Background

The United Nations Capital Development Fund (UNCDF) makes public and private finance work for the poor in the world’s 47 least developed countries. With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.

Leaving no one behind in the digital era

UNCDF has formulated its strategy ‘Leaving no one behind in the digital era’ based on over a decade of experience in digital finance in Africa, Asia and the Pacific. UNCDF recognizes that reaching the full potential of digital financial inclusion in support of the Sustainable Development Goals aligns with the vision of promoting and financing digital economies that leave no one behind. The vision of UNCDF is to empower millions of people by 2024 to use services daily that leverage innovation and technology and contribute to the Sustainable Development Goals.

Inclusion is at the heart of UNCDF’s strategy to promote digital economies that leave no one behind, which can only be achieved if digital economies are developed at the national level and if there is a focus on making them inclusive—without any new form of exclusion.  We place particular importance on youth, women, migrants, refugees, and MSMEs, customer segments that are often marginalized and denied digital innovation and technology due to social norms, societal status, and limited revenue and capacity. We place the empowerment of these customer segments at the center of UNCDF initiatives to develop innovative services in various sectors.

Our approach focuses on accelerating the development and financing of inclusive digital economies at the country level with the government, the private sector and academia, with specific attention given to the development and financing of the right services to reduce the digital divide and to empower key customer segments.

To implement the UNCDF strategy, we apply a country-level market development approach. The objective of such an approach is to continuously aim to understand and intervene in select market systems to address underlying market dysfunctions in order to improve efficiencies, effectiveness and sustainability. The approach seeks to (1) leverage the roles and behaviors of current players in the marketplace, support them to do what they do better or to change their behaviors; (2) strengthen the systems and relationships among the various market and sector actors; and (3) work with current players to de-risk new business models in order to make digital solutions more inclusive for key segments and reduce the digital divide

In Rwanda, the growing fintech sector and start-up ecosystem is seen as a strong contributor to driving innovation in the financial sector. To enact the full potential of the start-up ecosystem, there is need for collaboration among various stakeholders to ensure that new and innovative products are developed, given a chance to pilot and can achieve scale and sustainability. One of the main constraints for start-ups to go to market and scale is with navigating the policy and regulatory requirements. In 2019 UNCDF conducted a landscape analysis to (1)develop a centralized repository of information regarding fintech startups operating in Rwanda, (2) assess their capacity and needs, and (3) identify appropriate areas for collaboration with the fintech ecosystem facilitators, regulatory bodies and startups to promote innovation in Rwanda. To address their needs, UNCDF is implementing a Fintech accelerator that directly support Rwandan fintech startups to scale by addressing their needs for skills, partnerships, access to capital and markets, and navigating the regulatory and policy environment. The accelerator is implemented in partnership with the government of Rwanda and a private sector fintech ecosystem facilitator.

In Tanzania, while access to digital financial services has improved in the last decade, a number of issues hinder the development of an inclusive digital economy. UNCDF aims to address key market constraints that inhibit the development of an inclusive digital economy. Specifically, UNCDF is evaluating the fintech landscape in Tanzania, in order to understand the key challenges impeding the growth of fintechs, and to identify opportunities for collaboration to drive the growth of inclusive innovation in Tanzania. Additionally, UNCDF aims to support the regulator in Tanzania to deploy a Level 1 aligned national real time payment network (TIPS) to include all classes of digital financial service providers (DFSPs). The project aims at preparing payment aggregators, microfinance institutions and SACCOs by building their capacity to prepare them for integration to TIPS. In parallel, the project will seek to better understand national policies covering MFIs and payments and will identify policies that need to be adjusted to achieve the MFI industry goals of Level 1 participation and drive the development of an industry-led advocacy strategy to ensure that the operational environment is enabling.

As part of this engagement UNCDF is looking for a Digital Financial Services (DFS) Policy Consultant with strong expertise in regulation of innovation and new technologies to support the East African start-up ecosystem to better understand the policy and regulatory regime governing the innovation and fintech sector. The Consultant’s work will inform a system of engagement, address regulatory barriers, and emphasize the fintech sector’s need to access shared payment and agent infrastructure at scale.

Digital Financial Services (DFS) Policy Consultant is expected to be engaged by December 2020 through a non-exclusive Framework Agreement, also known as Long-Term Agreement (LTA). More information on the Framework Agreement can be found below. 

Duties and Responsibilities

Under the direct supervision of UNCDF’s Tanzania Country Lead and/or other FIPA project management unit that may call-off the Agreement, the DFS Policy Consultant will be responsible for the following key duties and responsibilities:

1. Support the nascent Fintech Incubator Hub in Rwanda through technical assistance and drafting of guidance material;
2. Contribute to the assessment of Rwanda’s digital economy using the Inclusive Digital Economies Scorecard;  
3. Support the mapping of Tanzania’s fintechs and the establishment of a facility to support them;
4. Draft regulatory playbooks for fintechs in Rwanda and Tanzania;
5. Develop concept notes to expand fintech inititives in Rwanda and Tanzania;
6. Support the MFI industry in Tanzania through the development of an industry position paper for DFSPs to onboard to the Tanzanian interoperable payment system and advocacy with regulatory bodies.
7. Support the UNCDF Policy Accelerator team’s training and technical assistance efforts in relation to sex-disaggregated data and the basic regulatory enablers.

