/ Bourses 

L'appel à candidatures pour l'année académique 2023-2024 est clôturé.

La prochain appel sera lancé dans le courant du mois de novembre 2023.

ATTENTION : veuillez également vous assurer que vous répondez à la TOTALITÉ des critères généraux de recevabilité avant de postuler, ceux-ci sont accessibles ICI

26a0  ATTENTION ! La procédure de candidature se fait en ligne via la plateforme GIRAF. Ne transmettez aucune donnée personnelle (photos d'identités, copie de diplômes, etc.) par mail. Si vous recevez une telle demande par un autre canal (mail, WhatsApp, etc.), il s'agit probablement d'une tentative de phishing.


/ Scholarships

The call for applications for the academic year 2023-2024 is now closed.

The next call will be launched in November 2023.

ATTENTION: please make sure that you comply with ALL admissibility criteria prior to applying for the grant, these can be found HERE

26a0  WARNING! The application procedure is online via the GIRAF platform. Do not send any personal data (passport photos, copies of diplomas, etc.) by e-mail. If you receive such a request through another channel (e-mail, WhatsApp, etc.), it is probably a phishing attempt.


01/ Goals

The Specialized Master in Microfinance was launched in 2005 in response to a growing demand for training in development activities, particularly in microfinance. Currently, the Specialized Master in Microfinance is jointly organised by three European universities (Université libre de Bruxelles, Université de Mons and Université de Paris-Dauphine) and four non-governmental organizations ADA, BRS, CERISE and SOS Faim.

The purpose of the programme is to train microfinance professionals from both the North and the South and contribute to the strengthening of microfinance institutions worldwide in accordance with the highest international standards.
The EMP offers a multidisciplinary approach on development issues in the microfinance sector. The programme combines solid theoretical foundations, practical knowledge, and the possibility of an on-field internship. The EMP works in close connection with the Centre for European Research in Microfinance (CERMi), which offers optional seminars, conferences, and other research activities to the Specialized Master in Microfinance students (www.cermi.eu).

02/ Programme content


The programme lasts one year (60 ects).

It is spread over 3 periods:

  • From mid-September to January: Introduction to financial management, microfinance from conception to management, banking and microfinance, contracting and microfinance products, financial inclusion, introduction to rural development,
  • From February to April: Digital finance, financial planning and risk management, assessment of microfinance, commercialization of microfinance,
  • From May to August: Students can complete a two-to-four-month field internship in a microfinance institution in a developing country. The Specialized Master in Microfinance does not provide any financial support for the expenses related to that internship. However, students have the possibility to look for grants and financial support from foundations, associations, etc.

Courses (all in English) are held 4-5 times a week in the evening hours (from 6 pm to 9 pm). Some courses may be organized on Saturdays from 9 am to 12 pm.

03/ Admission


Admission is delivered by the European Microfinance Programme Management Committee upon a commission evaluation of the candidates.

Applicants to the one-year programme must already hold a Master Degree - 300 ECTS - (or a degree considered as equivalent by the jury) in one of the following disciplines: development cooperation, economics, agronomy, management or finance.

Possibly, other qualifications may be accepted.

Applicants must have field experience in developing countries.

Mastering English is required.

Applicants will find the detailed application procedure on our website.

They must submit their application to both ARES and Specialized Master in Microfinance.

04/ Additionnal information


Number of scholarships available: 10

Length of the training: one academic year

Teaching language: English

05/ Universities



  • Université de Mons (UMONS) - Warocqué School of Business ans Economics 
  • Université libre de Bruxelles (ULB) - Solvay Brussels School of Economics and Management (SBS-EM)

In Collaboration with :

  • Université Paris-Dauphine (France)
  • ADA, BRS, CERISE and SOS Faim

Programme directors:

  • Prof. Marc Labie
  • Prof. Ariane Szafarz and Prof. Marek Hudon

06/ Contact person


For further information:

Claire Verhaegen (ULB) and Laurie Gofette (UMONS)
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.



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