CERMi News



 Friday, March 11, 2022

Working Paper


WP 22-002


The Changing Role of Banks in the Financial System: Social versus Conventional Banks

Social banks have emerged as a new group of banks that call themselves as “alternative”, “ethical”, “sustainable”, and “value-based”. Their small market share increases at a rapid pace and is still expected to grow in the future. Social banks are institutions with both (at least some) activities of financial intermediation and one or several non-financial missions, typically based on environmental and social values. By unpacking the observable, real-life differences between social banks and conventional banks, this chapter paves the way to theorizing the multidimensional characteristics of social banks within the global banking industry. Business models, governance issues, lending technologies; and social outcomes appear to be key aspects to understand how innovative, value-based, social banks work and how they might one day substantively affect mainstream banking business.


Monday, March 7, 2022


Working Paper


WP 22-001


The costs and benefits of subsidized microfinance are still controversial. We utilize a cost-function estimation approach that accounts for the double bottom line (social and financial) of microfinance institutions (MFIs) to evaluate how subsidies affect both cost efficiency and risk of mission drift. We control for endogenous self-selection into the business models of credit-only versus credit-plus-deposit. Our results suggest that MFIs that both supply loans and collect deposits need no subsidies to be cost-efficient. In addition, subsidies to these MFIs are associated with an increase in deposit size, which might hurt the most disadvantaged depositors. In sum, combining subsidized funds from donors with deposits increases the risk of mission drift, and can therefore be socially undesirable.


 Monday, February 07, 2022





Discover our 17th CERMi Newsletter !

What you'll find in this edition :

Latest events at CERMi

Awards and prizes

Recent publications by CERMi members


 Thursday, January 06, 2022


Call for papers

The 7th European Research Conference on Microfinance will take place in Glasgow in June 2022 and the call for abstracts is open (deadline: 15th February 2022). For more information about the conference and how to submit an abstract, please visit the website: https://www.ercm2022.com/. All subjects related to microfinance, broadly defined, are welcome.


Wednesday, January 05, 2022


Call for papers

Strategic Change is looking for papers on two topics to be put together in two special issues:

  1. Artificial Intelligence in Finance
  2. Digital transformation

To submit a paper, please send to carlo.milana@iol.it


Tuesday, January 04, 2022


Happy New Year !

Dear all, 

Despite the ups-and-downs, we hope that 2021 has been a successful year for you and your organization.  

CERMi wishes you all the best for the New Year. 

Happy 2022 ! 


 Monday, January 03, 2022


PhD Thesis Public Defense


“Microfinance and Industry Dynamics: Analyses of Regulation, Competition, and Collective Action” by Tristan CABALLERO-MONTES (Warocqué School of Business and Economics, UMONS), under the supervision of Prof. Marc Labie (UMONS & ULB, BE) and Dr Cécile Godfroid (UMONS, BE). On January 27, 2022.



 Friday, December 17, 2021


Visiting Professors


Pr. Pascal Wélé (Université d'Abomey-Calavi, Benin) spent two months (November and December, 2021) at CERMi as part of a research project on microfinance regulation, in collaboration with Professor Marc Labie and Tristan Caballero-Montes. He was based at the Université de Mons (UMONS, BE).

Pr. Simon Cornée (Université de Rennes 1, FR) spent one week (September 2021) at CERMi as part of a course on microfinance at the EMP. He was based at the Université libre de Bruxelles (ULB, BE).

Dr. Samuel Anokye Nyarko (Montpellier Business School, FR) spent one week (November 2021) at CERMi as part of a course on microfinance at the EMP. He was based at the Université libre de Bruxelles (ULB, BE).

Pr. Anastasia Cozarenco (Montpellier Business School, FR) spent one week (December 2021) at CERMi as part of a course on microfinance at the EMP. She was based at the Université libre de Bruxelles (ULB, BE).


 Friday, October 29, 2021


CERMi Seminar


CERMi is pleased to invite you to the seminar 

"Performance Trade-offs in Social Enterprises: The Moderating Effect of Board Gender Diversity in Microfinance Organizations"

that Samuel Anokye Nyarko (Montpellier Business School and CERMi ) will be presenting on Wednesday, November 24th, 2021 at 3.30pm at the Université libre de Bruxelles (ULB), Solvay Brussels School of Economics and Management (room R42.2.107).

You will find below the announcement for the seminar and attached a PDF announcement, that you may print for display on your announcement boards.
Please confirm your attendance to cermi@ulb.be at the earliest.


 Thursday, October 28, 2021






Employee tenure and staff performance: The case of a social enterprise

The literature on social enterprises has largely examined tradeoffs at the organizational level. In this study, we examine tradeoffs at the employee level. By analyzing the case of an Ecuadorian microfinance institution, we show that the tenure of social enterprise employees affects individual social and financial performance differently: the relationship between tenure and social performance is positive, whereas the relationship between tenure and financial performance is an inverted U-shape. Furthermore, our results suggest that social enterprise employees with the longest tenure are the least inclined to experience tradeoff tensions.


Tuesday, October 19, 2021


Call for Papers


PRACTICAL ACTION PUBLISHING Special Edition: Food Loss and Waste 

EDM invites researchers and practitioners to contribute unique articles to the upcoming special edition: Food loss and waste, agriculture and food systems in developing countries: emerging themes and issues The issue will be published in Autumn 2022. The deadline for abstracts is 1 February 2022 and 1 March 2022 for draft submissions.

EDM encourages critical thinking on how market systems and financial sectors can be more inclusive and sustainable, with concrete implications for designing, implementing, and evaluating programmes in the global South. EDM is essential reading for practitioners, researchers, donors, policymakers, and finance specialists that facilitate the benficial engagement of disadvantaged communities in economic sectors.

Contributions to EDM may include:
 Research article: original development-relevant research, peer-reviewed, up to 6000 words
• Perspectives from the field: ideas and experiences on entrepreneurship in developing countries, peer-reviewed, up to 4000 words
• Editorial: reflections on the state of market-oriented research and development practice
• Crossfire: debate between experts on the unknowns, dilemmas, and tensions in microfinance and enterprise development
• Book review: critical thoughts on relevant books and manuscripts

Articles should be submitted via EDM online submission and peer review system www.edmgr.com/edm 

Download the pdf file to read more about the call for papers.




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