• certificat2019

    Les 18 étudiants du monde entier ont reçu leur certificat!

  • simfi 1

    La formation SIMFI avec ADA

  • Laura Foschi
  • 20190124 175813

18 participants certified in law and regulation

The third edition of the Certificate in Law and Regulation of Inclusive Finance ended on 24 January, with 18 participants from 13 countries in Africa, Asia, Central and South America. Students participated in numerous two-week courses, including the SIMFI training provided by Bernard Georges, Senior Project Officer and Victor Muller, Risk Officer, ADA and the Social Performance Management and Regulation training provided by Laura Foschi, Executive Director, ADA.

The Certificate is part of a cooperation between the University of Luxembourg and ADA, and is supported by the European Investment Bank (EIB) Institute and the Luxembourg Ministry of Foreign Affairs. The diplomas were distributed at the closing ceremony at the headquarters of the EIB. 

Please find more information on the UNI.lu website.

Take part in the 3rd edition of the Certificate in Law and Regulation of Inclusive Finance!

From January 14 to 24, 2019, at the Faculty of Law, Economics and Finance of the University of Luxembourg

Elèves Certificat 2018

Launched in January 2017, the Certificate in Law and Regulation of Inclusive Finance is a joint project of the ADA Chair in Financial Law (Inclusive Finance) at the University of Luxembourg’s Faculty of Law, Economics and Finance, with ADA and the European Investment Bank Institute.

Entering its third edition in 2019, the programme is aimed at regulators, intermediaries and other inclusive finance organisations. 

The programme aims to raise awareness on the topic of law and regulation in the inclusive finance sector, enable an exchange with regulators and financial intermediaries and facilitate further academic and non-academic cooperation. Taught in four modules, the course comprises 72 Teaching Units over 10 days.

The programme is limited to a maximum of 25 qualified and motivated students from different backgrounds. They will be selected by the Course Director in cooperation with ADA.

Up to 50 percent of places in the programme will be granted to qualified students in need of financial assistance. These students will receive scholarships as well as travel and accommodation support for their stay in Luxembourg.

The programme is seeking support from private partners in Luxembourg. Sending one participant whose full cost of tuition is paid by a private sponsor will help ensure funding of the programme for other students.
We welcome additional support by private partners to finance one or more scholarships of 6,000 euros each for students from developing countries.

More than 22 participants from different countries took part in the second edition of the Certificate in January 2018.

Download the flyer to learn more about the application process.

Download the leaflet

3rd Inclusive and Sustainable Finance Research Conference in Luxembourg

November 13, 2018, Luxembourg

The ADA Chair in Financial Law at the University of Luxembourg, Faculty of Law, Economics and Finance, organised a conference on inclusive and sustainable financial research in Luxembourg on the eve of the European Microfinance Week, on:


Tuesday, November 13, 2018
From 9.00 to 18.00
At the University of Luxembourg
Bâtiment Weicker - Bureau B001
Rue Alphonse Weicker 4

On the occasion of this day, the University of Luxembourg's research partners and representatives of the sector presented the latest research and policy initiatives in the field of inclusive finance.

The speakers came from European and international organisations such as: ADA, European Investment Bank (EIB), CGAP, Alliance for Financial Inclusion (AFI), UNCDF and the Universities of Adger, Hong Kong, Luxembourg, Mons, Oslo and Sydney.

Laura Foschi, Executive Director of ADA, introduced the conference

Arnaud de Lavalette, FinTech Office at ADA, made a presentation on digital finance in Africa

Tristan Caballero-Montes (Unversity of Mons) presented his research work during an internship in Cambodia with ADA

Roy Mersland and Linda Nakato, University of Agder (Norway)

Matthew Soursourian, CGAP / The World Bank (USA)

Hong Kong
Prof. Douglas Arner, University of Hong Kong

Ali Ghiyazuddin Mohammad, Alliance for Financial Inclusion (AFI)

Alfred Hannig, Executive Director of Alliance for Financial Inclusion (AFI)


All participants of the European Microfinance Week as well as all audiences interested in inclusive and sustainable finance were invited.

This conference was organised by UNI, in partnership with ADA and the European Investment Bank (EIB).




