Financial Services Consultant

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UNDP - United Nations Development Programme

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Application deadline 1 year ago: Monday 29 Mar 2021 at 23:59 UTC

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Contract

This is a National Consultant contract. More about National Consultant contracts.

Background

UNCDF is the UN’s capital investment agency for the world’s 47 Least Developed Countries (LDCs). UNCDF uses its capital mandate to support LDCs pursue inclusive growth. UNCDF promotes financial inclusion, also through digital financial services (DFS), as a key enabler of poverty reduction and inclusive growth; and it demonstrates how localizing finance outside the capital cities can accelerate growth in local economies, promote sustainable and climate-resilient infrastructure development, and empower local communities. Using capital grants, loans and credit enhancements, UNCDF tests financial models in inclusive finance and local development finance; ‘de-risks’ the local investment space; and provides proofs of concept, paving the way for larger and more risk-averse investors.

Recently, 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 (SDGs) aligns with the vision of promoting digital economies that leaves 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 SDGs. Please refer to the link for further information: https://www.uncdf.org/article/4931/global-strategy-leaving-no-one-behind-in-the-digital-era

For years, many financial inclusion practitioners assumed that providing access to finance would enable people to use money in ways that would set them up for success. But having access does not cause people to be financially healthy, stable, and successful. For example, only 29% of Americans are financially healthy despite a booming economy and near-universal financial inclusion. 83% of Kenyans were financially included in 2019 but only 22% were deemed financially healthy, a drop from 39% in 2016.

Financial inclusion tends to be reduced to binaries as opposed to being a discussion of a spectrum. Financial health, on the other hand, is arguably a more customer-centric concept, one that offers principles to define impact more holistically, measure it systematically and create it in a sustained and meaningful manner. Fundamentally, it is a non-product-centric approach based on the end consumers' needs.

Financial inclusion and financial health are also fundamentally different approaches, with distinct entry points. With financial inclusion we start with the question, “What does a financial product or service unlock?” With financial health we turn this notion on its head and ask instead, “What does it take to be financially healthy?” Using this “impact” question as an anchor, we work backwards to better align financial interventions to what makes customers financially healthy. While digital has been a big enabler for driving financial services, the question still remains on driving the use of digital in a responsible manner and that SDGs could be achieved in true spirit.

In line with this, UNCDF is broadening its focus on financial health by investing in efforts around advocacy, research and insights and programming. As part of these efforts we are rolling out a global centre that would allow the work at different levels of Advocacy, Data and Insights, Searching and Investing solutions or business models while supporting the implementation in a living lab/in-country platforms in various markets of Asia, Africa and South America that would allow the tracking of impact and inform learnings over the next five years.

In this context, UNCDF in partnership with the Government of Odisha (Mission Shakti; MS) is setting up a living lab in India to impact 3.5 million women and women entrepreneurs, that would focus on increasing women’s agency and participation in new digital economy of the state and country.

Duties and Responsibilities

The Financial Services Consultant will report to the Living Labs Lead and work closely with Mission Shakti counterparts. The consultant will be responsible to manage projects with partner(s) and provide technical assistance for effective implementation of the project. S/he will also be responsible to coordinate with on-ground partnership team, booster team and Behavioural Science/Human-Centered Design (HCD) Consultant for effective roll out of pilots. This is a full time role and the consultant is expected to work out of UNCDF-Mission Shakti Living Labs office in Bhubaneswar, Odisha.

The table below shows the detailed activities, deliverables, and corresponding target delivery dates.

Activities****Deliverables****Target Completion****Payment terms in % of total contract priceConduct readiness assessment for different financial services in pilot districts.- Operations Guidelines for selection of location - Readiness Assessment

Month 1 9%Develop toolkits on digital and financial literacy in coordination with partners and communication team.

Technical guidance to Mission Shakti in upgrade of MS portal/app as super app

  • Information, education and communication (IEC) materials/ Financial and Digital Literacy Toolkit designed and developed
  • MS app-business requirements specification - Word/PPT

Month 2

Month 3

18%Facilitate the business case for Financial Service Providers’ (FSP) ecosystem of agent networks and banking in pilot geographies- Stakeholder map - Business case - Discussion and business case presentation for FSPs to set up agents in project districts - Recommendations report - Implementation plan

Month 518%

Setting up one-stop centers, their training and capacity building.- Business case - Work plan - Curricula and materials - Conduct training and capacity building of one-stop centers and business correspondents and coordination with FSP

Month 6 9%Draft Project Description, workbook, learning plan and results management (RM) framework for 2021 round of partners.- Project Description, Project Workbook, RM Plan and Learning Plan submitted to investment committee

Month 7 9%Self Help Groups (SHGs) internal activity data digitized on pilot basis.- Data digitisation completed - Report on digitisation

Month 8 9%Conduct inception meeting and provide technical assistance (TA) to private sector partners.- Inception Meeting Report/Minutes - Finalised Work Plan - Quarterly Report submitted for first quarter of TA - Deliverables as per work plan

Month 10 18%Develop 3 learning collaterals in coordination with research and insight team.- Design of learning themes - Recommendation report - 3 learning collaterals (briefing note/blog/other)

Month 12 10% TOTAL 100%

Competencies

  • Open to working on challenging projects that require in-depth support to partners largely on operations level.
  • Experience in managing clients and partners—from early stage companies to mature organizations.
  • Solution-focused and medium-agnostic, willing to step out of your core skill set or discipline to find the correct solution to a challenge.
  • Open to working in a multi-cultural environment and with a diverse team of professionals.
  • Results-driven, problem-solver with structural and analytical capabilities.
  • Strong ability to think and act strategically, even in situations of ambiguity, to develop both short- and long-term visions.
  • Strategic thinking for planning country strategy and resource mobilization plan for same.
  • Inspires others, influences and builds trust.
  • Strong communicator that can serve multiple functions as needed.

