Shaping the future of microfinance
Our work
Advocacy
The development of microfinance in Europe has encountered many legal and political obstacles. It is therefore important that the European Microfinance Network be strongly involved in advocacy on a wide range of issues related to microfinance, micro-enterprises, social and financial exclusion, self-employment and employment creation.
Knowledge Exchange
The peer-to-peer exchange visits, exclusively intended for EMN members, provide each EMN member with the opportunity to visit another member on a specific theme, in order to deepen the understanding of their work, to encourage exchange of good practices and to develop expertise. These bilateral exchanges, tailor-made to members’ needs and expectations, also facilitate cooperation and collaboration between EMN members.
Research
The development of microfinance in Europe has encountered many legal and political obstacles. It is therefore important that the European Microfinance Network be strongly involved in advocacy on a wide range of issues related to microfinance, micro-enterprises, social and financial exclusion, self-employment and employment creation.
Working Groups
EMN organises Working Groups to strengthen the involvement of its members in the Network. The activities carried out by the different Working Groups are very diverse: organisation of workshops, elaboration of research papers, publications, creation of new tools for microfinance management, etc.
Discover who we are
About us
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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SIFTA webinar – Effectuation: Research and data literacy for impact management
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.
Explore our latest news
Latest news
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”.
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
The main objective of this research is to analyse the financial exclusion experienced by migrant populations in Spain and to evaluate the role of microcredit as an effective tool for fostering their inclusion in the financial system. The study will combine qualitative and quantitative methodologies to assess the current barriers, the effectiveness of existing financial mechanisms, and the potential for innovation to enhance migrant access to finance.
Deadline to apply: July 7th, 2025
– The day highlights the role of microcredits as a tool for social and financial inclusion.
– With a loan portfolio of 2.136 billion euros, Spain leads Europe in the penetration of microcredits.
22 May 2025
Barcelona has emerged as the European capital of microfinance with the celebration of the closing ceremony of the European Microfinance Day. The event was organized by the European Microfinance Network, based in Brussels, which promotes microfinance as a means to combat social and financial exclusion, in collaboration with MicroBank and Fundació Autoocupació.
Under the theme “Changing the Narrative: Supporting Local Communities to Generate a Global Impact,” the event addressed the key challenges, opportunities, and perspectives of the microfinance sector in front of an audience of about one hundred attendees. During the discussions, important data illustrating the significance of microfinance in Europe was presented, including a total loan portfolio of 5.273 billion euros in 2022, according to a report by the MNE. Specifically, in Spain, the loan portfolio amounts to 2.136 billion euros, making it the European country with the highest microcredit penetration. In Spain, MicroBank holds an impressive market share of 88.6%.
Throughout the event, the role of microcredits in supporting entrepreneurship and job creation was examined in detail. Cristina González, the general manager of MicroBank, emphasized that 23,253 business ideas were launched in Spain last year, thanks to microcredits from MicroBank. In total, in 2024, CaixaBank’s social bank allocated 317.3 million euros in loans for the start-up or consolidation of businesses, reflecting a 25.2% increase compared to previous years.
Georgios Papadakis, managing director of the European Microfinance Network (EMN), focused on the social impact generated by microfinance, noting that its scope extends beyond financial services alone.
Guillem Aris, director of the Fundació Autoocupació, echoed this sentiment by identifying microcredits as a crucial tool for empowering self-employed individuals, entrepreneurs, and microenterprises. Autoocupació is one of MicroBank’s partner organizations that assists aspiring business owners in evaluating their business ideas, developing viable business plans, setting up their ventures, and acquiring the skills needed to manage and grow their businesses successfully.
The event also featured the stories of two entrepreneurs who, with the support of MicroBank funding and the collaboration of Autoocupació and Barcelona Activa, successfully boosted their businesses.
Sustainable Banking by Microbank
MicroBank addresses the financial needs of various population segments that are not adequately served. It plays a vital role in the Sustainability Plan, part of CaixaBank’s Strategic Plan, which aims to promote financial inclusion and facilitate access to credit for vulnerable groups, while also enhancing its commitment to the socio-economic development of local communities.
As the sole shareholder of MicroBank, CaixaBank has continuously supported its social bank since its inception, providing the necessary financing to expand its lending activities and marketing its products through CaixaBank’s extensive commercial network. This approach ensures that customers receive a comprehensive range of options with the highest quality of service.
In granting microcredits, the bank collaborates with around 270 entities across Spain that provide insight into the borrowers’ backgrounds and offer advice and monitoring for their projects.
MicroBank also enjoys the backing of key European institutions dedicated to promoting entrepreneurship and microfinance, including the European Investment Fund (EIF), the Council of Europe Development Bank (CEB), and the European Investment Bank (EIB).
Explore our latest publications, reports, and insightful studies
Latest publications
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Microfinance overview surveys
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