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European Microfinance Network is an NGO that connects microfinance institutions, social finance organizations, and other stakeholders throughout Europe (EU and candidate countries). Since 2003, with the help of members from EU countries and candidate countries, EMN has played an important role in cultivating collaboration, encouraging innovation, and knowledge sharing across the microfinance ecosystem. We partner with EU institutions like the EIF and EIB, as well as corporations, to implement projects across Europe. EMN, together with other partners, also developed the Code of Good Conduct to ensure high standards in microfinance operations and protect clients’ interests.

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Upcoming Events

Cagliari
October 16 - 17

Roadmap to Sustainability and Inclusive Development: Microfinance as a Catalyst Towards Building Stronger Local Communities.

The role of microfinance is crucial in empowering regional and local communities, fostering cohesion, and enhancing cooperation. Key examples illustrate how microfinance and cooperatives can improve access to housing, promote gender equity and equal opportunities, stimulate employment and green entrepreneurship, and drive innovation. This year, our Annual Conference focuses on strengthening communities through microfinance and […]
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The future of microfinance is stronger together

Our network

We are proud to have 86  members from 22 countries, including EU and candidate countries. Among these, 27 organizations follow the Code of Good Conduct, showcasing their dedication to high standards in microfinance. Inside EMN there are 11 national networks that are focused on advocating for microfinance as a tool for overcoming social and financial exclusion. Inside of EMN members are collaborating across regions in project consortia and also establish partnerships between themselves for developing dedicated financial products.

EMN amplifies its support for its members through partnerships with companies offering tailored value, enabling the creation of customized events and services. Members also receive assistance from EMN in applying for SIFTA technical support, organizing study visits, and obtaining the COGC. Additionally, EMN offers its support and knowledge to members in conducting research on specific needs, like impact assessments, ensuring they are well-equipped to thrive in the evolving microfinance landscape.

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The role of microfinance is crucial in empowering regional and local communities, fostering cohesion, and enhancing cooperation. Key examples illustrate how microfinance and cooperatives can improve access to housing, promote gender equity and equal opportunities, stimulate employment and green entrepreneurship, and drive innovation.

This year, EMN Annual Conference focuses on strengthening communities through microfinance and social inclusion. Titled “Roadmap to Sustainability and Inclusive Development: Microfinance as a Catalyst for Building Stronger Local Communities,” the event will take place in Cagliari, Sardinia (IT), on🗓️ October 16th-17th.  Pre-conference activities on 🗓️October 15th will be held for EMN members. The event is organised in partnership with EMN members, CoopFin and RITMI, at the UNAHOTELS T Hotel Cagliari.

Early bird registrations for both members and non-members are now open. Check for details on how to register and take advantage of early bird rates!

The European Microfinance Network (EMN) is a leading network that promotes microfinance as a tool to fight social and financial exclusion in Europe through advocacy, research, and capacity-building. The European Microfinance Network (EMN) is seeking a qualified and experienced consultant to produce two focus papers as part of the Mastercard Strive EU Programme. This program aims to strengthen the resilience and growth of small businesses across Europe by promoting innovative, digital, and data-driven solutions that facilitate access to finance, improve operational capacity, and expand business networks. 

The Mastercard Strive EU programme includes a €4.5 million Innovation Fund, offering grants of up to €500,000 to organisations working on solutions in key areas such as Embedded finance, Cybersecurity, Environmental sustainability and Artificial intelligence (AI).  

These focus papers will contribute to the programme’s broader goals of knowledge dissemination, stakeholder engagement, and ecosystem development. 

Purpose of the call 

EMN requires an experienced consultant to research and draft two focus papers exploring: 

  • Embedded Finance: Innovations enabling small businesses to access working capital and credit through integrated financial solutions. 
  • Artificial Intelligence (AI): Applications and tools that help small businesses save time, increase efficiency, and drive growth. 

 

Each paper should 

  • Highlight the latest policy for these topics 
  • Analyse the impact on small businesses
  • Offer actionable recommendations for stakeholders and policymakers
Scope of Work 

The consultant will: 

  • Conduct desk research and interviews with key stakeholders, innovators, and beneficiaries within the Innovation Fund winners 
  • Produce two focus papers (approximately 10–14 pages each, including an executive summary and a summary), one for each theme 

 

Ensure each paper includes: 

  • An overview of the theme and its relevance to small businesses 
  • Analysis of current challenges and opportunities 
  • Examples of solutions from Innovation fund winners 
  • Policy recommendations 
Timeline 
  • Assignment starts: July 2025 
  • Draft papers due: September 2025 
  • Final papers due: End of October 2025 
Consultant Profile 
  • Proven experience in research and policy analysis related to small business development, digital innovation, or financial inclusion in Europe. 
  • Strong understanding of embedded finance and/or artificial intelligence as they relate to small businesses. 
  • Excellent writing and communication skills in English. 
  • Experience working with international development organizations, financial sector stakeholders, or innovation programmes is an asset. 
Application Process 

Interested consultants should submit: 

  • A CV highlighting similar assignments. 
  • A financial proposal (including a breakdown per deliverable). 
  • Potential list of stakeholders to interview for each paper. 

