For the next 31 days, 26 financial institutions in 17 countries will roll out financial education messages across the region as part of the MFC’s third annual Borrow Wisely Campaign. During this international campaign, our partners will reach hundreds of thousands of existing and potential microfinance clients with tips and tools about how to take on safe and responsible levels of debt.
How are we 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?
Our partners will also broadcast videos and organize a series of workshops and other special events to mark this month of wise borrowing. In some countries, our partners will be offering a simple “Financial Health Check” service to help clients understand how well they are managing their household budget and expenditure.
What do MFC partners have to say about the Campaign?
“As a responsible financial institution, FINCA takes an integrated approach for satisfying clients’ needs, at the same time protecting them from various financial risks, including over-indebtedness. The mission of Borrow Wisely Campaign goes hand-in-hand with our ethos of client protection.”
–Hrachya Tokhmakhyan (CEO, FINCA Armenia)
“The Borrow Wisely Campaign spreads the idea of responsible lending and creates awareness among borrowers about the need to successfully manage their finances. Helping people to understand their financial situation before taking out a loan is crucial since it leads to a responsible and a thoughtful decision that creates positive results and trust of the borrower.”
–Neoklis Stamkos (Project Manager, KEPA Greece)