Access the program and list of speakers

2nd edition of the Certificate in Law and Regulation of the University of Luxembourg

From January 15 to 26, 2018, Luxembourg


Following the success of the 2017 edition, the University of Luxembourg and ADA, in cooperation with the European Investment Bank (EIB), launched in January 2018 the second promotion of the continuing education programme "Certificate in Law and Regulation of Inclusive Finance". The programme aims to strengthen the knowledge and skills of professionals from developing countries in inclusive finance law.

The 24 students of this second promotion successfully completed the programme, after two weeks of course on regulatory oversight, ethics, investment vehicles and banking law, taught by University professors, ADA, the EIB as well as other microfinance specialists coming from Nicaragua and Zimbabwe.

The Certificate Award Ceremony, organized by the EIB on Thursday 25 January 2018, gave the opportunity to the Dean of the EIB Institute, Francisco de Paula Coelho, to congratulate the participants, some of whom are working in the administration and in the agencies responsible for establishing and implementing the inclusive finance regulatory framework. "When we will meet around a table - he says - I'm sure you'll remember the time you spent here in Luxembourg and the experience you shared with the aim of strengthening inclusive finance in your country".

Olivier Massart, ADA’s Executive Director, underlined the fact that the Luxembourg "system", and in particular the work of synergy between the Ministry of Foreign Affairs, the EIB, the University and ADA, has allowed the development of a remarkable knowledge in microfinance. "Our mission, with the Certificate and other initiatives, is to make this knowledge available to all operators in the sector, to continue moving forward on the path of financial inclusion."

In his closing speech, Prof. Dirk Zetzsche, ADA Chair, emphasized that the diversity of the participants has brought great enrichment thanks to the exchange of different experience. Indeed, more than 20 countries were represented within the same promotion: Algeria, Benin, Burkina Faso, Burundi, Cameroon, Ecuador, Ethiopia, Guinea, Equatorial Guinea, France, Jordan, Madagascar, Morocco, Mozambique, Myanmar, Nepal, Niger, Nigeria, South Africa, Tanzania, Tunisia and Uganda.

To promote inclusive participation, scholarships were awarded to students who needed help.

This Certificate is part of the activities carried out within the framework of the ADA Chair in Financial Law – Inclusive Finance, the fruit of the cooperation between the Faculty of Law, Economics and Finance of the University of Luxembourg and ADA. The program was organized in cooperation with the EIB and the law firm Arendt&Medernach.

ADA at the European Microfinance Research Conference in Portsmouth

June 12 - 14, 2017, Portsmouth, UK


The conference is being organised by the University of Portsmouth in cooperation with e-MFP and the Centre for European Research in Microfinance (CERMi) with an overall theme of “Microfinance and Financial Inclusion”. 

150 proposals for papers have been received to date and over 200 participants are expected. Approximately 90 papers have been accepted to be presented at the forthcoming conference. The authors of these papers come from all continents and are mostly associated with academic institutions, including University of Agder, University of Berkeley, Frankfurt School of Business & Management, University of Geneva, Institute of Fiscal Studies London, University of Illinois, University of Oxford, University of Regensburg, University of Sussex, University of Zurich and many others.

The interest expressed by researchers confirms the role played by the conference as a unique platform to exchange ideas, build networks, give visibility to projects and identify new paths for research. As in previous editions of the conference, there will be a combination of plenary sessions and parallel sessions. Plenary sessions will include panels on strategy, gender, Islamic microfinance, digital financial services as well as future research in the area. Confirmed keynote speakers include James Copestake, Ariane Szafarz, Tyler Rye and Kimanthi Mutua.

The attendance of Mr Mutua, Founder and Director of SIDIAN BANK Kenya, was enabled by ADA, which is supporting the conference. Moreover, Prof. Dirk Zetzsche, Headholder of ADA Chair in Financial Law – Inclusive Finance in Luxembourg, will moderate the opening panel on Strategy and Regulation.    

The Fifth European Microfinance Research Conference will take place from 12th until 14th June 2017 at the University of Portsmouth. 

1st edition of the Certificate in Law and Regulation of the University of Luxembourg

From January 16 to 26, 2017, Luxembourg


In 2014, the University of Luxembourg and its Faculty of Law, Economics and Finance has partnered with ADA to advance the emerging field of law and regulation of inclusive finance with a focus on knowledge transfer from European jurisdictions to developing countries and the further development of financial law and regulation in developing countries.

