Tristan Caballero-Montes

Tristan Caballero-Montes is currently doing a PhD at the University of Mons (Warocqué School of Business and Economics) under the supervision of Professor Marc Labie and Dr. Cécile Godfroid via a scholarship from the Fonds de la Recherche en Sciences Humaines (FRESH – FNRS). The topic of his PhD is “Financial inclusion and sectorial dynamics: Analysis of regulation, competition, and collective action in microfinance”. He holds a Master’s degree in Business Engineering from the University of Mons, and a Specialised Master in microfinance from Université Libre de Bruxelles, in 2019. He has working experiences in the field of microfinance through medium-term field research carried out at the Cambodia Microfinance Association (CMA), and at the Tanzania Association of Microfinance Institutions (TAMFI), especially.

Alicia Dipierri

Ana Alicia Dipierri is a researcher, at the CERMi-ULB under the joint supervision of Marek Hudon and Tom Dedeurwaerdere (UCL). She starts in October with a 2+2 Aspirant fellowship of the FNRS. Her topic of interest is the behavioral changes that occur in the food system towards a sustainable development. More precisely, the objective of her PhD is to understand the changes in the behavior, the innovative solutions and the triggering motivations of several actors (i.e. small-scale and medium producers and enterprises, industrial actors, not-for-profit organizations, etc.), towards a sustainable development. She holds a master’s degree in international development and economics (HTW Berlin, Germany), two post-diploma/licentiate degrees in marketing (UOC Barcelona, Spain) and international trade (UB Barcelona, Spain), and a diploma/licentiate in tourism development (UNCo Neuquen, Argentina).


Tel.: +32 (0)2.650.35.88

Nzanzu Y'Ise Kivalya

Nzanzu Y'Ise Kivalya is doing a PhD at the University of Mons (Warocqué School of Business and Economics) under the supervision of Dr Cécile GODFROID. In his research, he discusses gender issues in Microfinance. More specifically, his PhD topic is entitled: "Microfinance and Women". He also holds a Specialised Master's degree in the "European Microfinance Programme" from the Université Libre de Bruxelles (Solvay School of Economics and Management).


François-Xavier Ledru

François-Xavier Ledru is currently undertaking a Ph.D programme in finance at both the Centre for European Research in Microfinance (CERMi - ULB) and the Centre for Research in Finance and Management (CeReFiM - UNamur). He is also a teaching assistant in econometrics at the University of Namur (UNamur). He works under the co-supervision of Professor Marek Hudon (ULB) and Professor Oscar Bernal (UNamur). His research topic is Impact Investing, but he also goes further into related issues pertaining to microfinance, Socially Responsible Investment (SRI), social enterprises, ESG criteria, etc. François-Xavier holds a Bachelor’s Degree in Marketing from the Haute Ecole Louvain en Hainaut (HELHa) as well as a Master’s Degree in Finance from the University of Namur (UNamur).


Pablo Manuelli

Pablo Manuelli is a researcher working under the supervision of Professor Marek Hudon (ULB). He works on a one-year study mission relative to the development of an inter-enterprise mutual credit scheme in the Brussels-Capital Region. The project is being carried out as a in collaboration with Financité ASBL. He holds a master’s degree in economics with a focus in “economics and society” from the University of Liège (ULiège) and a master’s degree in political sciences from the Université libre de Bruxelles (ULB). He has gained some working experience in the field of poverty and energy economics through, respectively, internships at the Federal Planning Bureau and at the think tank Itinera.


Patrick Murhula

Patrick Murhula is currently undertaking a PhD at the University of Mons (Warocqué School of Business and Economics) under the supervision of Professor Marc Labie. His research topic is “collective ownership and cooperative governance sustainability”. Patrick is a teaching assistant in the Economics and Management department at the “Université Catholique de Bukavu” (UCB) in DR Congo. He also works as a research assistant at the “Laboratoire d’Economie Appliquée au Développement (LEAD-UCB)”. He holds a master’s degree in financial management at UCB and a Specialised Master in Microfinance at the “Université Libre de Bruxelles” (European Microfinance Program).


Deborah Umba Ngoyi

Deborah Umba Ngoyi is currently undertaking a PhD at the University of Mons (Warocqué School of Business and Economics) under the joint supervision of Professor Mélanie Croquet and Dr. Cécile Godfroid, both from the University of Mons. Her thesis topic is “Behavioral economics of consumers of digital financial services''. She is also interested in microfinance schism, performances assessment, women empowerment, and impact studies. She conducted a study on over-indebtedness in the microfinance market in Kinshasa in 2018 and another in 2020 on synergies between social and financial performance with a focus on social performance management process, using the Atlas database, in collaboration with ADA. She holds a master's degree in business administration from the Université Protestante au Congo and a specialized master in microfinance from the European Microfinance Program at the Université Libre de Bruxelles (ULB). With regard to her professional experience, she has worked as a project manager for the establishment of a microfinance institution in the Democratic Republic of Congo, as an economist for a consulting firm, as a microfinance advisor for an NGO and as an Advocacy and Research assistant for the European Microfinance Network. 


Marie Louise Nzayisenga

Marie Louise Nzayisenga is currently doing a PhD at the University of Mons, Warocqué School of Business and Economics under Cécile Godfroid’s supervision. Her PhD topic is about the impact of financial literacy on performance of female-led small and medium scale enterprises in Rwanda. She holds a Master of Science in Social and Educational Research Methods and a Master of Business Administration (Finance) from the University of Rwanda. She is working at University of Rwanda as an assistant Lecturer.


Mihary Isandratana Rabearison

Mihary Isandratana Rabearison is preparing a PhD in Environmental Economics and is enrolled at the Warocqué School of Business and Economics (University of Mons, UMONS). He focuses on “Sustainability assessment, social life cycle analysis (S-LCA) and life cycle costing (LCC) of the seaweed based bioplastics in Madagascar”. He is under the joint supervision of Professor Marc LABIE (UMONS) and Professor Olivier T. RAMIANDRISOA (University of Antananarivo, Madagascar).

Mihary got graduated in Money, Bank and Finance preceded by a Bachelor’s degree in Statistical modelling and Econometrics from the University of Antananarivo. He has years of professional experience in the field of economic evaluation, survey and data collection, data analysis and statistics.


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Ariane Reyns

Ariane Reyns is a Ph.D. student at the CERMi-ULB. Her thesis is jointly supervised by Marek Hudon and Koen Schoors (UGent). She started in October 2020 as a teaching assistant for advanced corporate finance courses. Since February 2021, she’s pursuing her research with a 2x2 FRESH grant from the FNRS. Her topics of interest are economic resilience and complementary currencies. More specifically, her Ph.D. dissertation aims at understanding the resilience potential of complementary currencies, and on a smaller level, the driving factors behind the use of such currencies. Ariane graduated from the ULB with the Research Master in Economics degree and holds a bachelor’s degree in applied economics from the VUB.