The Team

Dr. Pål Vik


E: T: +44 (0)161 295 2841 

Dr Pål Vik, Director of CFS, has nearly 15 years of research and consultancy experience. He specialises in the nature and determinants financial exclusion, the effectiveness of financial inclusion interventions and the impact and sustainability of microfinance initiatives. Dr Vik has worked on over 40 projects for local government, foundations and EU institutions, including the European Commission, Friends Provident Foundation, Esmée Fairbairn Foundation, Carnegie UK Trust, Leeds City Council and Manchester City Council. In 2011, together with Prof Dayson, he drafted the European Code of Good Conduct for Microcredit Provision, which is now a requirement for accessing EU microfinance funding. He is a member of the Steering Group overseeing the Code. He has written over a dozen academic papers, including conference papers and journal articles. In 2017, he was awarded the 2017 Reg Mathews Memorial Prize for a paper on Social Return on Investment. in 2008, he won the European Microcredit Research Award for a paper on the sustainability of the UK CDFI sector, written with Prof Dayson. 

He is currently working on a study of sustainability of personal lending CDFIs funded by Carnegie UK, an evaluation of a financial education programme delivered by Toynbee Hall and a study of illegal money lending in the Salford. 

Joanna Curtis MSc

Graduate researcher 

E: T: +44(0) 161 295 5804 

Joanna Curtis joined CFS as a Graduate Researcher in September 2017. Ms Curtis has an MSc in Sociological Research and a BSocSc in Sociology from the University of Manchester. In 2015 she worked at Age Uk on their Index of Well-being in Later Life. Since joining CFS, she has worked on several projects, including the Money Management and Debt Advice project with Salford Foundation, and a study into financial exclusion in Leeds. Ms Curtis has experience in conducting qualitative research interviews, facilitating focus groups and analysing survey data. 

She is currently working on an evaluation of a financial education programme delivered by Toynbee Hall and a study of illegal money lending in the Salford. 

Pro Karl Dayson FHEA FRSA 


E: T: +44 (0)161 295 2827 

Prof Karl Dayson is the chair and cofounder of CFS. Prof Dayson has 20 years’ experience working on numerous research and evaluation projects on microfinance and financial exclusion. In 1999, together with Bob Paterson and other colleagues, Prof Dayson developed a model for lending to low-income, financially households, called Community Reinvestment Trusts (CRTs). He subsequently helped set up over a dozen of CRTs across the UK. He co-drafted the Code of Good Conduct for Microcredit Provision and the methodology of compliance with Dr Vik. Prof Dayson is an internationally recognised specialist in microfinance and financial inclusion having written in excess of 40 reports, and has published over 20 journal articles and conference proceedings and three books in the field. 

Prof Dayson is currently working on a benchmarking study of seven leading UK personal lending CDFIs funded by Carnegie UK Trust and the update of the European Code of Good Conduct for Microcredit Provision. Today Karl sits on the Code’s Steering Committee along with colleagues from the European Commission and the European Investment Bank.