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?
24 Campaign partners across 16 countries in Europe and Central Asia reached 311,363 people with campaign messages during the fifth Borrow Wisely Campaign edition in 2018. Our partners educated people directly (individual meetings, workshops, fairs) and virtually on their websites and social media. The campaign is designed to help people think about borrowing in a more responsible way, and results reveal that we met our aim! Respondents had this to say:
Farm Credit is not just a lender, but also our adviser.
We are always happy to have their valuable advice!
A client of Farm Credit, Armenia
I learned a lot of interesting things about smart borrowing,
loans and how can I endanger my finances by borrowing.
A client of Sunrise, Bosnia and Herzegovina
We received useful information which will definitely apply.
Thank you for your time!
A client of MicroInvest, Moldova
Evaluation results from 2017 show that the message is getting through:
79% respondents agreed the campaign was useful for them
61% respondents were able to state at least 1 advice (out of 5 key advices) of wise borrowing after the campaign
91% of respondents declared that they would read the campaign materials later on
Read the complete Evaluation Report of Borrow Wisely! Campaign in 2017.
Join Borrow Wisely! Campaign 2019
Want to promote international client protection standards and increase social performance of your organization? Join the sixth edition of Borrow Wisely! Campaign in 2019! Read more
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.
- Borrow Wisely Campaign 2019
- Borrow Wisely Campaign 2018
- Borrow Wisely Campaign 2017
- Borrow Wisely Campaign 2016
- Borrow Wisely Campaign 2015
- Borrow Wisely Campaign 2014
- Join Borrow Wisely Campaign 2019!
- The Borrow Wisely Campaign 2018 reached over 300,000 people. Join us in 2019!
- The 2018 Borrow Wisely Campaign is over, but the impact goes on…
- Borrow Wisely Campaign 2018 starts in two weeks
- 2017 Borrow Wisely Campaign Results
- Borrow Wisely Campaign: The first results are available!
- Borrow Wisely Campaign has started!
- Just 2 weeks left until the 2017 Borrow Wisely Campaign kicks off!
- #BWC2017 Join us! Borrow Wisely Campaign 2017
- Learn more about Borrow Wisely Campaign 2016 Evaluation results!
- #BWC2016: News from the field!
- Borrow Wisely Campaign begins October 1st!
- Just a few days until 2016 Borrow Wisely Campaign kicks off!
- 2016 Borrow Wisely Campaign kicks off in October!