1. Background:

The Alliance for Financial Inclusion

The Alliance for Financial Inclusion (AFI) is the world’s leading organization on financial inclusion policy and  regulation.  Currently,  90 member institutions  make  up  the AFI network   including   central    banks,    ministries of finance    and    other financial policymaking or regulatory institutions from over 84 developing countries and emerging markets. AFI empowers policymakers to increase the access and usage of quality financial services  for  the  underserved  through sustainable  and inclusive policies  and  an effective use of digital technologies.

Policies developed and implemented by the members of the Alliance contribute to a range of the Sustainable Development Goals. by Setting their own agenda, AFI members harness the power of peer learning to develop practical and tested policy reforms that enhance financial inclusion with strategic support from both public and private sector partners.

AFI has 7 Working Groups (WGs): Consumer Empowerment and Market Conduct Working Group (CEMCWG), Digital Financial Services Working Group (DFSWG), Financial Inclusion Data Working Group (FIDWG), Financial Inclusion Strategy Peer Learning Group (FISPLG), Global Standards Proportionality Working Group (GSPWG), Inclusive Green Finance  Working Group (IGFWG) and SME Finance Working Group (SMEFWG).

As the key source of policy developments and trends in financial inclusion and as the primary mechanism for generating and incubating technical content in the network, the Working Groups serve as “communities of practice”. Providing a platform for knowledge exchange and peer learning among policymakers to share, deliberate and deepen their understanding, the working groups offer leadership and expertise in their respective policy fields and support the network to monitor new developments in emerging fields.

The knowledge generated via the working groups is disseminated for implementation by a range of capacity building activities such as Joint Learning Programs, Member Trainings, Trainings by Private Sector Partners. The practical experience members garner from engaging in peer learning based capacity building is then applied by members as in country implementation projects which are supported by the provision of financial or technical support to AFI member institutions in conducting activities that aim to deliver financial inclusion policies, regulations, supervisory tools or enablers for the development of policies, such as national financial inclusion strategies

The working groups receive strategic guidance and insight from the High-Level Global Standards & Policy Committee, while the Gender Inclusive Finance Committee, supports WGs in integrating gender considerations into all aspects of their work and support members in fulfilling their Denarau Action Plan (2016) commitment to promote women’s financial inclusion.

AFI members have made further commitments in a range of other accords which can be read here.

The AFI’s six regional initiatives support policy implementation in Africa (AfPI), Latin America and the Caribbean (FILAC), the Pacific Islands (PIRI), Eastern Europe and Central Asia (ECAPI), South Asia Region Financial Inclusion Initiative (SARFII) and the Arab Region (ARFIPI).

2. Project Background:

The Republic of Vanuatu commenced its Financial Inclusion Journey in 2018, with the First National Financial Inclusion Strategy 2018-2023. The NFIS 1, focused mainly on improving access & usage to formal & semi-formal financial services and developing fitting policies for MSME financing developments, focusing on women & youths and most importantly climate resilience and sustainability  given the specific climate related vulnerability of Vanuatu as an Insular country. The RBV collects data from the supply side, however, data is also needed from the Demand Side. This will enable the RBV to develop evidence based policies in the NFIS 2 by Q2 2025. Therefore, since NFIS 1 concluded in 2023, the RBV is planning on the drafting of NFIS 2, hence requiring to undertake a recent Demand Side Survey. 

3. Overall Objective: 

The Reserve Bank of Vanuatu (RBV), institution affiliated  with AFI and leading the formulation of the NFIS in the country is currently conducting the Financial Service Demand Side Survey (DSS), which will contribute to the formulation of the National Financial Inclusion Phase 2. The RBV has partnered with the Vanuatu Bureau of Statistics Office (VBoS) to undertake this survey, recruited enumerators, and started data Collection in March 2024. Furthermore, the RBV has requested the assistance of the Alliance for Financial Inclusion (AFI) in recruiting a qualified consultant to review the Demand Side Survey Data, conduct analytics, and develop the Financial Service Demand Side Survey 2024 Report. The consulting firm is also expected to support with the planning and implementation of a dissemination workshop to RBV and other identified stakeholders in Vanuatu on the findings and key insights from the Financial Services Demand Side Survey 2024.

4. Scope of Work & Specific Deliverables: 

The overall goal of this project is to enhance access and usage of quality sustainable financial products and services that meet the needs of consumers in Vanuatu and build their resilience to nature-related shocks and improve their general welfare by ensuring the Demand-side Survey report provides the necessary information for the development of the NFIS.

Scope of Work:

A combination of remote work including desk research and on-site work (at least 3 to 5 working days) in Vanuatu conducting a multi-stakeholder validation workshops sharing the overall results of the DSS with the lead technical team and with relevant stakeholders, stakeholder workshops to consult and validate findings and proposals are expected to ensure an optimal engagement with the local stakeholders and adequate context setting, as well as an internal capacity building to RVB staff on the database management is expected from the project.

