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Call for expression of interest: Financial Service Providers (FSPs)

  • Location:
  • Salary:
    negotiable
  • Job type:
    Bid / ToR/RFQ/RFP/EOI
  • Posted:
    1 month ago
  • Category:
    Accounting & Finance
  • Deadline:
    February 6, 2024

Call for expression of interest: Financial Service Providers (FSPs) 1. Introduction

1.1 Countywide Sanitation Activity (CWSA) Sanitation Loan for households and SMEs. The USAID Liberia Countywide Sanitation Activity, implemented by Population Services International (PSI) and its partners (Concern Worldwide, Athena Infonomic, and Gusceman Inc.), is a five-year (2022 – 2026) activity that aims to achieve universal adoption of basic sanitation and a permanent end to open defecation in Liberia, supported by a coordinated and adequately funded ecosystem of public, private, and community actors, enabling and inspiring action for household and SMEs to build improved latrines. The geographical focus of this USAID Liberia Countywide Sanitation Activity are Rural Montserrado, Bong, Nimba, Lofa, and Grand Bassa Counties. These five counties account for 72% of the overall population of Liberia and account for 64% of open defecation in Liberia.

To achieve its main Goal, the PSI-led Countywide Sanitation Activity is implementing activities through a wide network of partners across four Result Areas; 1. Improved Sanitation Governance; 2. Adoption of key Sanitation Behaviors, 3. Strengthened Sanitation Markets, and 4. Increased Financing for Sanitation.

This will be pursued by applying the Market Systems Development approach that focuses on systemic change with the key objective of stimulating the sanitation markets and the supply chains to innovate and sustainably replicate promising practices. In this approach, CWSA aims to leverage partnerships with market actors, identifying impediments and opportunities in the sub-systems of the sanitation market in Liberia; and facilitating solutions that strengthen competitiveness and access through market-based incentives that are viable to the target group. Under Result 4. One of the Intermediate Results (IR4.1) aims to increase access to finance for targeted households and enterprises across the five counties. CWSA plan to explore opportunities for partnership with qualified Financial Service Providers (FSPs) including Microfinance Institutions, (MFIs), Village Savings and Loans Associations (VSLAs) Apex, Credit Unions, or Rural Financial Institutions (RFCIs) to develop and administer affordable sanitation loan product tailored for households and a separate loan product for local sanitation enterprises businesses, with flexible payment terms for the various target groups.

PSI seeks to identify financial service provider(s) offering or willing to develop and provide sanitation loan products to households and SMEs in the targeted counties. The selected financial service provider should be based in the five targeted CWSA counties or with an expanded network and alliances across target counties. PSI will support the selected institution to expand on its loan products and services offering to include sanitation loans tailored to the financial needs of low income sanitation market segments. The FSPs will be required to demonstrate that they understand, have the expertise and experience of consumer financing, and articulate gaps,

and opportunities to propose innovative and practical solutions that can be implemented to address the identified gaps sustainably for both the target group and the financial institutions. 2. Requirements

2.1 Technical and Compliance Requirements

The selected FSPs shall be required to demonstrate their technical and compliance competence including:

  1. a) Evidence of Formal Business Registration
  2. b) Verifiable accreditation from the Central Bank of Liberia.
  3. c) Up-to-date tax clearance certificate.
  4. d) At least 3 years of experience operating in targeting counties reaching low-income households and SMEs (including retailers, Community-Based micro-enterprises, artisans, and informal roadside vendors).
  5. e) Experience in partnering and empowering VSLAs, Credit Unions, RFIs, and Susu Clubs networks. f) Experience in collaboration with Government and NGOs for the financial inclusion of low-income populations.
  6. g) Willingness of senior management and the board to diversify its product offering under this partnership including dedicating its financial capital to finance the new loan product on agreeable terms and conditions with PSI.
  7. h) Availability of qualified and committed staff in the institution to operationalize the sanitation loan product and to serve as product champions within the institution.
  8. i) To provide the financial resources required to launch and roll out the new loan product(s) j) Ability of FSP’s Management Information System (MIS) to track product performance in real-time and to generate accurate reports.
  9. k) Willingness to invest in scaling up competitively priced sanitation loan products and services to increase the reach of the new sanitation loan products to remote communities. l) Demonstrate flexibility in designing and integrating new financial products and services into its product portfolio.
  10. m) Experience and innovation including automated /digital and use of mobile financial services n) Previous experience in successfully managing donor-funded guarantee funds would be an asset. o) Willingness to share accurate product performance data with PSI as per the terms and conditions of the MoU.
  11. p) Willingness and ability to meet agreed deadlines, produce quality reports and work collaboratively with PSI, CWSA partner businesses, and household clients.

2.2 General Requirements: Procedures and Logistics

The interested financial institution shall be required to:

  1. a) Have its own office to provide its staff with office spaces as PSI will not provide working space; office equipment and vehicles to facilitate its staff movements.
  2. b) Demonstrate a Sound financial and operational performance.
  3. c) Having an acceptable risk portfolio
  4. d) A business plan/strategy (preferably written) that guides intervention reaching the low-income segments in their specific sectors.
  5. e) List and characteristics of various financial products currently promoted by the financial service provider.
  6. f) Willing to pay salaries and related benefits for its staff including DSA and any other compensation as required by the institution policy.

2.3 Geographical Consideration,

The financial service provider shall be willing to provide sanitation loan products and services in the five counties where CWSA is operating namely: Rural Montserrado (district #1 and #17), Bong, Nimba, Lofa, and Grand Bassa.

2.4 Scale, demand, and market opportunity

As part of their expression of interest, institutions are required to answer the following questions. • What hindered the introduction and scaling of the FSP’s sanitation loan products in the past, if you have tried doing it before?

  • Why does the institution want to enter a sanitation loan or scale up an existing sanitation loan product?
  • What resources are needed — and available — for the project, including institutional commitment and human, financial, and technological resources? Is your institution ready to commit the required resources?
  • How will the sanitation loan product and services align with the current and future business plan of your institution?
  • Is there effective demand for the product/service among the target group and if not, what measures are required to generate demand?
  • Why does the institution believe that the low-income market in Liberia is ready for this sanitation loan product?
  1. Debriefing Session

A 2-hour debriefing session will be held at the PSI-Countywide Sanitation Activity office along Tubman’s Boulevard, Fish Market on Tuesday, January 30th, 2024; 10.30 am-11:30 am. Only 1 representative per institution is required.

  1. Submission Deadline

Interested Banks/ Microfinance institutions are required an Expression of Interest cover letter accompanied by 3-5 pages of confirmation of how they meet the requirements above (section 2) via email to LR_Tenders@psiliberia.org These should reach PSI on or before noon (GMT); on February 6, 2024.

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