Call for Proposals – Innovation challenge awards to support financial intermediaries and fintech firms to develop, design, pilot, and scale up financial products and services targeting informal enterprises

Name for Proposals for Grants

Innovation problem awards to assist monetary intermediaries and fintech corporations to develop, design, pilot, and scale up monetary services concentrating on casual enterprises

Deadline: twelfth April 2024

UNDP in partnership with the Group of African, Caribbean and Pacific States (OACPS), and the Worldwide Labour Group (ILO) are implementing a four-year challenge “Supporting Casual Enterprises Transition In the direction of Sustainable Progress and Formalization within the African, Caribbean and Pacific Areas” funded by the European Union. The challenge goals to unlock the potential of the casual economic system for inclusive development and transformation by growing and supporting the implementation of beneficial regulatory situations and related incentives for companies to formalize. As a part of the implementation of the challenge, UNDP has issued a name for proposals for Innovation Problem Awards to assist monetary intermediaries and fintech corporations to develop, design, pilot, and scale up monetary services concentrating on casual enterprises.

The goals of this Innovation Problem Awards are:

1. To assist monetary intermediaries and fintech corporations in growing, piloting, and scaling up monetary services geared toward casual enterprises and entrepreneurs. The last word purpose is to extend entry to finance for these teams and unlock their potential for development and growth.
2. To construct the capability of economic intermediaries and fintech corporations to incentivize enterprises to formalize, increase their buyer base, and obtain industrial sustainability of the supported monetary services.

Who Is Eligible to Apply?

All registered monetary intermediaries (industrial banks, insurers, credit score unions, microfinance establishments, group banks, and Monetary Providers Associations) and fintech working within the nation. These might embody monetary establishments (Banks, MFIs, SACCOS, and others); Fee Service Suppliers; Agent Banking Aggregators; Cellular Community Operators; know-how suppliers; E-commerce platform suppliers; and FinTech firms.

Candidates should meet the next necessities:

• The applicant have to be a registered entity at related nationwide establishments with not less than 3 years of confirmed report and operations within the nation. Expertise with serving MSMEs will probably be thought-about a bonus.
• The proposed monetary services or products is legally compliant with the legal guidelines of Sierra Leone.
• Expertise within the growth of economic or business-oriented merchandise could be thought-about a bonus. Additionality to different current monetary or/business-oriented options to maximise their affect and their added worth for the shoppers/MSMEs/casual firms could be thought-about a bonus.
• Proposing monetary services that combine with authorities initiatives to advertise the economic system’s formalization will probably be thought-about a bonus.
• Proposing sturdy monitoring and analysis mechanisms to evaluate the affect of economic services on formalization charges could be thought-about a bonus.
• Proposing channels for suggestions from companies utilizing the monetary merchandise to constantly enhance and adapt choices primarily based on their evolving wants.

Submissions must be made electronically in a single file (pdf format) signed and scanned to the next e-mail: [email protected]

NOTE: There will probably be a pre-bidding assembly for all candidates which will probably be held three (3) days after the launching of the requires proposals on the twenty seventh March 2024 at 11;00 a.m at UNDP 4th flooring convention room.

Just one submission per group is allowed. As soon as the applying is full and submitted, revised variations of proposal paperwork won’t be accepted.

The deadline for functions is 5:00 pm on Friday, twelfth April 2024. Purposes obtained after the deadline won’t be thought-about.

INTERESTED FIRMS SHOULD DOWNLOAD APPLICATION DOCUMENTS AND ADDITIONAL DETAILS FROM LINK: UNDP Procurement Notices Admin

FOR ADDITIONAL DETAILS SENT MAIL THROUGH [email protected]