The table below outlines the list of key deliverables and estimated number of days:

Monitoring and Progress Control

The Consultant will work under direct supervision of UNCDF’s Tanzania Country Lead and/or other FIPA project management unit that may call-off the Agreement and require services of the consultant. The consultant will be responsible for providing his/her own laptop during his/her engagement with UNCDF.

Payment to a Consultant will be made based on the actual number of days agreed with UNCDF as reflected in the call off TOR and PO and upon certification of satisfactory completion and acceptance of the output by the UNCDF’s Tanzania Country Lead or other FIPA project management unit that may call-off the Framework Agreement.

Supporting documents that will serve as conditions for disbursement are as follows: (i) submission of an invoice and Certificate of Payment (COP); (ii) review, approval and written acceptance of each deliverable by the UNCDF’s Tanzania Country Lead or other FIPA project management unit; (iii) authorization of payment disbursement from the direct supervisor in UNCDF. Where payment is based on days and not on milestone outputs, the submission of the timesheet and expenses with relevant documentation may be required by UNCDF.

Competencies

Technical competencies

• Ability to work with regulators and government on the regulation of new technologies and innovation;
• Proven ability to engage with fintechs to navigate the regulatory environment;
• Solid knowledge of the innovation approach, as well as state-of-the-art approaches and best relevant international practices in digital innovation (assessment will be made by evaluation of publications and practical experience content) is mandatory;
• Experience providing evidence-based recommendations for policymakers and regulators seeking to develop an appropriate and fit-for-purpose regulatory framework for fintech in the region;
• Proven understanding of digital financial solutions and digital tools that can target low-income people would be added advantage;
• Strong analytical, reporting and writing skill e.g. writing brief papers on findings from field work;
• Openness to change and ability to receive/integrate feedback;
• Ability to plan, organize, implement and report on work;
• Proficiency in the use of office IT applications and internet in conducting research;
• Ability to translate complex technical ideas to a non-technical audience in verbally and in writing;
• Understanding of need for sensitivity and confidentially of information involved in dealing with regulators;
• Excellent writing and presentation skills.

Functional competencies

• Understanding and/or background in financial inclusion, microfinance, or access to finance;
• Demonstratable track record in engaging with policymakers and regulators, ideally at the international level;
• Strong ability to communicate and function effectively in local/international/multicultural environment;
• Excellent networking with a demonstrated ability to build and maintain professional relationships;
• Ability to meet deadlines and work under pressure;
• Project management skills;
• Excellent PowerPoint and Excel skills;
• High level planning, organizational and time management skills, including flexibility, attention to detail and the ability to work under pressure to meet changing deadlines;
• Well-developed interpersonal skills, including the ability to liaise effectively at senior levels, including central banks;
• Analytical and problem-solving skills of a high order, including the ability to formulate recommendations and advice;
• Pro-active, constructive attitude, open to feedback.

Required Skills and Experience

Education

• Master’s Degree in Economics, Finance, Banking, Development, Business Management, or related fields is mandatory.

Experience

• At least 7 years of experience in the development of innovation strategies and providing thorough guidance in working with start-up eco-system and established players to unlock innovation creating a community of practice around innovation is mandatory.
• 5 years of experience working in (or with) a regulatory body on the management, oversight, or regulation of new technologies and innovation in Rwanda and Tanzania is preferable.
• Experience in writing case studies, research papers or other learning materials is preferable.

Language

• Excellent written and oral English is mandatory
• Knowledge of Kiswahili or French is desired.

Timeline, total number of working days, duty station:

• Timeline: December 2020 – November 2022
• Total Number of Working Days for Assignment: Up to 377 working days within 24 months.
• Duty station: The Consultant shall be home-based, except when called by UNCDF to conduct missions and/or to attend meetings.

Travel, payment of travel costs including tickets, lodging and terminal expenses shall be agreed upon as per UNCDF policy, between the respective business unit and Consultant, prior to travel. Please note that consultants residing in the duty station od travel will not be compensated for living expenses.

Application process:

Interested individuals must submit the documents mentioned below as proposals in order to demonstrate their qualifications. (Note: The system does not allow multiple uploads of documents. Applicants must make sure to upload all documents in one PDF file.)

