Our Team

Emmanuelle Javoy
Emmanuelle Javoy is an expert in the analysis of the credit risk and social performance of Microfinance Institutions. She currently works on Symbiotics’ credit risk and social performance methodologies, after leading the Credit Analysis team at responsAbility in 2015-2016. She has worked for Planet Rating for 10 years and has been its Managing Director for 6 of these 10 years. She has carried out rating missions on four separate continents, and has overseen more than 200 microfinance rating reports, giving her an unrivaled, in-depth perspective of MFI operations before, during, and after some of the major crises that have afflicted microfinance markets, including in Bosnia, Nicaragua, and Morocco. This experience has led her to develop tools that would help Planet Rating’s analysts better assess the degree of market saturation and the potential for a credit crisis – work that culminated in the creation of MIMOSA 1.0.
Daniel Rozas
Daniel Rozas is one of the leading researchers of microfinance crises and over-indebtedness. Daniel developed one of the first models to estimate microfinance market capacity, which he used to show that Andhra Pradesh had already developed a severe microfinance bubble a year prior to the crisis. In addition, Daniel authored studies on other markets and multiple institutions that had experienced a severe microfinance crisis, including Morocco, Nigeria, and others. More recently, Daniel has been collaborating with multiple stakeholders in Cambodia to develop a self-regulatory system to limit and mitigate the risk of overindebtedness and potential for crisis. Previously, Daniel learned about credit bubbles first-hand during his work at the US mortgage investment company Fannie Mae during 2001-08.

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