IC/UNDP/IFL/158/2021 - Senior Specialist for Financial Inclusion and Fintech Lending

Consultant

Overview

Conduct analysis for financial inclusion focusing on youth and women in Indonesia

You have:

• Master’s Degree in economics, finance, international relations, business management, public policy, or related fields.
• Five years of relevant experience in project management, climate and sustainable finance, public finance management, financial sectors.
• Substantive experience in developing reports, concept notes, proposal related to green economy, green growth, sustainable finance, financial management, and financial services.
• Excellent command of written and spoken English and Bahasa Indonesia is required.
• Ability to work under pressure with minimum supervision and on-distance.
• Demonstrated initiative, tact, and high sense of responsibility and discretion.
• Strong motivation & ability to work & deliver under short deadlines.
• Strong computer literacy and proficiency in MS office.

Contract

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

Background

Interest candidate has to access procurement notice Ref.: IC/UNDP/IFL/158/2021 - Senior Specialist for Financial Inclusion and Fintech Lending at the following link: https://procurement-notices.undp.org/view_notice.cfm?notice_id=85259

We encourage you to submit your application through this website and send the complete application to [email protected] (only application with complete supporting document received in [email protected] before or at the closing date will be proceed).

Background:

United Nations Development Programme (UNDP) partners with people at all levels to help building nations that can withstand crisis and sustain growth that improves the quality of life for everyone. UNDP Indonesia’s mission is to be an agent for change in human and social development and a trusted partner to stakeholders with the overarching aim of reducing poverty.

UNDP Indonesia established Innovative Financing Lab (IFL) in 2017 to show the importance of Sustainable Development Goals (SDGs) financing as a strategic priority. The Lab offers experimentation space to prototype and test funding models for development initiatives.

However, the COVID-19 crisis has set back decades of work by further widening the gap in many fronts, and has had significant social, political, and economic consequences in the community. To mitigate the impact of this crisis on the economy, Ministry of Finance represented by Badan Kebijakan Fiskal (BKF) has actively participated in the preparation of the national economic recovery programme in which there are various policies to restore conditions for the priority affected segments of financial inclusion. This has been launched through the issuance of Presidential Decree (PerPres) in No. 114 / 2020 on the National Strategy for Financial Inclusion (Strategi Nasional Keuangan Inklusif), and also the National Strategy for Financial Inclusion for Women.

Within this context, IFL with focus to attract, channel and direct resources for development and in collaboration with the BKF will play the role to support the Indonesian government in effectively accelerating the equality in financial inclusion. Based on the results of the National Survey of Financial Literacy (SNLIK) of the Financial Services Authority (OJK), Indonesia's financial literacy index in 2019 reached 38.03 percent and the financial inclusion index reached 76.19 percent. This shall be targeted to reach 90 percent by end of 2024 directed by using 3 dimensions of key performance indicator which are outreach, use and quality.

Besides that, UNDP has been promoting digital finance solutions for the COVID-19 response, including digital transfers, crowdfunding platforms to mobilize funds for emergency relief, and algorithmic lending to get resources quicker to small business – to indicate just a few examples.

The IFL will support the involvement of BKF in capacity building, education, and piloting activities of inclusive financial initiatives especially on youth and women to promote economic growth, create financial stability, support poverty reduction programme, and reduce inequalities between individuals or regions. In this regard, the priority investments are: ‘(i) Promoting financial inclusion by making formal financial services accessible and affordable to low-income individuals and small business, (ii) Facilitating an enabling policy and regulatory environment for financial innovation, (iii) Developing new methods for building and assessing creditworthiness of low-income individuals and small, informal enterprises, (iv) Championing financial literacy, (v) Disseminating product and market information, (vi) Ensuring greater financial access, focusing on youth and women through product design and messaging, (vi) Conducting digital financial services assessments, including microinsurance, etc., and (viii) Ensuring legal identify, including digital identity. The intervention target in the implementation of financial inclusion with focus on these segments shall be highlighted in: (i) The relatively lower income of women, (ii) female worker, especially migrant worker, (iii) the women’s micro and small-scale entrepreneurs, and (iv) women in household (caregiver).

