UNCDF accepting Applications for Development of Integrated Financial Services for Girls and Women in the Gambia

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Deadline: 7 May 2020

The United Nations Capital Development Fund (UNCDF) is accepting applications for the Development of Integrated Financial Services for Girls and Women in the Gambia.

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UNCDF is bringing its expertise in promoting green and climate resilient communities and in financial inclusion, in support of job creation, under the “Jobs, skills and finance (JSF) for women and youth in The Gambia 2018 – 2022” programme funded by the 11th European Development Fund.

This programme will contribute to stabilizing the economic, social and security situation of the country during the democratic transition by facilitating social inclusion and employment of the youth and women, with a specific emphasis on promoting gender equality and addressing climate change. It will do so through two components:

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Component 1: Job creation for the youth, women and local communities and equal access to employable skills development.
Component 2: Improved access to finance.
UNCDF has been actively working to increase financial inclusion through piloting different approaches combining financial and non-financial services. Under component 2 of the JSF programme in the Gambia, UNCDF is addressing financial inclusion as a key contributing factor to unlock the potential of vulnerable segments such as women in driving sustainable and inclusive development. Improved financial capability and access to financial services have the potential to integrate women as drivers of innovative economic growth and job creation in their own communities. As such, UNCDF conducted a thorough assessment of Women’s Economic Empowerment in the Gambia (PoWER) which provides a comprehensive overview of women’s and girls” financial needs. The main findings of this assessment show that:

Access is a challenge which must be overcame to improve women’s access to finance
Women have a very limited access to formal financial services, with access correlated to employment status and geography.
Women and particularly those with lower income need services and products that are adapted to their spending habits.
Women across different segments have common financial needs but usage and agency depend on their socio-economic profile.
On the supply side, limited targeting of women by financial service providers prevents further financial inclusion.
Objectives

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The purpose of this RFA is to select two qualified financial service providers (banks, financial institutions, Mobile Network Operators (MNO’s), FinTechs) committed, ready and able to provide integrated financial services targeting women as per UNCDF PoWER assessment findings with the following objectives:

Develop specific use cases that prove the business case for serving women including challenges that women face in accessing formal financial services.
Design, pilot and scale up new products and services (e.g. savings, loans and financial education) specifically targeting 20,000 women, in particular young women, in the target areas of intervention.
Particular attention should be given to products and services to women-owned enterprises developing solutions that could help the country to contain the COVID-19 and/or services that could support women to become more resilient to similar type of crises (i.e insurance, targeted savings accounts etc).

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The services are intended to open up a wider range of economic opportunities of these vulnerable groups. Particular attention will be given to providers willing to:

use new technologies (e.g. microfinance correspondents, remote banking and mobile banking) and/or are willing to partner with others to provide digital financial services
institutionalize the financial services developed beyond the programme
serve women, in particular young women, in remote or rural (underserved) areas of The Gambia.
The created products could be tested with target beneficiaries of UNCDF sponsored Programmes in The Gambia (JSF Programme). It will then be scaled up with other target clients. In particular, the financial services expected are the following:

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Saving account to incentive assets accumulations through formal channels
Financial Education focused on credit and savings to increase financial capabilities of targeted clients
Additional financial services (e.g. loans) to leverage the asset accumulation and help targeted clients seize additional economic opportunities (e.g. start up a business, extend a business).
Funding Information

Agreement size: Up to $250,000 for each selected partner.
Duration: 24 months. Pilot of services developed has to be within the first 6 months. Reporting will be until the end of the Agreement.
Eligibility Criteria

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Not be in a state of repair or have been the subject of bankruptcy, liquidation, legal settlement, safeguard, cessation of activity or any other similar situation resulting from ” a similar procedure
Eligible and not in the UN’s Ineligibility list, the UN/PD list, or the 1267/1989 lists
Have fulfilled the obligations relating to the payment of social security contributions or the obligations relating to the payment of taxes in accordance with the legal provisions in force in the country of incorporation
At least twenty four (24) months in operations in the country of incorporation
Applicant must have audited financial statements for at least the past two (2) years
Show a sound financial stability (e.g. positive return on assets; strong portfolio quality; positive operational self-sufficiency ratio (OSS), greater than 100%)
Please make sure your application meets all the criteria for selection and eligibility before submitting and includes the following:

Cover letter in annex 1, providing written confirmation that the organization has reviewed UNCDFs grant agreement template (available upon request) and is ready to sign it without revision to the standard language
Application form duly filled in (Annex 2)
Table with performance ratios in annex 3 and 4
Supporting documents:
Audited financial statements for the past two (2) years with a letter from management.
Article of incorporation
Updated License for operating in the country from the relevant authority, e.g. Central Bank
CV of staff who will be involved in this program
For more information, visit https://www.uncdf.org/article/5549/rfa-development-of-fs-and-fe-for-girls-and-women-in-the-gambia