The first edition of the Certificate in Law and Regulation of Inclusive Finance of the ADA Chair started on Monday 16th, January 2017.

This two-week executive training program aimed to deepen the knowledge and the skills of sector actors in the specific field of law and regulation of inclusive finance.

The course welcomed 22 students (managers, regulators, financial intermediaries and representatives of other inclusive financial institutions) from the South and the North, from 16 nationalities: Indian, Cameroonian, Indonesian, Pakistani, Tunisian, Moroccan, Mongolian, Kenyan, Nigerian, Ghanaian, Tanzanian, Colombian, English, Beninese, Spanish and Palestinian.

The core of the teaching staff includes: 

  • Professors of the UNI: Prof Dr. Dirk Zetzsche (President of the ADA Chair), Prof. Dr. David Hiez, Prof. Dr. Isabelle Riassetto
  • ADA Teachers: Sarah Canetti, Paul Surreaux
  • Kaspar Wansleben, Executive Director of Luxembourg Microfinance and Development Fund
  • Jean Marc Goy, Cross Border Financial Control, CSSF
  • Anne Contreras, Arendt & Medernach
  • Prof. Shariq Nisar, Mumbai Technical Institute, India
  • Prof. Michael S. Barr, University of Michigan, USA
  • Professors from the European Investment Bank (EIB)
  • Kate Bedwell, Head of Governance, Risk & Compliance for Vodafone mPesa
  • Ligia Castro-Monge, Expert in Microfinance & Risk Management
  • Dr. Carsten Jungmann, programme director at the Bucerius Law School in Hamburg
  • Dr. Laurent Lhériau, PhD in Law and specialist in financial regulation
  • Prof. Uriel Procaccia, Dean at Watchtell, Lipton, Rosen and Katz

Courses took place at the University of Luxembourg, at the EIB and at ADA.

Download the certificate program below:

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About the Chairholder, the Prof. Dirk Andreas Zetzsche

July 2016


Chairholder Prof. Zetzsche, LLM (Toronto), is professor of law as well as study director of the Certificate of Advanced Studies in Law and Regulation of Inclusive Finance since March 2016. Since July 2012, Professor Zetzsche is also one of the (non-executive) directors of the Centre for Business and Corporate Law at Heinrich Heine University in Düsseldorf, Germany.

Prof. Zetzsche completed his law studies at Heinrich Heine University, where he obtained a Doctor of law in 2004 on securities and corporate law, after having completed his LLM at the University of Toronto in Canada. While at Heinrich Heine University, he also completed his award-winning habilitation thesis on collective investment schemes in 2012 and was granted the venia legendi for private law, business law, comparative law, law and economics as well as law and ethics, before being called upon to take over the Propter Homines Chair of Banking and Securities Law at the University of Liechtenstein in 2012.

Research by the Prof. Zetzsche

Prof. Zetzsche has published more than 100 academic works, including books, chapter contributions and peer-reviewed journal articles, in particular on the law of alternative finance, collective investment schemes, asset management, family offices, shareholder rights, corporate and banking governance, secured transactions, FinTech and international financial regulation.

Some of his latest publications include The Alternative Investment Fund Managers Directive, WoltersKluwer Law, 2nd ed., 2015; Prinzipien der kollektiven Vermögensanlage (transl. Principles of Collective Investments), Mohr Siebeck Publ., 2015; and forthcoming, with Prof. Matthias Lehmann as co-editor, Grenzüberschreitende Finanzdienstleistungen (transl. Cross-border financial services), Mohr Siebeck Publ.

His involvement with public institutions and the private sector

Prof. Zetzsche has worked as adviser to and participated in expert working groups initiated by public institutions, such as the European Commission, the European Parliament, the European Securities & Markets Authority, the German Ministry of Justice, the German Ministry of Finance as well as the Liechtenstein government. He has worked in the private sector, as a lawyer licensed under German law and as board member of regulated entities.

Prof. Zetzsche is one of the founding directors and chairman of the nomination committee of the Society of Investment Law and contributes to the academic board of the European Banking Institute as well as the University of Luxembourg’s FinTech working group. 

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