The MFC is teaming up with 24 financial institutions to launch the second annual international Borrow Wisely Campaign. Over the next 30 days, field staff across 15 countries in Europe and Central Asia will educate thousands of existing and potential microfinance clients on how take on safe and responsible levels of debt.
Why is the Campaign important?
In many countries, the microfinance sector has earned a negative reputation, caused by broader industry crises or the irresponsible behavior of a few market players. Now more than ever, we need to demonstrate that the industry is able to lend responsibly, transparently and protect against client over-indebtedness in line with international standards. But it’s not just institutional responsibility that matters: the other important half of the “client protection equation” is responsible borrowing – that is, making sure that clients know how to use debt safely.
Last year’s Campaign proved to be a great tool for reaching massive numbers of clients with targeted financial education messages – in fact it exceeded our outreach targets. Given this popular interest, we’ve decided to build on our success and make the Borrow Wisely Campaign an annual event.
To read the full press release click here
The MFC is teaming up with 24 financial institutions to launch the second annual international Borrow Wisely Campaign. Over the next 30 days, field staff across 15 countries in Europe and Central Asia will educate thousands of existing and potential microfinance clients on how take on safe and responsible levels of debt.
Why is the Campaign important?
In many countries, the microfinance sector has earned a negative reputation, caused by broader industry crises or the irresponsible behavior of a few market players. Now more than ever, we need to demonstrate that the industry is able to lend responsibly, transparently and protect against client over-indebtedness in line with international standards. But it’s not just institutional responsibility that matters: the other important half of the “client protection equation” is responsible borrowing – that is, making sure that clients know how to use debt safely.
Last year’s Campaign proved to be a great tool for reaching massive numbers of clients with targeted financial education messages – in fact it exceeded our outreach targets. Given this popular interest, we’ve decided to build on our success and make the Borrow Wisely Campaign an annual event.
To read the full press release click here