National Credit Union Federation of Korea (NACUFOK) organized the NACUFOK Exposure Program 2019 on May 27-31, 2019 which contained 11 attendees from 4 countries such as Thailand, Malaysia, Nepal and Philippines. The program consisted of the seminar at NACUFOKβs office in Seoul, a Credit Union visit and cultural experiences. We have learnt a lot about the country report on participating countries, introduction to Korean CU movement, Korean CUβs credit business & mutual insurance and Korean regulatory system (Deposit Insurance Fund).
The briefly information of Korean CU and NACUFOK can be seen hereunder. A member is a shareholder of a credit union who is entitled to voice and vote in the decision-making process, regardless of the amounts of their credit union deposits. Under the principle of democratic ownership, every member can also participate in making policy and regulation of the credit union if he/she is elected onto the board of directors. There were 5.96 Million members at the end of 2017.
Credit Union |
Total Assets |
Voluntary leaders |
Employees |
Members |
898 CUs |
USD 82 billion |
8,926 |
9,245 |
5,960,000 |
NACUFOK is a non-profit institution which is an apex trade association, financial intermediary, and business organization consisting of all CUs, and was established in 1964.
As a trade association, NACUFOK represents member credit unions to the government, the regulator, and the international credit union society. It conducts publicity, supervision, management consulting and education. As a financial intermediary NACUFOK manages an interlending service as a central financial facility, and it invests the surplus funds in high grade mutual funds, government and corporate bonds, and other securities.
Finally, NACUFOK offers a variety of mutual insurance services to members with 76 products & 1,254,004 contracts via credit unions. NACUFOK's solvency margin ratio, adapted to the EU based solvency margin method is 212.5% dated on Dec. 31, 2017.
Structure
| Headquarter |
6 Regional offices & 4 Branches |
Training Center |
12 Departments and 50 Teams |
12 Teams |
2 Sections |
The amendment of the Credit Union Act in 1998 replaced the former Provincial Leagues with the re-born Regional Offices and District Offices. As a division of the NACUFOK, its main roles are to guide and coordinate general operations and business of primary credit unions, and to promote their common interests in a regional level as listed below:
General Affairs & Business Support Team
Consulting & Supervisory Team
1) Seoul Regional Office
2) Daegu-Gyeongbuk Regional Office
3) Gwangju-Jeonnam Regional Office
4) Daejeon-Chungnam Regional Office
5) Busan-Gyeongnam Regional Office
6) Incheon-Gyeonggi Regional Office
7) Chungbuk Branch Office
8) Jeonbuk Branch Office
9) Gangwon Branch Office
10) Jeju Branch Office
We are looking forward to having your further technical collaboration and support in the near future.
