CERMi News 

Wednesday, June 28, 2017

CERMi is pleased to announce that Muluneh Hideto Dato, a CERMi PhD student, has received from the European Microfinance Platform the Best PhD Paper Award at the 5th European Research Conference on Microfinance (Portsmouth, UK) for his paper "Association between Microfinance Social Rating Scores and Governance Structure: A Global Survey."

Muluneh Hideto Dato is doing his PhD in Management Sciences under the joint supervision of Prof. Marek Hudon at Université libre de Bruxelles (ULB), Belgium, and Prof. Roy Mersland at University of Agder (UiA), Norway. He benefits from a fellowship from the Marie-Christine Adam Foundation (ULB) and the University of Agder (UiA). For information: http://www.e-mfp.eu/news-and-events/best-phd-paper-award-5th-european-research-conference-microfinance

Thursday, June 8, 2017




CERMi (ULB) will organize together with CIRTES (UCL) and CREM (Université de Rennes 1) two workshops on social finance on 3 July 2017. These workshops will be organized in Louvain-La-Neuve as part of the Transdisciplinary Forum of the EMES research network conference.

More information and registration here

Tuesday, May 23, 2017

  Doctoral Fellowship on Social Economy & Common Goods Management




Monday, April 3, 2017

Public Thesis Defense: 

Social Finance and the Commons

Camille Meyer, CERMi PhD student, will publicly defend his PhD thesis on April 21, 2017, at 2.00pm at the Solvay Brussels School of Economics and Management (ULB, Brussels). The defense will be held in room AW1.121.


Monday, April 3, 2017

The Activity Report 2016 is available! 



Thursday, March 30, 2017

Marek Hudon, CERMi’s Co-director, has been appointed as member of the Editorial Board of The Journal of Business Ethics in March 2017.

The Journal of Business Ethics is the leading journal in the field of business ethics. It belongs to the Financial Times list of top journals in management sciences.

Congratulations to Marek Hudon for this prestigious appointment!

Wednesday, March 15, 2017

Our former PhD student, Eddy Balemba Kanyurhi, has received a postdoctoral fellowship ELAN 2017 from ARES (Académie de Recherche et d' Enseignement Supérieur).

Congratulations to him!

Friday, February 17, 2017

Public Thesis Defense: 

“Essays on Intra-household Decision-making, Gender and SocioEconomic Development”

Rama Lionel Ngenzebuke, CERMi PhD student, will publicly defend his PhD thesis on February 21, 2017, at 12.00pm at the Solvay Brussels School of Economics and Management (ULB, Brussels). The defense will be held in room R42.2.103.

Friday, February 17, 2017

New article in The Journal of Development Studies by CERMi researchers Supriya GARIKIPATI, Isabelle AGIER, Isabelle GUÉRIN, and Ariane SZAFARZ:

"The Cost of Empowerment: Multiple Sources of Women’s Debt in Rural India"

Friday, February 17, 2017

New article in The Journal of Development Studies by CERMi researchers Supriya GARIKIPATI, Susan JOHNSON, Isabelle GUÉRIN, and Ariane SZAFARZ:

"Microfinance and Gender: Issues, Challenges and The Road Ahead"

Thursday, February 9, 2017

A new free online course (MOOC) by Marek HUDON (Co-director of CERMi) on the commercialization of social enterprises and microfinance. Here is the link to the teaser and registration page: http://tiny.cc/Socent

Friday, February 3, 2017

New article in Nonprofit and Voluntary Sector Quarterly by CERMi researchers Bert D’ESPALLIER, Marek HUDON, and Ariane SZAFARZ:

"Aid Volatility and Social Performance in Microfinance"

Monday, December 19, 2016

An interview on the Microfinance Gateway (in French) with a CERMi researcher, Davide Forcella: "Pourquoi et comment aller vers une microfinance verte?"


Wednesday, December 7, 2016

Offre d'emploi - Chargé(e) de recherche sur la Co-création d'outils d'échanges citoyens pour une résilience urbaine à Bruxelles



Friday, November 25, 2016

International Seminar on Social

and Community Entrepreneurship

Brussels, December 6, 2016



Monday, October 17, 2016

Call for applications

One-Year PhD Fellowship (Seed Financing)

on Microfinance and SME Finance in Europe


Thursday, October 6, 2016

New article in Applied Economics Letters by CERMi researchers Carolina LAURETI and Ariane SZAFARZ:

"The Price of Deposit Liquidity: Banks versus Microfinance Institutions"

Monday, October 3, 2016

Post-doctoral Fellowship on Crowdfunding





Tuesday, September 20, 2016

Discover our 12th CERMi Newsletter (September 2016)!

