UNCDF seeking Proposals for Inclusive Innovations for Driving Financial Health of Low- and Moderate-Income Segments & Small Business
Deadline: 30 May 2020
This RFA is for on-boarding partners that would engage with UNCDF and the Financial Innovation Lab (FinLab). UNCDF would will support partners across different rounds spread over year based on availability of funding, by supplementing their project teams with experts who have the know-how in building solutions linked to financial health.
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UNCDF can provide technical assistance, mentorship support, enabler engagement, market access support ad grants/capital support on case to case basis to the selected partners. The advisory support would be provided by experts that are experienced in product, business model development, behavioral science, go-to-market strategies, etc. in some of the most challenging markets in Asia and Africa.
UNDF invites to apply banks, financial intermediaries, microfinance institutions, insurance companies technology companies and other firms registered anywhere across the globe and willing to enter or already on ground in one of the above markets with a solution that is focused on driving financial health of any low and moderate income segment (includes small business).
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Objectives
The objective of the RFA is to identify new partners that can attain these two objectives
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Demonstrate solutions that are beyond simply payments and are aimed to improve financial health of the low-to-moderate income (LMI) segments by way of improving there savings, investments, etc.
Demonstrate that solutions, when designed and delivered with a rigorous understanding of the LMI segment in mind, can an impact on customer lives, in terms of their ability to pursue opportunities, be resilient to shocks, and meet their aspirations.
Scope of Work
Applicants shall demonstrate that they have the capacity, skills and expertise to provide digital products and services designed and delivered to improve the financial health of the low-to-moderate income segment in the proposed market of implementation at scale. Providers can propose digital finance and related innovations ready for deployment or in early stage of roll-out but that address the outcomes of financial health.
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Expected Results
Applicants shall give evidence that their inclusive solutions are aligned to the parameters listed below:
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Target segment: Smallholder farmers, women, youth, migrants, informal and formal workers, micro and small enterprises and other vulnerable segments in low- and moderate-income groups.
Geographical scope: Nationwide, with a focus on under-served segments in the low to-moderate income bracket; weighted points for projects that have a goal and clear strategy to go outside their core customer base and area of operation, especially to peri-urban and rural areas.
Expected results: Below are indicative key performance indicators for the projects. The indicators will be finalized based on the nature of project and tracked to ensure success of the project.
New customers added
New active customers
Average transaction amount/customer
Average transaction volume/customer
Average revenue/customer o Profitability
Increase in savings at individual and household level (long-term, short-term and emergency savings)
Qualitative changes in people’s financial health Other KPIs would be based on nature of solution and what aspect of financial health is it impacting.
Expected Outputs and Deliverables
The partner would work closely with the UNCDF team in the respective implementation market in the design and implementation of a new business model, new products or services, process optimization, etc. Deliverables will be derived from key project milestones and will be mutually agreed between UNCDF and the partner at the contract negotiation stage. For illustration purposes, milestones can include market research conducted, products deployed, and marketing activities conducted, and deliverables are those that best demonstrate the milestones have been achieved.
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Funding Information
UNCDF plans to invest half a million USD on this initiative, specific projects will be financed based on business needs and funding allocation for different markets. An average intervention may range from 50,000 to 250,000 USD.
Duration
Project duration: up to two (2) years, expiring maximum on December 2022 and the reporting period requirement would be till Dec 2024.
Eligibility Criteria
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Applicant(s) shall be duly incorporated and registered according to the rules of the market;
Applicant(s) should be operating in one of the markets globally for at least 1 year;
Applicant(s) should have audited financial statements for at least 1 year;
Applicant(s) must have fulfilled obligations relating to the payment of social security contributions or obligations relating to the payment of taxes according to the legal provisions in their country of operations or registered market whichever applicable;
Applicant(s) shall not be in a state of repair or to have been the subject of bankruptcy, liquidation, judicial settlement, safeguarding, cessation of activity or any other similar situation resulting from a similar procedure;
Applicant(s) and any of their staff or member of their board of directors shall not be included in the United Nations financial sanctions lists, particularly in the fight against the financing of terrorism and against attacks on international peace and security.
For more information, visit https://www.uncdf.org/article/5595/rfa-inclusive-innovations-for-driving-financial-health-of-low–and-moderate-income-segments-including-small-business