Deadline: 24-Mar-23
The United Nations Development Programme (UNDP) in Sierra Leone is inviting financial intermediaries (commercial banks, insurers, credit unions, microfinance institutions, Savings and Credit cooperatives, community banks, Financial Services Associations and insurance companies) to submit proposals describing their suggested products/services targeting informal enterprises/entrepreneurs.
UNDP, in collaboration with ILO, shall support financial intermediaries to identify and adopt existing financial products/services targeting informal enterprises/entrepreneurs, in order to incentivize formalization. Through this call, UNDP would like to strengthen the capacities of financial intermediaries to adapt innovative financial products and solutions that meet the financial needs of MSMEs, while fostering the way to formality. This may include technical assistance to support the product development process, marketing of the products, and management to ensure that appropriate products meet the needs of the market and provide pathways to the formality of their clients.
UNDP shall provide technical support in capacity building to up to 8 Financial Intermediaries in the country.
In addition, ILO will further support the identified financial institutions in piloting and rolling out the developed products and estimating the impacts achieved.
Objectives
- The specific objectives of the call for proposals include: –
- Improve the capacity of financial intermediaries including banks, microfinance institutions, Savings and Credit cooperatives, community banks, and insurance companies,to provide appropriate financial products and services to informal enterprises and entrepreneurs.
- Promote access and usage of financial services for promoting the formalization of the economy and better responding to the financial needs of the private sector.
Duration of the Activity: 4 weeks.
Location: Sierra Leone
Selection Criteria
- This is a call for proposals(expression of interest)based on which UNDP will identify up to 8 proposals that will qualify for technical support.
- Key areas for consideration for financial intermediaries for this call include: –
- Registered financial intermediaries including banks, microfinance institutions, Savings and Credit cooperatives, community banks, insurance companies, etc operating in the country for a minimum of three years.
- Feasibility of financial products /services to be refined and adapted to respond better to the market needs andpromoting pathways to the formalityof enterprises
- Institutional capacity to develop, implement and scale up the products
- Compliance to call requirement.
Criteria for Selecting the Proposal
- UNDP will set up an evaluation committee to review all proposals received using UNDP’s principles of fairness and integrity.
- The following criteria will guide the selection process:
- Company’s performance/track record and experience working with MSMEs and informal enterprises (30%)
- Potential product scalability, catalytic effect, (30%)
- Impact of the proposed financial product and its feasibility (40%).
For more information, visit UNDP.