What you'll find in this edition :

  • Coming events at CERMi
  • Recent events at CERMi
  • Awards and prizes
  • Recent publications by CERMi members


Friday, September 16, 2016

Annabel Vanroose, who did her PhD and Postdoc at CERMi, is now Associate Professor in Development Finance at University of Stellenbosch-Business School in Cape Town, South Africa. Congratulations!

Friday, May 27, 2016

New article in Journal of Economic Issues by CERMi researchers Simon CORNÉE, Panu KALMI, and Ariane SZAFARZ:

"Selectivity and Transparency in Social Banking: Evidence from Europe"

Thursday, April 21, 2016




CERMi and Université de Rennes 1 co-organize a workshop on:

 « Recent Advances in Social Finance ».

It will be held in Rennes on Thursday, June 2, 2016.

Download the programme

Tuesday, April 19, 2016

The Activity Report 2015 is available! 


Monday, April 18, 2016

CERMi is pleased to announce the publication of the last edition of the Revue Tiers Monde on  “Financial Inclusion: Helping the Poor or Serving the Financiers?” edited by F. Doligez, J. Bastiaensen, F. Bédécarrats and M. Labie. 


Friday, January 8, 2016

Our former PhD student Eddy Balemba Kanyurhi was appointed Associate Professor by the Board of Directors of UCB, since December 31, 2015.

Congratulations to him!


Monday, January 4, 2016

Simon CORNÉE (University of Rennes 1, France, and CERMi), Panu KALMI (University of Vaasa, Finland), and Ariane SZAFARZ (ULB, SBS-EM, CEB and CERMi, Belgium) are the recipients of the 2016 WARREN SAMUELS PRIZE for their paper "Selectivity and Transparency in Social Banking:  Evidence from Europe" presented at the ALLIED SOCIAL SCIENCE ASSOCIATIONS (ASSA) meetings in San Francisco (January 2016).

The Warren Samuels Prize is awarded by the Association for Social Economics to a paper, presented at the ASSA meetings, that best exemplifies scholarly work that is of high quality, is important to the project of social economics, and has broad appeal across disciplines.

To download the paper: https://ideas.repec.org/p/sol/wpaper/2013-221488.html

For more information on the Warren Samuels Prize: http://socialeconomics.org/?page=awards_and_grants&side=warren_samuels_prize

Friday, December 11, 2015

The Crises of Microcredit - Book coverThe Centre for European Research in Microfinance (CERMi) is proud to announce the release of the book The Crises of Microcredit (London: Zed Books, 2015), edited by Professors Isabelle Guérin, Marc Labie and Jean-Michel Servet, all associated with CERMi, as the outcome of the research project “Microfinance in Crisis”... (read more)


CERMi (Centre Européen de Recherche en Microfinance / Centre for European Research in Microfinance), draws together researchers, involved in microfinance activities in developing countries, from the Centre Emile Bernheim (Solvay Brussels School of Economics and Management, Université Libre de Bruxelles) and from the Warocqué Research Centre (Université de Mons). The CERMi also collaborates with the European Microfinance Programme.

Microfinance provides financial services, including credit, savings and insurance, to poor customers with little or no access to the traditional banking sector. It has come to be regarded as a very important component of strategies aimed at reducing poverty. Over the last decade, the microfinance industry has experienced rapid growth creating a constant demand for new knowledge to help guide its development.

CERMi was created as part of the Académie Wallonie-Bruxelles, with the goal to become an active participant in this process. It aims to study the management of a wide range of microfinance financial institutions, represented by NGOs, cooperatives and commercial companies. Thanks to an interdisciplinary approach, CERMi hopes to make substantive contributions to the body of knowledge on microfinance which will help the industry deal more effectively with its future challenges.

From a microeconomic and managerial perspective, CERMi is undertaking research on institutional aspects including governance and risk management of microfinance institutions, as well as the concept of a client-driven approach toward the development of financial services and products. From a macroeconomic and sociological point of view, CERMi focuses on matters of regulation and local government policy, as well as the roles played by central banks and international donors. Links between microfinance and the traditional banking sector are also analysed, and throughout this research, special attention is given to ethical considerations that are specifically relevant and critical to the evolution of the microfinance industry.