Aldo Moauro
MFR’s CEO & Founder, Aldo is also a shareholder and board member.
Aldo leads MFR’s Management Team, providing strategic guidance and supervision of operations and representing MFR at global level. He sits in the Rating Committee Unit and systematically supervises all new issues of rating reports. Since the beginning of operations in 2000, Aldo has carried out 200+ rating and assessment missions.
Aldo has been an active member within the most relevant industry initiatives, including as a Board Member of SPTF, Board Member of African Microfinance Transparency and SMART Campaign Certification Committee member. Since 2008, Aldo is also a faculty member at the Boulder Microfinance Training Program.
Before joining MFR, Aldo worked at Banca Etica and ETIMOS, respectively a commercial bank and an international financial consortium, and was in charge of the microfinance investments portfolio.
Aldo holds an MSc in Economics. He is fluent in English, Spanish, French and Italian (native).
Aldo is fond of sports and practices running, cycling, swimming and skiing.
Yasmine Hamraoui
Yasmine is the Chief Operating Officer of MFR. She is responsible for the operations, strategy and HR of the company.
Yasmine has an extensive experience in financial inclusion and impact investing, and worked for 10 years in various fundraising, investment and management role. She has been in charge of the microfinance investments of a crowdfunding company, before becoming its executive director. She also managed different entrepreneur networks and social businesses. In the last years, before joining MFR, Yasmine structured and managed an Impact Fund, as Partner of an investment management company.
Yasmine holds a Master degree in Economics and Management from Montpellier Business School and she is fluent in English, French (native), Italian and Spanish.
Lucia Spaggiari
Business Development Director, in charge of the Innovation Committee’s effort towards new business lines, partnerships and delivery channels.
Business Development Director since 2015, Lucia contributes to the development of new services and to the upgrade of MFR’s methodologies. She is responsible for the Data Platform Project, for studies and research, and for the relationships with several investors and industry initiatives (e.g. contributing to SPTF and Smart Campaign methodologies evolutions). Lucia is a member of MFR’s Management Team, Rating Committee Unit, Technical Group and Innovation committee.
Lucia joined MFR in 2005 as analyst. Social Rating Director from 2010 to 2015, she was in charge of the issue of social ratings and client protection certifications. She acquired an extensive field experience with 90+ field assignments in 44 countries worldwide.
Lucia holds an MSc in Economics and Management of Public Administration and International Organizations from Bocconi University (Italy). She is fluent in English, French, Spanish and is an Italian native speaker.
Lucia enjoys learning about the countries she visits by reading and working with people.
Ivan Sannino
Chairperson of MFR’s Financial Rating Committee Unit since 2009, Ivan also oversees the Quality Control activities on financial assignments.
Ivan chairs the Rating Committees for Financial and Credit Ratings worldwide and coordinates other senior members of the Rating and Quality Control Unit; overtime he has chaired more than 400 Committees. As chair of the Credit Rating Committees for the regulated markets of Ecuador and Bolivia, Ivan is authorized by the respective Supervisory Bodies. As one of the most senior experts in the company, Ivan leads and coordinates training and coaching of rating analysts worldwide on financial and risk topics. He is also an active member of MFR’s Technical Group and he is part of the Management Team.
Ivan joined MFR in 2004 as Analyst, participating in over 130 assignments worldwide.
Before joining MFR, Ivan worked for 5 years in Latin America in the economic development field, carrying out evaluations, technical reviews and consulting activities in microfinance, rural finance and the MSMEs sector.
Ivan holds an MSc in Economics from Bocconi University (Italy). He is fluent in English, Spanish, Portuguese and is a native Italian speaker.
Ivan loves travelling around the world and discovering the hidden beauty of each country and culture.
Joris Crisà
Joris is Inclusive Finance Director, in charge of the technical and business-related aspects of MFR’s inclusive finance and social performance services and projects.
Created in 2018, this position is taking over and extending the scope of our Social Rating Department. As Inclusive Finance Director, Joris is responsible for the coordination and quality control of related operations at global level and he contributes to the business development activities. Joris chairs the Social Rating Committee and the Smart Campaign Certification Committee. He is also a member of MFR’s Technical Group and Management Team.
