| CERMi PhD students
Marion Allet
"Microfinance and the Environmental Bottom Line: What Relevance?"
In a context of promotion of a more responsible finance and of growing concerns about environmental degradation, this research project seeks to analyze to what extend it is relevant for microfinance to integrate an environmental bottom line.
The research will focus first on identifying the rationales behind a “green microfinance” (various stakeholders’ interests, convergence or oppositions). A second research question will assess to what extend microfinance could play a role in changing the environmental behaviors of its clients (scope and limits of this role, modalities of integration in broader policies). Finally, a third research question will evaluate what are the different costs and benefits of a green microfinance program for an MFI and its clients (trade-offs between financial, social and environmental objectives).
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Bertrand Moulin
"
Microfinance Seen through Investment Vehicles : The Case of Sub-Saharan Africa"
This thesis research aims at analyzing the financial impact of Microfinance investment vehicles (MIVs) on Microfinance institutions (MFIs) as a credible and financially sustainable funding mean and if MIVs can contribute to the expansion and consolidation of Microfinance in Sub-Saharan Africa. The thesis should inform on which types of MIVs for which types of MFIs, at what stage?
It is meant to be carried-out through papers which should be specifically answering the following sub-questions:
Why and how could MIVs contribute to expand and consolidate the two main models of Microfinance in Sub-Saharan Africa (co-operative model in West Africa and commercial model in East Africa)? The links between Microfinance and MIVs assessed here should be studied from a qualitative point of view (in terms reinforcement of institutions).
What are the risks that restrict the development of MFIs funding by MIVs and how to face them?
Is there then an optimal model of interactions between investment funds and Microfinance in Sub-Saharan Africa? In other words what model should help go beyond the 150 MFIs in which MIVs invest today? Following the first two papers, strengths and weaknesses should be pointed out and thus an optimal model of interactions between MIVs and Microfinance in Sub-Saharan Africa clarified.
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Ephrem Niyongabo
"Coordination Between Microfinance and Public Policies in Terms of Agricultural and Rural Development in South Countries. The Case of Burundi"
This research starts from the assessment that efforts for developing microfinance must be joined up to support for small and micro enterprises (SME).
From a microeconomic analysis of the real capacity of microfinance to meet the needs for SME development, this research aims to develop a global perspective of coordination between microfinance and development policies. From this point of view, the goal is to identify elements that are to be foreseen in order to launch synergies between microfinance and other financing mechanisms on the one hand, and politics for promoting SME on the other hand.
Source of financing:
The Government of Burundi.
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Anaïs Périlleux
"The Governance of Savings and Credit Cooperatives in Southern Countries"
Often overlooked in research studies, savings and credit cooperatives do nevertheless actively participate to the microfinance sector in developing countries. The governance issue of these organisations is of the mere concern as it affects their success. Ms. Périlleux’s thesis aims to study the governance methods of cooperatives from both a theoretical and empirical perspective. The results could then be used for diagnoses and follow up of that type of organisations.
Source of financing: Research fellowship from the Belgian FRS-FNRS.
The objective of the Fonds National pour la Recherche Scientifique is to promote the development of scientific research in the Communauté Française de Belgique by awarding loans to individual researchers and research teams.
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Koen Rossel-Cambier
Koen Rossel-Cambier is undertaking doctoral research as a first conceptual attempt to bring forward the specific characteristics of combined microfinance schemes delivering both microinsurance, microcredit and microsavings products. Based on the point of view of the various stakeholders, the study elaborates on three complementary research questions:
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Does combining microfinance services improve or weaken overall organisational performance of micro-finance schemes?
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Does the combining of microfinance services lead to more inclusion or to more exclusion of the poor?
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Are combined microfinance schemes enhancing or challenging donor effectiveness?
The research builds on literature as well as the analysis of data from 250 MFIs in Latin America and the Caribbean, and relates it to a case study in the Caribbean. The research argues for a more formative evaluation approach towards combining microfinance schemes.
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Jessica Schicks
"Customer protection in Microfinance"
Emerging from its non-profit roots, the microfinance industry has not only proven self-sustaining but even profitable in many occasions. Advantages such as professionalism, access to private capital and a unique opportunity to achieve scale notwithstanding, challenges have emerged around potential trade-offs between investor, MFI and customer interests. A single, social bottom line has evolved into a multiple bottom line, including financial as well as social objectives. As a result, customer protection is increasingly relevant to the microfinance industry, not only from a regulatory but also from a proactive industry and governance perspective.
While the social mission of the industry gives microfinance customer protection specific importance compared to other industries, the 2008/2009 financial crises has pointed out that an unsustainable financial services offer implies risks for the industry as a whole, not only to customers. One of the most prevalent risks of microfinance that currently endangers both social impact and industry stability is overindebtedness. This project aims to a) investigate the concept and definitions of overindebtedness, b) measure the severity of overindebtedness among microfinance customers, both quantitatively in terms of numbers of clients affected and qualitatively in terms of customer experiences, c) understand which clients are particularly affected and which MFI characteristics correspond to high overindebtedness levels, and d) conclude on the options for customer protection to counter the overindebtedness risks in microfinance.
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Ritha Sukadi Mata
"Financial Intermediation and the Impact of Remittances on Development"
The objective of the research is twofold. The first goal is to better understand the developmental impact of remittance transfers both on migrants (senders) and on the recipients in developing countries. The second goal is to consider whether there is a relation between this developmental impact and the financial intermediaries involved in the transfer process.
The research will focus specifically on microfinance institutions as they are the only formal intermediates offering a wide range of financial services to migrants and recipients. The socio-economic profile of these two groups is similar to that of the target population of microfinance institutions.
Source of financing: Bernheim Foundation (Belgium).
The goal of the Bernheim Foundation is to support personal and professional initiatives, the spread of cross cultural understanding to facilitate the creation of harmonious social structures. These structures should be designed such that they meet the goals and activities of both individuals and society in a sustainable fashion.
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Ludovic Urgeghe
"The Influence of Investment Funds on the Governance of Microfinance Institutions"
In a context of microfinance commercialisation, this research aims at exploring the possible long-term effects of emerging investment funds specialised in microfinance on the sector, and especially on the governance of microfinance institutions.
Source of financing: University of Mons (UMONS).
Assistant at UMONS.
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Annabel Vanroose
"The Uneven Development of the Microfinance Sector"
The objective of this research project is to identify political, institutional and economic factors that could explain the uneven distribution of the growth of microfinance in developing countries. The initial focus is on Latin America, followed by a comparison of experiences between Latin America and Africa. A data panel will be used to evaluate a model of divergence in development. This analysis will eventually be expanded to include the whole world. Finally, a case study will be conducted on the development of the microfinance sector in Peru.
Source of financing: Vrije Universiteit Brussel (Belgium).
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