Borrow Wisely Campaign
Viator Microcredit Azerbaijan LLC has recently joined Borrow Wisely Campaign – the project of the Microfinance Center, which aims to educate MFI clients on over indebtedness, credit risk and ability to avail a loan without financial challenges on repayment. The Borrow Wisely! Campaign is an international initiative to promote international customer protection standards and financial education, initiated in 2014 by the MFC.
Borrow Wisely Campaign 2015: International financial education campaign will reach over 150 000 clients in 30 days.
1 October 2015
Today, 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.
How Viator Microcredit Azerbaijan is going to do it?
Field staff of Viator Microcredit will directly engage with clients around key messages to help them understand how to borrow responsibly. Staff will head out into the field equipped with posters, leaflets and brochures that provide the answers to five critical questions:
• How can I figure out 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 with my bank?
• How can I control my debt levels?
The materials developed through the support of the European Fund for Southeast Europe (EFSE) will provide the customers with the information on the risks caused by the loans in foreign currency.
Who is involved?
This Campaign brings together leaders in client protection from across the region, including:
Viator and AzerCredit (Azerbaijan), EKI, Lider, MiBospo, and Parner (Bosnia and Herzegovina); SIS Credit (Bulgaria); Crystal (Georgia); AFK (Kosovo); Baitushum (Kyrgyzstan), Horizonti (Macedonia); Microinvest (Moldova); Xac Bank (Mongolia); AgroInvest (Serbia and Montenegro); Vitas (Romania); MDF, and Opportunity Bank (Serbia); Bank Eskhata and Imon (Tajikistan); and Hope (Ukraine).
Want to find out more?
For more information please visit our website at www.viator-az.com , also you can visit the website of MFC at www.mfc.org.pl , follow MFC on Facebook , Twitter or contact Kinga Dabrowska.