Woori Bank is strengthening the financial safety net by providing guidance on how to prevent financial harm and explaining policy-backed finance support schemes at worksites.

Woori Bank said on May 14 it will jointly run a “Nationwide Relay Promotional Campaign: No to Illegal Private Lending” with the Korea Inclusive Finance Agency.

The campaign was set up to help prevent harm from illegal private lending and to expand awareness of policy-backed finance support schemes. It will be sponsored by Woori Bank for a second consecutive year and will run through the end of December.

Woori Bank and the Korea Inclusive Finance Agency plan to provide about 11,000 financially vulnerable people, including the elderly and people with disabilities, as well as local residents, with information on preventing harm from illegal private lending and guidance on policy-backed finance support schemes.

The campaign will be carried out in cooperation with organisations in eight regions nationwide, including Seoul, Incheon and Gyeonggi, Daejeon and Chungcheong, and Daegu and Gyeongbuk. The two organisations plan to raise awareness of the risks of illegal private lending and how to prevent harm through mobile integrated support, street campaigns and local government events.

Jae-beom Cha (차재범), deputy head of Woori Bank’s ESG Mutual Growth Finance Department, said methods used in illegal private lending have recently become increasingly sophisticated. He said it is important to provide accurate and practical financial information so financially vulnerable people do not suffer harm. He said the bank will fulfil finance’s social responsibility.