What is Borrow Wisely Campaign?
The Borrow Wisely promotes global client protection standards. This annual international Campaign is led by the MFC and its partners. We work with any institution that is a responsible lender (complying with current global standards of client protection) working in the Europe and Central Asian region.
What is our goal?
We aim to educate large numbers of clients about how to borrow money safely, harnessing the positive power of loans and avoiding the pitfalls of too much debt.
Borrowers need understand that they have the power to borrow wisely is in their hands, and that they can avoid the risks of over-indebtedness by asking themselves key questions to get to grips with how much they can safely borrow.
Why MFIs should participate?
As an industry, our future depends on our ability to lend responsibly, and to protect against client over-indebtedness in line with international standards. Responsible lending is good for clients and good for the reputation of the industry as a whole. The Campaign is an excellent opportunity to re-confirm institution customer care orientation and commitment to responsible finance.
What will we do?
The campaign targets clients and potential clients of microfinance institutions. Campaign partners’ field staff will use posters, leaflets brochures and videos to communicate the importance of borrowing wisely. We developed a simple “pre-loan” checklist of questions that clients should ask themselves before taking out a loan, to ensure that only borrow safe and responsible levels of debt. These questions are:
- How much can I afford to borrow?
- Do I know how much I will pay?
- Do I fully understand the contract?
- What should I do if I am not satisfied?
- How to control debt?
What are the Borrow Wisely Campaign Results in 2017?
26 Partners from 17 countries participated in the campaign during October 2017 successfully engaging over 250 000 current and potential clients. Evaluation results from previous years show that the message is getting through: the campaign helps people to think about borrowing in more responsible and deliberate way:
Read the complete Evaluation Report of Borrow Wisely Campaign in 2017.
Join Borrow Wisely campaign in October 2019!
Want to promote international client protection standards and increase social performance of your organization? Join sixth edition of Borrow Wisely Campaign in 2019!
Participation is free for MFC Members.
Organizations, not affiliated with MFC can join the Campaign on commercial basis.
Interested in getting involved? Please contact us.
- The 2018 Borrow Wisely Campaign is over, but the impact goes on…
- Borrow Wisely Campaign 2018
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- 2016 Borrow Wisely Campaign kicks off in October!