Deadline: 6-Aug-23
The United Nations Capital Development Fund (UNCDF) is looking for up to two partners who can come up with innovative sustainable solutions and with appropriate formal financial products for female RMG workers that can enhance their financial health and empower them in decision making process in terms of managing their own finance.
The initiative is focused on major RMG clusters in Dhaka division (Savar, Gazipur, Narayanganj) and eligible applicants should be registered entities with at least one year of operation in the country.
Priority will be given to digital innovation solutions that establish linkages to primary healthcare and enhance access to quality nutrition.
Scope of work
- The partner will engage in product development, customization, or identification to create gender-sensitive financial products that cater specifically to the needs of female RMG workers.These products may include aspects such as affordable loans, savings accounts, insurance plans, and digital payment services. UNCDF strongly encourages and prioritizes digital innovations that aim to establish connections to affordable primary healthcare and enhance access to affordable and high-quality nutrition, particularly for female RMG workers and their families.
- In order to effectively promote the financial products, the partner will employ innovative strategies that are suitable for the lifestyle of RMG workers and can be implemented within RMG factories, or offered in their locality of residence, or around that area. These strategies will ensure that the promotional efforts reach the target audience in a compelling and engaging manner.
- For the distribution of the financial products, the partner will adopt an innovative approach that considers the unique challenges faced by RMG workers, particularly those located in rural or last-mile areas. The distribution channels will be designed to ensure easy access and convenience, addressing any barriers that may hinder the delivery of the products to the intended beneficiaries.
- The partner will focus on facilitating the sales of the financial products to female RMG workers. Through effective communication and engagement, the partner will encourage the uptake of the products and share the database with UNCDF for validation, review and further learning.
- Ongoing support will be provided by the partner to address any queries or concerns related to the financial products. This support system will ensure that female RMG workers receive the necessary assistance to effectively utilize the services and gain confidence in managing their financial affairs.
- The partner will also prioritize the continuation and sustainability of the financial products beyond the initial implementation phase. This will involve developing strategies, exploring partnerships with financial institutions, and integrating the products into existing programs or platforms. These efforts will ensure the longevity and scalability of the interventions.
Areas of Intervention
- Introducing Gender Smart digital financial solutions (products on health, wellbeing, security, safety, finance) for female RMG Workers and providing easy and quick access through innovative promotion and distribution strategies.
- Challenges/ Problem Statement and Objectives for solution
- RMG workers, particularly women, lack sufficient skills to meaningfully access a range of financial services to improve their financial health
- Lack of financial and digital services particularly targeting the needs of women RMG workers
- RMG workers particularly women could not avail a financial product due to poor accessibility and lack of convenient delivery channel
- Lack of customer-appropriate promotional strategies taken by financial institutions to onboard RMG workers as new customers.
- Lack of availability of suitable affordable products for women RMG workers
- Objective: RMG workers, particularly women, improve their financial behavior and decision making by using a range of formal financial product(s) such as savings, loans, insurance, digital payment etc.
Funding Information
- UNCDF’s contributions can be up to USD 40,000, and UNCDF will award up to two applications depending on the investment readiness level, outreach potential of the solution proposed.
Eligibility Criteria
- Entity registration
- The applicant/organization/companies must be a registered financial service providers (Financial institutions, fintech, insurance providers, microfinance institutions etc.) and has legal authorization to operate in Bangladesh. Entities that have partnerships with financial service providers and possess sales authority for distributing financial products among workers are also strongly encouraged to apply.
- The applicant must have country of operation in Bangladesh and has legal authority to promote, distribute and sale formal financial products.
- Consortiums (when applicable)
- Applicants can apply only once under this RFA, whether independently or in a consortium.
- Joint applications between market players in the target country or countries are encouraged if the solution proposed will expand delivery networks and promote rural and/or other last-mile access to formal financial products and services to RMG workers particularly female RMG workers.
- Applications from consortiums of organizations must show that the partnership was established prior to this call for applications.
- The lead applicant and their partners must be registered entities with at least one year of operations, and must have statutory accounts and audited financial statements for at least one operating year.
- Solutions to be supported
- Applicants must have an existing solution having tested a proof of concept that is ready to undergo pilot testing for a duration of 6 to 12 months.
- Project funding
- Applicants must contribute at least 30 percent of the project’s cash costs (costs may include technical infrastructure, resources, and operations).
For more information, visit UNCDF.
