Clovis Rugemintwari is an Associate Professor in Economics at the University of Limoges. He holds a Ph.D. in Economics from the University of Limoges. His research focuses on Financial Stability (Prudential regulation, bank risk and performance, Monetary unions); Financial inclusion (Mobile money, SME finance, Informal sector).


  • Ky S., Rugemintwari C., Sauviat A., 2021, “Friends or Foes? Mobile Money Interaction with Formal and Informal Finance”, Telecommunications Policy, Volume 45, Issue 1, February 2021, Available online 12 October 2020.
  • Bakkar Y., Rugemintwari C., Tarazi A., 2020, “Charter Value, risk-taking and systemic risk in banking before and after the global financial crisis of 2007-2008”, Applied Economics, Published online: 14 Feb 2020.
  • Ky S., Rugemintwari C., Sauviat A., 2018, “Does mobile money affect saving behavior? Evidence from a developing country”, Journal of African Economies, Volume 27, Issue 3, 1 June 2018, Pages 285–320. Online Appendix for JAE
  • Distinguin I., Rugemintwari C., Tacneng R., 2016, Corrigendum to “Can informal firms hurt registered SMEs’ access to credit,” World Development, Vol. 88, December 2016, p. 201.
  • Distinguin I., Rugemintwari C., Tacneng R., 2016, “Can informal firms hurt registered SMEs’ access to credit?” World Development, Vol. 84, August 2016, Pages 18-40.
  • Lepetit L., Rugemintwari C., Strobel F., 2015, “Monetary, financial and fiscal stability in the East African Community: ready for a monetary union ?”, The World Economy, August 2015, Volume 38, Issue 8, pages 1179–1204.
  • Rugemintwari C., Sauviat A., Tarazi A., 2012, “Bâle 3 et la réhabilitation du ratio de levier des banques : Pourquoi et comment ?”, Revue Economique, vol.63(4), pp.809-820.
  • Angora A., Distinguin I., et Rugemintwari C., 2011, “Bank capital buffer: does bank heterogeneity matter?”, The Empirical Economics Letters, vol.10 (9).
  • Rugemintwari C., 2011, “The Leverage Ratio as a Bank Discipline Device”, Revue Economique, vol. 62(3).
  • Rugemintwari C., 2014, “The Euro Crisis: a lesson well learnt”, The Official Magazine of the EAC, May 2014, 22.
  • Rugemintwari C., 2013, “After Euro Crisis, Dos and Dont’s for EAC”, The Official Magazine of the EAC, November 2013, 21.
  • Pamungkas P., Rugemintwari C., Tarazi A., Trinugroho I., Karsidi R., “Bank Lending and Income Inequality : Evidence from Indonesia” (submitted)
  • Ky S., Rugemintwari C., Sauviat A., “Determinants of mobile money adoption: Empirical evidence from a survey”
  • Ky S., Rugemintwari C., “Mobile money and Bank performance in the East African Community.
  • Distinguin I., Rugemintwari C., “The role of market discipline on bank capital buffer: Evidence from a sample of European banks”.
  • Rugemintwari C., Worrell D., “Degree of financial integration in Sub-Saharan Africa”.
  • Rugemintwari C., “How effective are the minimum capital requirements? Evidence from the comparative persistence and convergence of bank leverage and risk-adjusted capital ratios”.


Journal of Banking and Finance, Journal of Financial Stability, Economics Bulletin, Review of International Economics, European Journal of Finance, Revue Economique, Applied Economics, Czech Journal of Economics and Finance, International Journal of the Economics of Business, Journal of Economics and International Finance.

  • Undergraduate courses in Microeconomics and Macroeconomics,
  • Undergraduate and post-graduate courses in Banking and Finance.

PhD Supervision

  • Serge Ky (September 2012 – December 2016).
  • Yassine Bakkar (September 2013 – 2018).
  • Putra Pamungkas (September 2014 – ).

Master’s Thesis Supervision

  • Supervision of MSc Dissertations at the University of Birmingham since 2012.