News Archive


Thurdsay, April 26, 2018

Doctoral Scholarship in Entrepreneurship

and Behavioral Finance


Wednesday, April 18, 2018

The Activity Report 2017 is available! 





Thursday, February 15, 2018

CERMi is proud to announce that Ephrem Niyongabo, former PhD student, joined the World Bank since February 15, 2018 as Economist for Burundi based in Bujumbura, within the Macroeconomics, Trade and Investment (MTI) Global Practice, East Africa Unit.

Ephrem Niyongabo successfully defended his PhD Thesis in Economics and Management on January 2011, at the Warocqué School of Business and Economics (CERMi - University of Mons).

Prior to joining the World Bank, he worked as Expert Advisor to the Board in charge of Monetary Policy and Financial Markets at the Bank of the Republic of Burundi (November 2015 to mid-February 2018); as Senior Research Economist in Private Sector Development, Regional Integration and Trade Policies at the Institute for Economic Development in Burundi (May 2011 and October 2015); and as consultant and researcher for national and international institutions operating in Burundi (e.g. AfDB, UNDP, ACBF, EU, BTCCTB).

Congratulations to him!

Monday, January 29, 2018

Public Seminar:

"Corporate Governance in Microfinance"

Muluneh Hideto Dato, CERMi PhD student, will present his Public Seminar on February 1, 2018, at 2.00pm at the Solvay Brussels School of Economics and Management (ULB, Brussels). The seminar will be held in room R42.2.110.

The Public Defense will be held on February 8, 2018, at University of Agder (Norway).

Thursday, December 14, 2017

CERMi is proud to announce that Carolina Laureti, who did her PhD at CERMi and a Postdoc both at UC Berkeley and at CERMi, will be a Lecturer at the University of Groningen (Department of Economics, Econometrics, and Finance) in The Netherlands, starting from January 15, 2018. Congratulations to Carolina!


Tuesday, November 21, 2017

Call for papers for a special issue in Journal of Business Ethics on The Ethics of the Commons. Guest Editors: Helen Haugh, Marek Hudon (CERMi co-director), Camille Meyer (CERMi former PhD Student and current Associate Researcher) and Ana Maria Peredo. 

More information here

Submission deadline: 15 December 2018

Tuesday, November 14, 2017

CERMi is pleased to announce that Camille Meyer, a Former CERMi PhD student, has received from the FIR-PRI AWARDS Finance and Sustainability the Best PhD Thesis 2017 Award for his thesis "Social Finance and the Commons". For information:

Tuesday, October 31, 2017

CERMi is pleased to announce that the first e-learning on Green Microfinance is now online on the  e-MFP Microfinance and Environment Action Group webpage:

The e-learning provides an introduction to the various dimensions of green microfinance and it presents, in an interactive way, some of the existing tools, projects and research results in this innovative sector of inclusive finance. The e-learning is addressed to all stakeholders, including researchers and practitioners, interested to know more on the green side of inclusive finance. Some exercises and an interactive quiz are also proposed. 

We are proud to announce that the e-learning on Green Microfinance has been developed by CERMi associate researchers: Marion Allet and Davide Forcella for University Meets Microfinance.

The e-learning is freely available. To receive login and password, please email e-MFP at:

Wednesday, October 25, 2017

CERMi is pleased to announce that Cécile Godfroid, a CERMi PhD student at University of Mons (UMONS), has received from ADA the Best Research Paper Award at the Research Meets Africa (Addis Abeba, ET) for her paper "Relationship  Lending in Microfinance : How does it Impact Client Dropouts?". 

For information:

Monday, September 18, 2017

New article in Oxford Development Studies by CERMi researchers Marc LABIE, Carolina LAURETI, and Ariane SZAFARZ:

"Discipline and Flexibility: A Behavioural Perspective on Microfinance Product Design"

Thursday, September 14, 2017

Discover our 13th CERMi Newsletter (September 2017)!


What you'll find in this edition :


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

Monday, August 28, 2017

Public Thesis Defense: 

“Complementary Currencies and Environmental Sustainability”


Hélène Joachain, CERMi PhD student, will publicly defend her PhD thesis on September 4, 2017, at 4.00pm at the Solvay Brussels School of Economics and Management (ULB, Brussels). The defense will be held in room R42.2.110


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:


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:

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:

For more information on the 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)