For already the second time FINCA Armenia is participating in annual educational campaign “Borrow Wisely” organized by Microfinance Center. MFC unifies 108 microfinancing companies in 35 countries all over the world. To learn more about MFC please visit http://mfc.org.pl/
And this is already the fourth time MFC launches Borrow Wisely educational campaign with the principal goal of drawing the borrowers’ attention to some important issues when taking a loan. Borrow Wisely is delivering five key messages by proposing to those, who want to take a loan, to ask themselves 5 simple 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?
Thus the borrowers will be more aware of their current financial situation, will consider if they can afford the loan, if they will be able to repay it, or do they understand the documents they sign as well as the steps they should take in case of complain or misunderstanding. As a consequence, this will reduce over-indebtedness and ensure that people have positive experience while borrowing.
Moreover, this year the campaign has a new component called Financial Health Check. Financial Health Check is query which helps the customer to evaluate their financial strengths and weaknesses. Furthermore, the diagnostic test is designed to show how firm the client is to the financial shocks that might occur, or if they know how to manage the future income flows. The tool is divided into 3 components. The test, the scoring summary and the advice.
In its turn the test also has 3 sections. The first addresses practices related day-to-day finance management. The second section is examining how well the person can deal with unexpected costs. The third is dedicated to the long term planning issues.
As a responsible lender FINCA Armenia is eager to be part of the campaign this year as well. CEO Hrachya Tokhmakhyan says. “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 FINCA’s understanding of client protection. The campaign offers clear guidance for educating our current and potential customers and securing both them and the company”.
In order to ensure efficient communication printed materials such as: posters, leaflets and brochures will be placed in 6 branches: Echmiadzin, Artashat, Ijevan, Chambarak, Ashtarak and Talin. These materials will include some valuable information for current and potential borrowers in a fun and comprehensive manner. Marketing Manager of FINCA Armenia Yeva Grigoryan says. “Creation of positive customer experience is what FINCA strives for. BORROW WISELY! campaign gives a great opportunity of promoting and strengthening FINCA’s brand values of warmth, trust, and responsible banking. By educating and guiding our customers we not only show our care, gain trust, but also position ourselves as a responsible lending company, which offers clients only mutually beneficial cooperation”.