 60 years, helping all Koreans live like human beings without being marginalized,” Kim said. “It is not a personal honor but a great admiration and glory for the sacrifice and love of the pioneers of the early credit union movement, the participation of six million credit union members and users, and the dedication of more than 15,000 credit union employees. […] Let's use this receipt of the papal blessing as an opportunity to strengthen the spirit of the credit union and, like the Pope’s message, reach out to the socially vulnerable and bring light to dark places as we work to ensure that credit unions can serve as channels of blessing to the people."

December 2020ACL program

The NACUFOK held the 4th Asian Credit Union Leadership (ACL) program for executives and employees from credit unions in Asian countries on December 14-22. The ACL is an intensive training program to develop future leaders who will drive the growth and prosperity of credit unions in Asia.

The training this year was conducted virtually in accordance with movement restrictions and the pandemic control guidelines of each country. Assignments were submitted and attendance was confirmed through Google Classroom, while lectures were provided in a webinar format through Zoom.

A total of 20 executives and employees from credit unions of five countries—Nepal, Philippines, Japan, SriLanka, and Thailand—participated. During the program, lectures were provided on a variety of topics, such as the process of development for South Korean credit unions, their public relations system, supervision, and the depositor protection system. After the lectures, a video on the Seoul Pharmacist Credit Union was shown and active discussion held on management cases and development plans from credit unions in each country through webinars with executives.

To successfully complete the program, each participant was required to submit an individual development action plan, designed to help them think about what is involved in assisting the development of their country’s credit unions.

June 2020NACUFOK Training Institute renovations make it a state-of-the-art training facility

NACUFOK Training Institute, in use for nearly 40 years since its establishment in 1981, has been improved. Renovations and new construction began in December 2018 and completion verified on June 25, 2020.

Completion of the training institute is an important event as credit union employees have been keen to have access to newer training facilities due to the lack of training facilities and the deteriorating former institute building.

A lack of sufficient classrooms and accommodations meant that the former training institute facility was unable to provide classes to all employees seeking training. The much larger new facility is expected to meet the growing needs of training applicants and provide an excellent training environment. With a site area of 35,402 m², a building area of 6,471 m² and a total floor area of 19,326 m², the building has one floor underground, seven on the 3rd floor, accommodations on the 7th floor, a multipurpose hall (for education and sports activities), and auxiliary facilities.

The number of lecture rooms and accommodations is double what was available in the previous building, and a multipurpose hall with capacity for 1,100 people was built to replace the former outdoor training ground with its capacity for about 500 people.

The multipurpose hall is expected to alleviate the difficulties related to conducting training and events at the former outdoor training ground and can be used for a variety of purposes, including sports activities. Nearby agencies and organizations outside the credit union family will also be able to rent the facilities.

Rest areas on the rooftop and terraces have been created to give the training facility a more comfortable atmosphere. Complimentary landscape and lighting mean trainees can get a breath of fresh air to freshen their minds and bodies during sessions.

NACUFOK hopes that the training institute will host international training programs, as it was constructed in accordance with international standards, and specifically targets seminars on international development cooperation and training of foreign credit union officials in South Korea.