Joris was previously the Regional Manager for Middle East and North Africa (MENA) since 2012, and of Francophone Africa since 2019. He is based out of the Head Office in Milan, Italy. He joined MFR in 2011 as an Analyst and carried out +80 ratings, assessments and client protection certifications, mainly in Africa, MENA and ECA regions, acquiring an extensive field experience as analyst and team leader.
Before joining MFR, Joris was involved in different projects in the field of environmental impact assessments and social programs. Joris also worked with the Cambodian Microfinance Association for a research study.
Joris holds a Master degree in Sustainable Development from Paris-Dauphine University and an MA in European Microfinance from the Solvay Brussels School of Economics and Management. He is an Italian and French native speaker and is fluent in English.
Joris loves travelling, reading and practices Kung-Fu since he was 15 years old.
Andrea Maini
Andrea works as a fractional CFO for companies that need high professional skills in the administrative and financial management control area, in which he has 30 years of experience. He started his career as an auditor in Deloitte.
Andrea helps small and medium enterprises to design and implement integrated management accounting and control systems. Moreover he takes care of training and mentoring the junior staff, building up the company with qualified people who are able to work independently.
Latin America
Head of Operations for Latin America since 2014, Evrim is in charge of the operations in the region and based out of Quito, Ecuador.
While in charge of the regional financial, administrative and operational management, he is General Manager of Microriesg (MFR’s company incorporated in Ecuador, authorized by the local regulator). Evrim is a member of MFR’s Technical Group, as well as of MFR Bolivia’s Board and Risk Committee. He is a lecturer at the Boulder Institute’s Microfinance Training Programs in Europe and Latin America.
Evrim joined MFR in 2009 as analyst and carried out over 100 assignments mainly in Latin America, acquiring extensive field experience as team leader and project manager.
He also worked as an independent consultant specialized in risk and social performance management. Before joining MFR, Evrim worked as Treasurer and Account Manager at BNP Paribas in Brussels.
He holds a BSc in Economics and Econometrics from the University of Nottingham, an MSc in Financial Management from Vlerick Business School and a PGCert in Agricultural Economics from SOAS – University of London. He is fluent in English, Spanish, French and Turkish.
Evrim enjoys family, music, and sports in his free time.
Latin America
Head of Business Development for Latin America, Michela is based out of Mexico City.
Michela is in charge of relationship management with clients and stakeholders in the LAC region, including institutional relations with networks, investors and regulators, while also in charge of the operations in MEXCA region. Michela is a member of MFR’s Social Rating Committee and SMART Technical Committee.
In charge of MEXCA since 2014, she also supervised MFR’s operations in Peru between 2016 and 2018. Michela joined MFR in 2009 as analyst and carried out over 100 assignments, mainly in Latin America, acquiring extensive field experience as team leader and project manager.
Before joining MFR, Michela worked in the Emerging Markets Equity investment team at Pioneer Investments Management Ltd. in Dublin.
She holds a BSc in International Relations from the University of Bologna and an MSc in Development Economics from the University School for Advanced Studies of Pavia. She has an Italian mother tongue, is fluent in Spanish and English and speaks some Portuguese.
Michela enjoys travelling, trekking and tasting in her free time.
Latin America
Country Director for Bolivia since 2012, Erlan is in charge of client portfolio and relationship management with main stakeholders in the country, including the regulatory authority, as well as overseeing the operations of the country office. Erlan is a Senior Analyst and gained experience in credit and social ratings and client protection certifications, primarily in Bolivia and Latin America.
Before joining MFR in 2012, Erlan was Investment Officer at the Local Currency Fund for Latin America and Caribbean (LOCFUND). Previously, he also worked as Chief of Monitoring and Control Department at the Financial System Development and Support to the Productive Sector Fund (FONDESIF) and as audit team member at Price Waterhouse Coopers.
Erlan holds a Bachelor’s degree in Business Administration from the Bolivian Catholic University and a Master in Microfinance from Bergamo University (Italy). He is fluent in English and Spanish (native).
Africa
Ben is Regional Manager for Anglophone Africa since 2019, he is based out of the Nairobi office and is part of the Quality Control Unit.
Ben has conducted 50+ assignments in 20+ countries in Sub-Saharan Africa and worldwide (MENA, South Asia and Eastern Europe), acquiring field experience as a team leader. He conducts financial ratings, social performance ratings, client protection certifications, mobile money certifications, trainings on technical topics (e.g. pricing, transparency), and due diligence services for investors. He has also performed assessments of digital financial service providers.
