Tenders Are Invited For Market Research And Diagnostics On The State Of Digitization

Tenders are invited for Market Research and Diagnostics on the State of Digitization The International Finance Corporation (IFC) a member of the World Bank Group (WBG) is the largest global development finance institution focused on the private sector in emerging markets. IFC combines expertise in the financial sector and private sector development to foster private sector led growth and help create markets in client countries. We deliver tailored development solutions to countries and the global community at large; working with our public and private sector clients. We structure and implement comprehensive financial sector and private sector solutions that bring together knowledge; financial products (loans; credits; guarantees; and risk-management products); convening services; and IFC advisory services. For more information; visit www.ifc.org <http://www.ifc.org/> Financial Institutions Group (FIG) focuses on providing financial products and services to financial institutions in emerging markets. Its primary objective is to promote sustainable and inclusive economic growth by supporting the development of a strong and resilient financial sector. Within FIG; the Financial Inclusion teams key priority is creating scalable global solutions to promote access to finance for the underserved segments in emerging markets. The Financial Infrastructure Practice group of IFC FIG works to improve credit infrastructures globally. In Sub-Saharan Africa in order to enhance access to finance for individuals; and Micro; Small & Medium Enterprises (MSMEs) and businesses that are normally constrained; the team provides timely; high-quality advice and strategic direction on issues such as credit reporting and modern secured transactions frameworks; through Advisory Services to ensure high-impact delivery to clients. The team offers structured; comprehensive; and multifaceted credit- infrastructure interventions using the following global business and delivery model:* Reforming credit infrastructure legal and regulatory frameworks;* Creating and/or strengthening credit infrastructures;* Raising awareness and building capacity;* Monitoring impact; and * Setting international standards and promoting global knowledge and expertise BACKGROUND There is no formal credit infrastructure or any type of formal private sector data sharing arrangements nor movable collateral registry in Somalia yet. The private financial sector does not have adequate tools and information to assess the risks associated with MSMEs and individuals; nor adequate collateral; and thus chooses not to provide financing to them. The market has limited use for scoring applications or automated account management systems; as the low number of applications make it difficult to build statistical models.Within the context of the above; IFC is supporting THE CENTRAL BANK OF SOMALIA (CBS); in the development of a credit infrastructure ecosystem; that meets the needs of the country and supports financial institutions to make data driven lending decisions. IFCs initiative aims to expand access to finance for individuals and MSMEs by improving their credit risk management processes of the financial institutions and enabling the use of movable collateral by lenders through deploying a Credit Information System (CIS) and a Secured Transactions and Collateral Registry (STCR). OBJECTIVES In delivering on its objective of assisting CBS in developing a credit infrastructure ecosystem:1.1. It is necessary to conduct in-depth credit market research. This research will determine the availability of credit to the Somali population and assess the level of financial inclusion extended to the MSME and informal sectors. To this end; IFC requires the services of a market research expert to conduct an extensive study on the following areas: - Economic overview. - Financial services industry. - Banking population. - Extent of access to credit. - On-going public and private initiatives at credit information sharing - Telecommunications infrastructure availability and needs (with focus on internet providers that will be utilized by the credit bureau and its users). - Public data availability - Identification system and papers utilized Somalia1.2. The consultant will also be expected to report on potential banking/MFIs activities and growth for the medium term (3-5 years) and draw a tentative business plan regarding the proposed credit bureau (IFC will guide and support the consultant on this). Tender Link : http://www.worldbank.org/en/about/corporate-procurement/business-opportunities/administrative-procurement?order=desc

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