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Microfinance is the discipline that makes financial products such as credit, savings or insurance available to impoverished clients who are normally excluded from the traditional financial sector. This sector has grown greatly in the last decade, thus creating an ongoing need for new knowledge.

Warocqué School of Business and Economics is involved in a number of microfinance projects:

European Microfinance Programme
(Joint Advanced Master’s in Microfinance)

Created in 2005, the Advanced Master’s in Microfinance programme is the first initiative of its kind in Europe. It is run jointly by the AUWB - Brussels Alliance for Research and Higher Education - (University of Brussels and University of Mons) and the University of Paris Dauphine (France) and the University of Wageningen (Netherlands), in partnership with numerous NGOs - ADA, BRS, CERISE, PlaNet Finance and SOS Faim.

The one-year programme is targeted at students wishing to specialise in microfinance and also offers the opportunity to acquire on-the-ground expertise via a two- to four-month internship in a developing country. Taught in English, the European Microfinance Programme (EMP) offers a multi-disciplinary approach combining teaching, university research and hands-on experience. (EMP)

For more information:

CERMi (Centre Européen de Recherche en Microfinance -
European Center for Research in Microfinance)

In connection with the AUWB, CERMi is the result of collaboration between researchers from the Emile Bernheim Centre of the Solvay Brussels School of Economics and Management (University of Brussels) and the Warocqué Research Centre of the Warocqué School of Business and Economics (University of Mons) and is involved in microfinance research in developing countries. Research at CERMi aims to provide a better understanding of the issues and challenges of microfinance.

The Centre includes an FNRS trainee, nine doctoral students and around thirty associate researchers. It is co-managed by Ariane Szafarz and Marek Hudon from the Solvay Brussels School of Economics and Management (ULB) and by Marc Labie from the Warocqué School of Business and Economics (UMONS).

For more information: