CERMI
CERMi is a nonprofit academic research center jointly run by ULB and the University of Mons that produces peer-reviewed research, working papers, and the EMP Master's degree in microfinance and social finance, serving the global academic, NGO, and policy communities.
- Company typePrivate
- Founded-
- HeadquartersBrussels, Belgium
- Headcount11–50
- GTM typeB2B
- OfferingServices
What CERMI does
CERMi (Centre for European Research in Microfinance and Social Finance) is an academic research center jointly established by the Université Libre de Bruxelles (ULB) and the University of Mons. It is governed by a Direction Committee of four Co-Directors (Marek Hudon, Marc Labie, Hubert Tchakoute-Tchuigoua, and Ariane Szafarz) and supported by three coordinators, with a core staff of approximately 20. The center's mission is to advance rigorous, interdisciplinary research on microfinance and social finance, covering financial inclusion, poverty alleviation, MFI governance and regulation, gender dimensions, environmental sustainability, and social performance.
CERMi's primary outputs are academic: working papers distributed through the CEBRIG collection, peer-reviewed journal articles (e.g., Journal of Business Ethics), books and book chapters (including The Handbook of Microfinance), seminars, and conferences. It also runs the European Microfinance Programme (EMP), a one-year Master's degree in microfinance co-organized by four European universities, which generates tuition revenue and serves as a PhD recruitment pipeline. The center operates from Brussels (Solvay Brussels School of Economics and Management, ULB Campus Usquare) and Mons (Warocqué School of Business and Economics), with a research network spanning 5 continents and 40+ associate researchers based at universities in Europe, Africa, Asia, and North America.
The business model is that of a university-affiliated nonprofit research entity rather than a commercial company. Funding is implicit through host university budgets, research grants, and EMP tuition; there are no disclosed enterprise customers, no productized software or SaaS revenue, and no APIs or proprietary technology platforms. CERMi monetizes indirectly through academic reputation, doctoral training, and policy-relevant research delivered to NGO partners such as ADA (Luxembourg), CERISE (France), and HUMUNDI/SOS FAIM (Belgium), as well as academic partners in Benin, DR Congo, France, Armenia, and Norway. The organization is non-commercial, with no ownership, funding rounds, or M&A activity reported.
CERMI firmographics
Firmographics- Name
- CERMI
- Legal name
- Centre for European Research in Microfinance and Social Finance
- Website
- https://cermi.eu
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- CERMi is a nonprofit academic research center jointly run by ULB and the University of Mons that produces peer-reviewed research, working papers, and the EMP Master's degree in microfinance and social finance, serving the global academic, NGO, and policy communities.
- Ownership category
- akta.pro rank
CERMI industry classification
Industry- Product category
- Academic Research — Microfinance and Social Finance
- NAICS
- Colleges, Universities, and Professional Schools (611310), Research and Development in the Social Sciences and Humanities (541720)
- SIC
- Services-Educational Services (8200)
- akta.pro primary industry
- Public Research Universities with Comprehensive Graduate & Professional Schools (EDAHAAAF)
- akta.pro secondary industry
- Business & Management Research Universities (EDAHABAE)
Keywords
Where CERMI is headquartered
LocationHeadquarters
- HQ city
- Brussels
- HQ country
- Belgium
- HQ region
- Europe
Offices2 records
Markets served
CERMI business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others
Revenue model
- Academic Research and Education: CERMi operates as a university-based research center affiliated with Université Libre de Bruxelles and University of Mons, engaging in academic research, publications, and the European Microfinance Programme (EMP) educational offerings.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
CERMI product offering
Product offeringCore offering
CERMi is a university-affiliated academic research center that produces and disseminates research on microfinance, social finance, financial inclusion, and development economics. Its primary outputs include peer-reviewed articles, working papers, books and book chapters, and the European Microfinance Programme (EMP), a one-year Master's degree in microfinance co-organized by four European universities. The center also conducts collaborative research projects and PhD supervision with academic partners and NGOs across multiple continents.