All applications must contain the following information:

• Cover letter with a summary statement of competencies in relation to the Terms of Reference (TOR) indicating web links of published case studies and research papers as well;
• Earliest availability and proposed schedule for consultancy;
• Completed and signed P11-Personal History Form with names and current contacts of 3 referees  (Available at: http://sas.undp.org/documents/p11_personal_history_form.doc);
• Signed financial proposal for the assignment outlining: All-inclusive fee (including professional fees and other professional expenses, such as insurance, taxes, etc.) Available at: http://procurement-notices.undp.org/view_file.cfm?doc_id=29916. All Unit Prices Indicated in the Financial Proposal shall remain the same for the duration of the Agreement, including Amendments thereto.

Selection process and evaluation:

Applications will be rated on both technical and financial submissions. The following selection method will be used:  Highest rated proposal using the combined scoring method. The weight distribution shall be 70% technical and 30% financial.   

Step I: Screening: 

Applications will be screened and only applicants meeting the minimum criteria will progress to the pool for shortlisting.

• Master’s Degree in Economics, Finance, Banking, Development, Business Management or related fields is mandatory;
• At least 7 years of experience in the development of innovation strategies and providing thorough guidance in working with start-up eco-system and established players to unlock innovation creating a community of practice around innovation is mandatory;
• Excellent written command of the English language is mandatory.

Step II: Shortlisting by desk review (30% out of technical assessment):

UNCDF will produce a shortlist of candidates and technically evaluate candidates by using the following criteria with corresponding points (100 points):  

• Master’s Degree in Economics, Finance, Banking, Development, Business Management or related fields: 25 points
• At least 7 years of experience in the development of innovation strategies and providing thorough guidance in working with start-up eco-system and established players to unlock innovation creating a community of practice around innovation: 25 points
• 5 years of experience working in (or with) a regulatory body on the management, oversight, or regulation of new technologies and innovation in Rwanda and Tanzania: 20 points
• Experience in writing case studies, research papers or other learning materials is preferable: 15 points
• Excellent written command of the English language: 10 points
• Knowledge of Kiswahili or French: 5 points
• As applicable, the applicants achieving 70% of the points at this stage shall be invited for an interview via Skype.

Step III: Interview (70% out of technical assessment)

Only candidates obtaining a minimum score of 70 points and above at the desk review stage shall be invited to a competency-based interview.

Only candidates obtaining a minimum of 70% on the total of Step II (Desk review 30 % + Interview 70%) shall be considered as technically qualified and will be reviewed further for financial evaluation.

The following formula will be used to evaluate the financial proposal:

Lowest priced proposal / Price of the proposal being evaluated x 30%.

Award Criteria

The contact shall be awarded to the applicant whose offer has been evaluated and determined as:

• Responsive/compliant/acceptable; and
• Having received the highest combined weight: (technical scores)70% + financial 30%= 100%.

The first ranked top candidate that achieved the highest cumulative score will be recommended for award of Framework Agreement, upon approval of Procurement Review Committee.

Scope of Price Proposal and Schedule of Payments:

The DFS Policy Consultant is to be compensated based on a daily fee payable upon satisfactorily completion of each deliverable and submission of related reports during every call-off.  The daily fee shall remain fixed for the duration of the Agreement, including any extension that may be executed.

Payments shall be made following certification by the UNCDF’s Tanzania Country Lead or other FIPA project management unit that the services related to each deliverable have been satisfactorily performed and the deliverables have been achieved by or before the due dates specified in the call-off.

Contract management mechanism:

UNCDF will regularly monitor the consultant’s performance against the following criteria:

1. meeting TOR requirements
2. timeliness of work completion and report submission
3. positive feedback of project counterparts

Both individual consultants and individual employed by a company or institution are welcome to apply.

Any individual employed by a company or institution who would like to submit an offer in response to a Procurement Notice for IC must do so in their individual capacity (providing a CV so that their qualifications may be judged accordingly). Women candidates are strongly encouraged to apply.

Framework Agreement:

It is important to note that, at the time of the issuance of the Framework Agreement, both parties understand that no financial obligation or commitment is formed on the part of UNCDF, and that such an agreement is non-exclusive (i.e., it does not prohibit UNCDF from entering into another such framework agreement with another individual or entity).  Financial commitments will only be established each time the services are requested within the scope of the Agreement, through the agreed triggering action or document (e.g., PO with attached call-off TORs) that signals the commencement of an engagement (“call-offs”).

This Agreement is intended for on-call intermittent engagement for a maximum of 377 working days spread over a period of 24 months, which is the duration of the project implementation.

During this period, specific service requests (also known as call-offs) shall be placed by UNCDF, in the form of issuance of Purchase Orders, supplemented by a specific Terms of Reference (TOR), and these documents will indicate the total cost of the services for the duration of the call-off, a brief description of the work, indicating the, and the number of days that will be required to complete the services, among other call-off-specific work.

A total contract value, which shall be based on the unit price agreed by UNCDF and the individual, will be agreed by both parties that will sign the Agreement, and the said contract amount shall serve as the maximum cumulative value of the call-offs that UNCDF will place over the duration of the Agreement.

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