'National Credit Union Federation of Korea'

A member is a shareholder of a credit union who has a voice and a vote in the decision-making process, regardless of the amount of his or her deposits in the credit union. Under the principle of democratic ownership, any member can participate in the policy making and regulating of the credit union by being elected to the board of directors. As of the end of 2023, 6.8 million people are members of Korea’s credit unions.

A credit union is a not-for-profit financial cooperative that offers a wide range of banking services to its members. Depending on the common bond, credit unions can be classified as community, association, or occupation based credit unions. In addition to financial services, credit unions promote community development through education, social contribution activities, and financial assistance.

The National Credit Union Federation of Korea(NACUFOK) is a not-for-profit institution established in 1964, that is the apex trade association, financial intermediary and business organization of all CUs.

As a trade association, NACUFOK represents member credit unions to the government, the regulator and the international credit union community. It carries out public relations, supervision, management consultancy and training. NACUFOK also manages an interlending service as a central financial facility and invests surplus funds in high quality mutual funds, government and corporate bonds and other securities.

Structure