Product overview
CERMI (Center for European Research in Microfinance and Social Finance) is an academic research institution, not a commercial product company. It does not offer commercial products or services. Its offerings consist of academic research outputs, publications (working papers, articles, books, and book chapters), educational programs through the European Microfinance Programme (EMP), and collaborative research partnerships with academic institutions and NGOs worldwide.
Differentiator
Problem solved
Functional benefit
Products and services
- European Microfinance Programme (EMP) A one-year Master's degree program in microfinance co-organized by four European universities (including ULB and UMons), providing specialized graduate training in microfinance for students worldwide.
- CERMi Working Papers (CEBRIG collection) Working papers in microfinance and social finance research, published by CERMi researchers and disseminated through the CEBRIG collection and academic channels.
- CERMi Activity Reports Annual activity reports summarizing CERMi members, seminars held, awards, publications, and conference highlights for each year.
- CERMi Research Seminars and Conferences Regular academic seminars and conferences featuring research presentations by CERMi members, visiting scholars, and external researchers in the field of microfinance and social finance.
Companies that use CERMI
Customer profileSegments2 records
Ideal customer profiles3 records
CERMI technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
CERMI partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- CERSEM – Research on Social Enterprises and Microfinance (University of Agder, Norway)coreCERSEM is one of Europe's leading research groups on social enterprises and microfinance, integrated into the research group on Emerging Markets at the School of Business and Law (University of Agder). The partnership involves joint research projects, PhD co-supervision, and collaborative academic activities. CERSEM's team includes core faculty members, postdoctoral students, and associated researchers from universities across the World.
- Université d'Abomey-Calavi (Benin)coreFounded in 1970 in Cotonou, Benin, Université d'Abomey-Calavi is a major university in Western Africa. Multiple researchers have specialized in microfinance within the Faculté des Sciences Économiques (FASEG), partnering with CERMi on research topics combining performance, regulation, or governance.
- Université Catholique de Bukavu (UCB), DR CongocoreThe Catholic University of Bukavu, founded in 1989, is one of the top five universities in the Democratic Republic of Congo. Microfinance is one of the main research topics of its Faculty of Economics and Management. CERMi has partnered for a long time with UCB through joint research projects and the co-supervision of Congolese PhD candidates.
- Université Paris-Dauphine (France)coreUniversité Paris-Dauphine, established in 1968, is a centre of excellence in research and teaching in the field of public and private organizations and their environments. The partnership involves academic collaboration and research exchange.
- American University of Armenia (AUA)minorThe American University of Armenia is a private institution of higher learning offering a globally recognized education in Armenia. Founded in 1991, AUA provides high-quality graduate and undergraduate education that encourages civic engagement and promotes democratic values.
- ADA – Appui au Développement Autonome (Luxembourg)coreADA is a non-governmental organisation based in Luxemburg, approved and cofinanced by the Luxemburg Directorate for Development Cooperation and Humanitarian Affairs. Since 1994, ADA has been working with Microfinance Institutions (MFIs) by offering them financial support and customised technical services. ADA focuses on innovative inclusive financial services, capacity building, and action research.
- CERISE (France)coreCERISE was initiated in 1998 by four French organisations providing technical assistance to MFIs in developing countries (CIDR, CIRAD, GRET, IRAM). Its creation pursued an opening and structuring process of French microfinance players, aiming to offer a common work space to member organisations and facilitate encounters with other players worldwide.
- HUMUNDI / SOS FAIM (Belgium)coreHUMUNDI / SOS Faim works primarily in the rural world. In a spirit of partnership, they support southern associations which develop their own projects to improve living conditions of local populations, mainly peasant movements and microfinance organizations. In Belgium, SOS Faim works towards informing and mobilizing public opinion to fight problems and injustices from the South.
Scale indicators1 record
Recent moves6 records
Expansion highlights4 records
CERMI competitors and assessment
Company assessmentBroad incumbents
- Grameen Foundation: Grameen Foundation is a nonprofit working on microfinance and poverty alleviation through programs, technology, and research. While broader in mandate than CERMi, it shares the focus on microfinance research, partnerships with field institutions, and financial inclusion themes.