In 2022 Indonesia was also appointed as the Host of the G20 Summit and the G20 Presidency, so that discussions related to inclusive financial issues will focus on discussions related to digital finance and SMEs Finance in response to economic recovery due to Covid-19. Both are important key elements that can boost economic growth effectively and create multiplier effects to the Indonesian economy.

As a follow up to the digital finance above, currently the development of fintech lending (pinjaman online) as a new business model potentially has driven to potential “vehicle” in promoting wide financial inclusion. With the financing access to over 600,000 individuals as well as created over 200,000 jobs (2018), the total disbursed loan increased by 606 % from March 2018 to March 2019. In term of legal umbrellas, risk management and monitoring mechanism these main factors have to be improved well.

UNDP is looking for a consultant who will conduct synthetic analysis of financial inclusion with focus on youth and women, and policy advice in terms of fintech lending in order to actively play the role to create synergy in collaboration with MOF, OJK, and Bank Indonesia as respective regulators.

Duties and Responsibilities

There are two combined objectives of the assignment for the consultant which is firstly:

1. To develop comprehensive synthetic analysis for the vision and mission of financial inclusion with focus on youth and women in Indonesia after the COVID crisis. Reliable outreach, use and improved quality need to be address along with the technical team.
2. Secondly, in how far the fintech lending especially due to the recent planned moratorium for the new license is able to provide financial products and services that can safely meet the needs of the community.

Scope of the assignment:

In consultation with UNDP and BKF, the consultant is expected to:

1. Actively contribute to improve the issues related to financial inclusion as stipulated in the Perpres 114/2020 on National Strategy for Financial Inclusion, and the National Strategy for Financial Inclusion For Women (2020).
2. Provide analysis on the discussion of the strategy and financial inclusion policy (focus on youth and women) in the regional and global especial in the forum under GPFI (Global Partnership for Financial Inclusion) and WCFIN (Working Committee on Financial Inclusion).
3. Document lessons learned/best practices of the latest financial inclusion issues (focus on youth and women) in Indonesia.
4. Provide analysis on the issues surrounding fintech lending in Indonesia and comparative cases in regional and global level
5. Provide analysis and recommendation on customer protection concerning digital financial innovation, peer-to-peer lending.
6. Actively engage with relevant stakeholders (government, private sector, associations, etc)

The following methodologies may be used for the assignment:

• Desk review.
• Data collection and analysis.
• In-depth consultation and/or Focus Group Discussion with key stakeholders.
• Report writing (findings and develop recommendations).
• Other relevant methodologies: the consultant should suggest a methodology explaining how the work shall be structured and managed.

Competencies

Competencies and special skills requirement:

• Analytical skills, communications abilities, teamwork.
• Excellent report writing and drafting skills along with a grasp of public finance and climate change in the context of Indonesia, as demonstrated by previous research/reports/policy notes on relevant topics.
• Excellence in written and spoken of English and Bahasa Indonesia is required.
• Ability to work under pressure with minimum supervision and on-distance
• Demonstrated initiative, tact, and high sense of responsibility and discretion
• Ability to work independently and Excellence in teamwork
• Strong motivation & ability to work & deliver under short deadlines.
• Strong computer literacy and proficiency in MS office.
• Demonstrates commitment to the UN’s mission, vision and values;
• Demonstrates sound judgment, diplomacy and sensitivity to confidential matters.
• Demonstrated ability to meet deadlines and work under pressure;
• Innovative forward thinking, good coordination and organizational skills, teamwork;

Required Skills and Experience

Academic Qualifications:

• Master’s Degree in economics, finance, international relations, business management, public policy, or related fields.

Years of experience:

• Five (5) years of relevant experience in the field of project management, climate and sustainable finance, public finance management, financial sectors;
• Substantive experience in developing reports, concept notes, proposal related to green economy, green growth, sustainable finance, financial management, and financial services.
• Substantive working experience in close coordination with the national government including the Ministry of Finance, Bappenas, etc.

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Potential interview questions

Added 4 years ago - Updated 1 year ago - Source: jobs.undp.org