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. The campaign really helps people to think about borrowing in more responsible and conscious way, that shows campaign evaluation:
Read the complete Evaluation Report of Borrow Wisely Campaign in 2017.
Who are the campaign partners?
26 MFC members from 17 countries are participating in the Borrow Wisely Campaign in the field:
These are Farm Credit, Nor Horizon, Finca, Ucora (Armenia); AzerCredit (Azerbaijan); NOA Sh.a. (Albania); EKI, Lider, MiBospo, and Partner (Bosnia and Herzegovina); Mikrofond , SIS Credit, USTOI (Bulgaria); Crystal (Georgia); Kepa (Greece); AFK (Kosovo); Asian Credit Fund (Kazakhstan); Horizonti (Macedonia); Microinvest (Moldova); Monte Credit (Montenegro); ACAF (Spain); Vitas (Romania); AgroInvest, Opportunity Bank (Serbia); Hope (Ukraine) and Imon (Tajikistan).
Join Borrow Wisely campaign in October 2018!
Want to promote international client protection standards and increase social performance of your organization? Join Borrow Wisely campaign in 2018! This year, for the fifth time the MFC will organize the campaign.
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: 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!