- J-PAL (Abdul Latif Jameel Poverty Action Lab): J-PAL is a global research center at MIT conducting randomized evaluations to address poverty. Although broader in scope, it shares with CERMi the model of a university-affiliated research center producing high-quality evidence on development topics.
- INSEAD: INSEAD is a leading global business school with research centers on social entrepreneurship and impact. Comparable to ULB's SBS-EM (CERMi's host institution), it represents a peer academic institution with overlapping research themes in finance and development.
- Saïd Business School, University of Oxford: Saïd Business School hosts multiple research centers and degree programs in finance and entrepreneurship, with faculty working on microfinance and impact investing. As a peer business school with overlapping research themes, it is a relevant academic peer to CERMi.
- Innovations for Poverty Action (IPA): IPA is a large-scale research and policy nonprofit conducting rigorous impact evaluations in low-income countries. While much larger in scope, it shares with CERMi the academic-style research model and emphasis on evidence-based development outcomes.
Direct peers
- CGAP (Consultative Group to Assist the Poor): CGAP is a research and policy think tank housed at the World Bank that advances financial inclusion for poor people through publications, research, and policy engagement. It is directly comparable to CERMi in mission, research outputs, and policy focus on microfinance and financial inclusion.
- Microfinance Centre (MFC): MFC is a European microfinance resource center promoting responsible financial inclusion through research, training, and advocacy. It shares CERMi's European footprint and focus on microfinance development and educational offerings.
- European Microfinance Platform (e-MFP): e-MFP is a European platform for microfinance practitioners that conducts research, publishes reports, and convenes conferences on the European microfinance sector. Its research and convening functions closely mirror CERMi's offerings in the European microfinance space.
- Center for Financial Inclusion at Accion: The Center for Financial Inclusion is a think tank that produces research and publications on inclusive finance while partnering with development institutions. It is directly comparable to CERMi in mission, output type, and policy focus.
Emerging players
- 60 Decibels (formerly MIX): 60 Decibels is a social impact research and benchmarking company that measures financial services and energy access for low-income customers. Its data-driven research on financial inclusion overlaps with CERMi's empirical research focus on microfinance clients and institutions.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights7 records
Customer concentration
CERMI social profiles
Digital presenceCERMI financial estimates
Financial estimateRevenue estimate
Valuation estimate
CERMI leadership team
Management profileNumber of profiles
Profiles7 records
CERMI funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CERMI M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CERMI
What does CERMI do?
CERMi is a university-affiliated academic research center that produces and disseminates research on microfinance, social finance, financial inclusion, and development economics. Its primary outputs include peer-reviewed articles, working papers, books and book chapters, and the European Microfinance Programme (EMP), a one-year Master's degree in microfinance co-organized by four European universities. The center also conducts collaborative research projects and PhD supervision with academic partners and NGOs across multiple continents.
Is CERMI a public or private company?
CERMI is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was CERMI founded?
CERMI was founded in -1. It employs 11 to 50 people.
Where is CERMI based?
CERMI is headquartered in Brussels, Belgium, in the Europe region.
How does CERMI make money?
One revenue line is on record: academic Research and Education.
Who are CERMI's main competitors?
Broad incumbents on record are Grameen Foundation, J-PAL (Abdul Latif Jameel Poverty Action Lab), INSEAD, Saïd Business School, University of Oxford and Innovations for Poverty Action (IPA). Direct peers are CGAP (Consultative Group to Assist the Poor), Microfinance Centre (MFC), European Microfinance Platform (e-MFP) and Center for Financial Inclusion at Accion. 60 Decibels (formerly MIX) is listed as an emerging player.
Does CERMI have an API?
No public API is recorded for CERMI.
What industry is CERMI in?
CERMI's product category is Academic Research — Microfinance and Social Finance. Its primary akta.pro industry code is EDAHAAAF, Public Research Universities with Comprehensive Graduate & Professional Schools, with a secondary code of EDAHABAE, Business & Management Research Universities. Its NAICS code is 611310 and its SIC code is 8200.