CERMI

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.

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

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

• Microfinance research
• Social finance research
• Financial inclusion studies
• Academic research center
• Microfinance education

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. 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

Core 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.

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• CERSEM – Research on Social Enterprises and Microfinance (University of Agder, Norway)coreStrategic or Co-development PartnerCERSEM 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)coreStrategic or Co-development PartnerFounded 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 CongocoreStrategic or Co-development PartnerThe 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)coreStrategic or Co-development PartnerUniversité 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)minorStrategic or Co-development PartnerThe 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)coreStrategic or Co-development PartnerADA 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)coreStrategic or Co-development PartnerCERISE 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)coreStrategic or Co-development PartnerHUMUNDI / 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

Broad 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

• Facebookfacebook.com/European-Microfinance-Programme-EMP-109487158087554
• LinkedInlinkedin.com/company/cermi
• Instagraminstagram.com/emp_microfinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about CERMI