Although literally referring to local member cooperatives, the term nonghyup is used by South Koreans to describe both a local cooperative (Korean:농협) and the NACF (Korean: 농협중앙회).
Nonghyup Bank (Korean:농협은행SWIFT:NACFKRSE) is an agricultural bank headquartered in Jung-gu, Seoul, South Korea. The bank was established in 2012 as detached from, and is now owned by the NACF (National Agricultural Cooperative Federation). On 29 April 2021, Nonghyup Bank was granted a Hong Kong banking licence.