Required Skills and Experience

Duration: May 2021 – April 2022

Duty Station: Bhubaneswar, Odisha, India with travel as required

Total Number of Working Days for Assignment: Max of 220 working days within 12 months

For unforeseeable travel, payment of travel costs including tickets, lodging and terminal expenses should be agreed upon, between the respective business unit and Individual Consultant, prior to travel and will be reimbursed. UNCDF would cover the cost of stay for the selected individual.

Please note that UNCDF cannot guarantee residence permits or visas for consultants. Consultants are responsible for securing their work documentation. In the case of national consultants, applicants that are not nationals of the duty station requested will have to prove their residence status.

Provision of Monitoring, Progress Controls & Payments:

  • The consultant will work under the direct supervision of the Global Manager – Innovations and Financial Health.
  • Payment will be made against satisfactory completion of each deliverable. All payments shall be subject to the clearance and approval of the Global Manager – Innovations and Financial Health.
  • Final payment shall require a signed performance evaluation of the consultant.

Academic Qualification:

  • Bachelor’s degree in either economics, social or international development, finance, business administration, public policy or a related field.

Experience:

  • Minimum of five (5) years of professional experience in digital finance, social development, banking, microfinance, telecom or agriculture sector in India.
  • Minimum of three (3) years of professional experience in driving digital financial services and customer adoption.
  • Minimum of two (2) year of experience working on government-supported projects and coordinating with government counterparts.
  • Experience in writing case study, project descriptions, work plans, budgets, research papers or other learning materials.
  • Experience of working on projects with a focus on gender would be a plus.
  • Previous experience of working with UNDP/UNCDF or other multilateral agencies or foundation-funded projects is a plus.
  • Proven experience of independently managing projects/tasks with defined KPIs and timelines.

  • Experience in developing and managing business relationships with the private sector, government agencies/regulators and civil society organizations.

  • Experience in designing and managing qualitative or quantitative research.
  • Exceptional written and oral communications skills.

Language:

  • Fluent in English and Hindi, both written and oral.
  • Knowledge of Odia is a plus.

Application Process

Interested individuals must submit the following documents as proposals in order to demonstrate their qualifications. (NOTE: The system does not allow multiple uploads of document. 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 this Terms of Reference (TOR);
  • Curriculum Vitae and/or Completed and Signed P11-Personal History Form with names and current contacts of three referees (Available at: http://sas.undp.org/documents/p11_personal_history_form.doc);

Technically-qualified consultants, i.e. consultants who score equivalent or more than 70% with respect to the below-mentioned evaluation criteria, will be requested to submit their all-inclusive fixed total contract price. Consultants should not specify their financial proposals on their CV or with their submission. The CV will not be evaluated further in the event the consultant submits the same.

Incomplete applications will not be considered. Please make sure you have provided all requested documents.

Evaluation Method

Applicants will be evaluated based on the following methodology:

  • Preliminary Evaluation - Step I: Screening;
  • Technical Evaluation Weight - 70% x (Step II: Desk review 100 points);
  • Financial Evaluation Weight - 30% (Step III).

Step I: Screening

Applications will be screened and only applicants meeting the following mandatory criteria will progress to the pool for shortlisting:

  • Bachelor’s degree in either economics, social or international development, finance, business administration, public policy or a related field.
  • Minimum of five (5) years of professional experience in digital finance, social development, banking, microfinance, telecom or agriculture sector in India.
  • Fluent in English and Hindi, both written and oral.

Step II: Desk Review

A desk review will be conducted to produce a shortlist of applicants according to the criteria listed below. Only applicants who obtain 70 points at this stage shall be invited for the next step.

  • Minimum of five (5) years of professional experience in digital finance, social development, banking, microfinance, telecom or agriculture sector in India. – 30 points
  • Minimum of three (3) years of professional experience in driving digital financial services and customer adoption. – 20 points
  • Minimum of two (2) year of experience working on government-supported projects and coordinating with government counterparts. – 20 points
  • At-least 1 year experience in writing case study, project descriptions, work plans, budgets, research papers or other learning materials. – 10 points
  • Experience of working on projects with a focus on gender. – 10 points
  • Previous experience of working with UNDP/UNCDF or other multilateral agencies or foundation-funded projects. – 10 points

Only applicants who obtain a minimum of 70% at the desk review will be considered as technically-qualified and will be reviewed further for financial evaluation.

Step III: Financial Evaluation

The following formula will be used for evaluation of financial proposals:

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

Financial Proposal:

Technically qualified consultants will be requested to submit their daily fee rate i.e. consultants who score more than 70% with respect to the above-mentioned evaluation criteria. Consultant should not specify their consultancy fee on their CV or with the submission. The CV will not be evaluated further in case the consultant submits the same.

Award Criteria

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

  • Responsive/compliant/acceptable; and
  • Having received the highest combined score: Technical (desk review) 70% + Financial 30% = 100%.

Both individual consultants and individuals 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 individual consultant must do so in their individual capacity by providing a CV so that their qualifications may be judged accordingly. Women candidates or women-owned businesses are strongly encouraged to apply.

Added 1 year ago - Updated 1 year ago - Source: jobs.undp.org