Prior to joining MFR in 2015, Ben has worked with rating agencies specialized in inclusive finance since 2012, first Planet Rating and now MFR. Ben, an American national, has been based in Kenya since 2011. Prior to joining the rating industry, he worked as a Project Manager for a Kenyan microfinance institution and a pricing data analyst (consultant) with US-based NGO MicroFinance Transparency.
Ben holds a Bachelor’s degree in Economics from Ohio Wesleyan University in the United States, and is a native English speaker.
Africa and MENA
Federica is the Regional Manager for Francophone Africa since 2019 and for the Middle East and North Africa (MENA) since 2020. She joined MFR in 2017 as an Analyst and has since conducted over 30 assignments in several countries of Europe, Africa, MENA and South Asia. Federica has been conducting ratings, certifications and assessments of FSPs, as well as evaluation services, acquiring an extensive field experience as analyst and team leader. Federica is also involved in global projects, supporting the Business Development Unit and the Technical Group.
Prior to MFR, Federica worked at the Country Surveillance Division of the European Central Bank in Frankfurt, where she published a paper on private debt, insolvency frameworks and NPLs, and as an intern for the Financité Network in Brussels, dealing with empirical research on financial inclusion.
Federica holds a Double MSc in Economics from Maastricht University (Netherlands) and the Catholic University of Louvain (Belgium) and a BSc in Economics from Bocconi University in Milan. She is bilingual Italian-French and fluent in English.
Federica loves travelling and meeting people around the world. She is a ski instructor and in her free time enjoys skiing and the great outdoors.
Europe
Ayako is Regional Manager for Europe since October 2018, and she is part of the Quality Control Team, as well as in charge of the internal Country Context Analysis Unit.
Ayako joined MFR in 2015 as a rating analyst and has since conducted over 30 assignments in more than 20 countries, mainly in Africa, Europe and South Asia. Ayako has been conducting rating and certification services for FSPs, as well as country studies and advisory services for investors.
Prior to MFR, Ayako worked for over nine years as a development consultant for international development organisations both in Europe and in Latin America, including the World Bank and a think-tank founded by the Deutsche Bank and the London School of Economics (LSE).
Ayako holds an MSc in Local Economic Development and a BSc in Sociology, both from LSE in London, UK. She is fluent in English, Italian, Spanish, Portuguese and Japanese.
Outside of work, she is an active volunteer at a local refugee centre.
South and South East Asia
Elisabetta is MFR’s Regional Manager for South and South East Asia and is a Senior Analyst.
Elisabetta is in charge of relationship management with clients and all main stakeholders in the region and carries out financial and social ratings and assessments as well as client protection and GSMA certifications. At Head Office level, she is a member of the Sales Task Force, Tender Unit and Quality Control Unit.
Since 2010 when she joined MFR’s Regional Office in the Philippines as a Junior Analyst, Elisabetta has carried out 60+ assignments acquiring an extensive field experience mostly in South Asia and South-East Asia.
Before joining MFR, Elisabetta worked for several years in the international development field (monitoring, evaluation and project management) for both International Organizations and NGOs in Serbia, Bosnia and Herzegovina, India, Italy and the Philippines.
Elisabetta holds a Master’s Degree in International Development and Cooperation and is a Certified Expert in Microfinance from the Frankfurt School of Finance and Management. She is fluent in English and Italian (native).
Central Asia
Nurjana Shadykhanova serves as the Regional Manager for Central Asia, the Caucasus, Russia, and Mongolia since December 2020, based out of Bishkek, Kyrgyz Republic.
She is in charge of client portfolio and relationship management with the main stakeholders in the region, as well as overseeing the operations of the Kyrgyz office.
Prior to joining MFR, Nurjana worked for three major banks in the Kyrgyz Republic in the areas of financial planning & analysis (FP&A), accounting, and marketing.
Her leadership experience includes managing FP&A, the IFRS 9 implementation and centralization team, and the audit reporting team.
She holds an MSc in Economics from Kyrgyz Economic University and a BA in Business Administration from the American University of Central Asia. She speaks fluent Russian and English.
Nurjana likes to play volleyball, teach the basics of financial literacy and MS Excel, and is interested in interior design.