Deadline for Applications: 11/07/2025 

Send applications to emn@european-microfinance.org  with the subject line: “Consultant Application – EMN Focus Papers”. 

Padua, 30th April 2025 – The European Union’s rearmament plan, ReArm Europe, encourages the channelling of citizens’ savings into the arms industry and represents a dangerous green light for the financialisation of war. This warning comes from Banca Etica, which argues that security and geopolitical stability must not be entrusted to the speculative logic of financial markets.

The EU aims to actively involve its citizens in the arms race, seeking to redirect part of the EUR 10 trillion held in savings across the continent towards financing European arms companies. This is the concern raised by Italy’s first and only bank exclusively dedicated to ethical finance.

ReArm Europe: A war economy funded by citizens? The EU appears to be shifting towards a war economy. Military spending and the financial mechanisms to support it have become central to the political agenda of both the European Union and its Member States. Under the ReArm Europe initiative, the European Commission is allocating EUR 800 billion: EUR 150 billion would come directly from EU funds in the form of loans to Member States (thereby increasing public debt), while the remaining EUR 650 billion would be drawn from national budgets, but excluded from deficit-to-GDP calculations under the Stability Pact. This comes in addition to the imminent approval of the Savings and Investments Union directive, which aims to channel a significant portion of European citizens’ savings (estimated at EUR 10 trillion) into EU businesses, with a particular emphasis on those in the defence sector.

Banca Etica’s concerns “The approval of the Savings and Investments Union would increasingly expose European savers and workers through investment funds, pension schemes, insurance products, and enabled by complex securitisation mechanisms to supporting the arms industry, all in the absence of transparency,” warns Anna Fasano, President of Banca Etica. “Through complex financial instruments such as securitisations, citizens could end up investing in weapons without even realising it.” She adds: “Meanwhile, in France, the state investment bank Bpifrance is preparing to issue savings bonds to finance arms manufacturers, as announced by the Minister of the Economy.”

 

“Historically, wars have been accompanied by financial speculation, but giving in to the financialisation of defence risks triggering perverse mechanisms that fuel conflict: more conflicts mean greater profits for someone.” Anna Fasano, President of Banca Etica

 

The financialisation of war fuels conflict “Historically, wars have been accompanied by financial speculation, but giving in to the financialisation of defence risks triggering perverse mechanisms that fuel conflict: more conflicts mean greater profits for someone,” emphasises Anna Fasano, also recalling the words of Pope Francis in 2024 about economic interest becoming an incentive to continue and extend wars in order to sell or test new weapons. The surge in profits across the arms sector since 2022 illustrates this trend: according to a report by Mediobanca, shares in international defence firms returned +72.2% between early 2022 and October 2024 – far surpassing the global stock market average (+20.1%). European firms outperformed even further, with gains of +128.1% compared to +59.1% for their US counterparts. This upward trend continued into early 2025, with the STOXX Europe Total Market Aerospace & Defense Index rising by +35% by March, compared with +9% for the STOXX Europe 600 Index.

Sustainable finance at risk Efforts to broaden funding sources for the defence sector are also endangering sustainable finance (ESG). A radical shift is anticipated, one that could lead to weapons being classified as sustainable investments under current regulations. Banca Etica strongly rejects this direction, reiterating its position following earlier proposals by EU defence ministers to label arms-related financing as sustainable. This trajectory was recently confirmed during a meeting of the EU Directorate-General for Defence Industry and Space (DG DEFIS), and in early April 2025, financial giant Allianz announced plans to include securities from nuclear weapons manufacturers in its ‘sustainable’ finance products – justifying the move on the grounds of the ‘ethical’ role of nuclear deterrence.

A firm ethical finance stance Banca Etica, along with the broader ethical finance movement, firmly condemns these developments. The Global Alliance for Banking on Values (GABV), which brings together over 80 ethical banks worldwide, reaffirmed in its Milan Declaration (2024) that “the financing of weapons cannot form part of and is incompatible with any definition of sustainable finance”.

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The research aims to demonstrate the economic and social benefits of investing in female entrepreneurs in Belgium, with a particular focus on women of color and those with migration backgrounds. The objective is to assess how microfinance can empower these entrepreneurs to create sustainable businesses while also analysing their specific needs and the effectiveness of existing coaching programs. Ultimately, the research will quantify the economic return on investment in female entrepreneurs through microfinance, using a ‘1 euro invested = X euro generated’ approach.

Deadline to apply: July 7th, 2025

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In 2024, the European Microfinance Network (EMN) expanded its membership across Europe, strengthened its partnerships with relevant stakeholders, and continued to promote financial and social inclusion. By representing the microfinance and social economy in Brussels, EMN reasserted its position as the leading voice of the sector in Europe.

This report provides an overview of the main activities carried out by the EMN team and its partners during the previous year. It outlines EMN’s key objectives, which include ensuring fairer and inclusive finance for all, supporting underserved groups, and developing sustainable solutions for the microfinance sector.

Download our Annual Report for 2024

Annual report

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