For the next 31 days, 21 financial institutions in 15 countries will roll out financial education messages across the region as part of the MFC’s third annual Borrow Wisely Campaign. In this massive coordinated Campaign, our partners will reach hundreds of thousands of existing and potential microfinance clients with tips and tools about how take on safe and responsible levels of debt.
How we are going to do it?
Each partners’ field staff will directly engage clients to help them to understand how to borrow responsibly. Staff will head out equipped with posters, leaflets and brochures which help clients come up with their own answers to five key questions:
- How much can I afford to borrow?
- Do I know how much I will pay?
- Do I fully understand the contract?
- How to control debt?
- What should I do if I am not satisfied?
This year, several campaign partners will also leverage the power of social media to amplify their campaign message. We’ve teamed up with our partners to launch 2 short videos, which will be translated into local languages and shared online. Our partners have also organized a series of workshops and other special events to mark the month of wise borrowing.
What MFC partners say about the Campaign:
“From my experience in the field, I think that the Borrow Wisely Campaign was very well accepted by our clients. Now, after three years of implementing the campaign, I must say that our clients became much better informed and have received financial skills. I am happy we are continuing.” Ivan Sekulić, Regional Manager, Kragujevac, Jagodina, Smederevska Palanka (AgroInvest)
“Each year we participate in the Campaign , and strive to boost the image of the microfinance sector among the population, to reduce the risks of too much debt , to avoid over-indebtedness of our clients, to improve skills to manage family (household’s) budget wisely and properly use of credit.” Gulbakhor Makhkamova, General Director (Imon)
“It has always been very important for UCORA and its members to raise awareness of the public around smart borrowing principles. Borrow Wisely Campaign allows us to disseminate the most important messages in a systematic way, which is helpful not only for the clients but also for financial institutions, which reduce their risks by working with educated clients.” Narine Terzyan, Director (UCORA)
Want to find out more?