The main outputs include the following:

1.    An analytical dataset anonymized and built on different formats (SPSS, STATA, Excel) as directed by the RBV and the Bureau of Statistics Office (VBoS) considering the probability weighted results for future consultations, and following the main framework and objectives of the survey;

2.    A descriptive analysis report with the main probabilistic weighted results of the survey following the main sampling objectives of the Survey including national, urban/rural, and gender dichotomies including the main financial inclusion metrics to be used as a baseline for the formulation of the National Financial Inclusion Strategy. Some considerations to note:

a.    Ensure the dataset includes gender-disaggregated data in each of the formats (SPSS, STATA, Excel), allowing for clear identification of gender disparities across financial inclusion metrics.

b.    Use probability-weighted results to analyze gender-specific trends in financial access and usage, financial literacy, and barriers to entry, considering both national and urban/rural breakdowns.

c.    Develop gender-based cross-tabulations and visual representations of key metrics, highlighting financial inclusion gaps between men and women.

d.    Provide analysis on urban/rural dichotomies to understand the demand-side approach to Inclusive Green Finance data collection, including datasets on inclusive green finance services such as insurance, green credits, access sustainable energy etc., are accessed differently across regions and groups, particularly highlighting vulnerable populations

3.    Organize under the support of the RBV and the VBoS a multi-stakeholder workshop in Port Vila, Vanuatu to validate the main results and hypothesis from the analytical outputs of the survey to enable the drafting of a policy-oriented report built upon the main results of the demand-side survey results.

4.    An on-site one-to-two-day training to RBV’s research team on the use of the DSS database

5.    A policy-oriented report draft on the demand-side survey results including but not limited to a national, urban/rural, gender, and resilience/sustainable finance aspects following the original objectives/instrument of the survey. Some considerations to note:

a.    a. Include a dedicated section on gender-specific findings, highlighting key trends, challenges, and opportunities for increasing women’s financial inclusion.

b.    b. Incorporate gender-based recommendations that align with the findings of the survey to inform the development of the National Financial Inclusion Strategy, focusing on improving access, usage, and the quality of financial services for women, particularly in rural areas.

c.    c. Ensure the gender component is integrated into the baseline data for future monitoring of gender equality in financial inclusion initiatives.

d.    d. Ensure the policy-oriented report includes a section on the role of financial inclusion in promoting resilience and green finance. This could highlight how financial services aligned to the 4-P framework can be leveraged to support climate adaptation and sustainability.

e.    e. Address gaps and opportunities in inclusive green finance, identifying areas where financial products and services could support environmental sustainability, especially for women and rural communities.

f.     f. Provide recommendations on integrating green finance into the National Financial Inclusion Strategy, promoting policies that encourage financial services to contribute to environmental sustainability while addressing gender and urban/rural disparities.

5. Timeline & Deliverables: 

The assignment is expected to commence in November 2024 and end by March 2025. Below is a tentative timeline:

Throughout the project, the Reserve Bank of Vanuatu (RBV), the Vanuatu Bureau of Statistics Office (VBoS) and AFI teams will actively supervise and assist the consulting firm by offering internal expertise, facilitating connections with essential stakeholders, aiding in coordinating the firm’s communications, and contributing insights to project deliverables. This engagement anticipates substantial involvement in data analysis and engagement with key stakeholders.

6. Travel:

This consultancy work requires at least one travelling to support the organization of a validation workshop. This will be discussed in further detail after the award decision notification. Please include budgeting for a 3 to 5 day workshop-related travel in your financial proposal.

7.  Consultant Experience:

• Team Lead should have 7+ years of relevant experience and hold a master’s degree in a pertinent field (statistics, dt science, and financial inclusion policy implementation).
• Proven track record in conducting demand-side survey research and strong experience in financial development policies.

• Possess extensive knowledge in areas such as Statistical and Econometric Analysis, Data science and demand-side survey implementation.
• The consultants or at least part of the team should be able to communicate fluently in English.

8. Reporting:

Throughout the contract period, the consultant will be reporting to the Project Lead from RBV supported by the assigned AFI Technical Lead.

9. Payment Terms:

The payment terms/schedule proposed for this consultancy are as follows:

10.     Administrative Information:

10.1 Disclaimer

• Proposal Submission Information:

Proposals will be due with the following requirements for submission:

10.3 Retention of Proposals

All proposals submitted become the property of AFI. AFI will make all reasonable efforts to maintain proposals in confidence and will release proposals only to personnel involved with the evaluation of the project. Proprietary information should be identified in each proposal.

Evaluation Criteria

Evaluation of technical and financial proposals

AFI reserves the right to award the most suitable proposal based on the evaluation of combined criterion, where bidders are qualified by the combined valuation of the technical and financial proposals, with the following weightage:

1. i) Technical Proposal: 70% (Seventy percent)
2. ii) Financial Proposal: 30% (Thirty percent)

How to Apply

Interested applicants are expected to submit a proposal with an updated CV and using the template given by email to AFI’s Procurement & Contracts Office at rfp2426@afi-global.org by 15th November 2024, Friday.

Note: AFI does not tolerate copyright infringement, including and not limited to infringement, in the form of plagiarism. Consultant or consulting entity awarded a contract by AFI shall take responsibility to ensure that the authored works, produced in parts or as an entirety of the deliverables stated in this RFP does not infringe on copyrights.

The final decision on the selection of a consultant/consulting firm for this project rests with AFI management team and with the Inquiry. Only shortlisted and successful consultants will be contacted.