*Deadline Extended to February 5, 2025, at 23:59 PM Eastern Standard Time*
Click here for Questions and Answers
Topic: Question Answer Session on Financial Product ToR
Time: Dec 5, 2024 03:00 PM Astana, Dhaka
Join Zoom Meeting
https://undp.zoom.us/j/89212177192
Meeting ID: 892 1217 7192
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In Bangladesh UNCDF is implementing the ‘Shafal – Remittance Management for Socio-economic Stability of Migrant Families’ programme, which aims to address these challenges by focusing on enhancing the asset-building capacity of migrant workers and their families. This programme aligns with the Sustainable Development Goals (SDGs) and the Government of Bangladesh’s plans for leveraging remittances for development. Through a combination of financial inclusion, digitalization, and entrepreneurship development, Shafal seeks to create a more resilient and economically empowered migrant population. To enhance the current context, the Shafal has identified areas requiring improvement and recognized three key outcomes:
- Outcome 1: Migrant workers and their families benefit from a better remittance management and reduce their risk of falling back into poverty.
- Outcome 2: Financial institutions sustain the asset-building strategies of migrant workers and their families by providing gender-smart and migrant-centric services, in an accountable and effective manner.
- Outcome 3: Government defines the policy reforms, guidance and instruments required to facilitate financial services for migrant workers and their families.
For this Terms of Reference (TOR), partner is expected to work with UNCDF in the delivery of Outcome 2 of this project i.e. Migrant workers and their families get sustainable, gender-smart and migrant-centric financial products and services from the financial service providers (Bank or non-banking financial institutions, mobile financial services, fintech, payment service providers/operators, insurance providers, microfinance institutions.).
The primary objective of this TOR is to engage private organizations, such as financial institutions, fintech companies, and relevant entities, to develop, disseminate, and implement innovative financial product solutions. These solutions aim to improve the overall financial health and reduce the financial vulnerability of low-income migrant workers and their families in the following districts: Narshingdi, Chattogram, Feni, Cumilla, Tangail, and Munshiganj.
The specific objectives are as follows:
Introduce Innovative Financial Product Solutions: Develop scalable financial products tailored to low-income migrant workers and their families. These products should include any of the following tools: investment instruments, credit products, short-term and long-term asset-building instruments, and financial health solutions to enhance their overall financial well-being and reduce their financial vulnerability.
Pilot and Promote the Solutions: Implement and promote the newly introduced financial products in major migrant-prone districts such as Chattogram, Feni, Cumilla, Munshiganj, Tangail, and Narshingdi. Onboard the target beneficiaries with these products to assess their effectiveness and engagement.
Develop Innovative Distribution Strategies: Create and implement specialized distribution strategies that are business-viable and capable of reaching last-mile populations. These strategies should address the unique challenges faced by migrant workers and their families in rural areas, ensuring ease of access and convenience.
Capture Learning and Assess Feasibility for Scaling: Monitor and evaluate the pilot phase to capture key learnings and insights. Assess the feasibility of scaling the financial products to a larger population across the country, ensuring better access to financial services for the target group.
Foster Sustainable Financial Practices: Encourage the use of formal financial channels and educate participants on effective financial management, including savings, investments, and prudent use of credit, to build long-term financial resilience.
These objectives aim to create a robust and inclusive financial ecosystem that supports the economic stability and growth of migrant workers and their families, contributing to sustainable development and long-term economic resilience in Bangladesh.
Applicants must contribute to at least 40% of total project cost.
***
Please submit your proposal trough this e-investment platform. Incomplete submissions or submissions using other templates or sent by other electronic or non electronic means will not be eligible.
For more information please download the following documents:
- Terms of Reference (TOR) Document
- Instructions to TOR Applicants
- Main application guidance document
- Low Value Performance Based Agreement
- Budget Template
- CV template
- Partner Capacity Assesement Tool - PCAT
- Risk Assessment Tool for private sector
A performance-based payment (PBP) grant implies that no advance payments will be made. Grants amounts that are contingent on the successful achievement of pre-determined milestones and targets. Achieving the milestone (s) and the target (s) will therefore trigger a grant payment. Grant payments will be reimbursements for funds spent by the grantees, according to the project implementation plan and pre-agreed milestones and targets. The Grantee will be responsible of providing a comprehensive and compliant financial report reporting all the financial transactions relating to the grant. The Grantee will need to keep supporting documents related to these transactions to justify all actual costs incurred.
For queries write to the following address: queries@uncdf.org with the following subject: 241125 - BGD - Introduction of Gender-Smart and Migrant-Centric Financial Products and Services for Migrant Workers and Their Family Members, Particularly Women in Bangladesh.
241125 - BGD - Introduction of Gender-Smart and Migrant-Centric Financial Products and Services for Migrant Workers and Their Family Members, Particularly Women in Bangladesh
*Deadline Extended to February 5, 2025, at 23:59 PM Eastern Standard Time*
Click here for Questions and Answers
Topic: Question Answer Session on Financial Product ToR
Time: Dec 5, 2024 03:00 PM Astana, Dhaka
Join Zoom Meeting
https://undp.zoom.us/j/89212177192
Meeting ID: 892 1217 7192
--
In Bangladesh UNCDF is implementing the ‘Shafal – Remittance Management for Socio-economic Stability of Migrant Families’ programme, which aims to address these challenges by focusing on enhancing the asset-building capacity of migrant workers and their families. This programme aligns with the Sustainable Development Goals (SDGs) and the Government of Bangladesh’s plans for leveraging remittances for development. Through a combination of financial inclusion, digitalization, and entrepreneurship development, Shafal seeks to create a more resilient and economically empowered migrant population. To enhance the current context, the Shafal has identified areas requiring improvement and recognized three key outcomes:
- Outcome 1: Migrant workers and their families benefit from a better remittance management and reduce their risk of falling back into poverty.
- Outcome 2: Financial institutions sustain the asset-building strategies of migrant workers and their families by providing gender-smart and migrant-centric services, in an accountable and effective manner.
- Outcome 3: Government defines the policy reforms, guidance and instruments required to facilitate financial services for migrant workers and their families.
For this Terms of Reference (TOR), partner is expected to work with UNCDF in the delivery of Outcome 2 of this project i.e. Migrant workers and their families get sustainable, gender-smart and migrant-centric financial products and services from the financial service providers (Bank or non-banking financial institutions, mobile financial services, fintech, payment service providers/operators, insurance providers, microfinance institutions.).
The primary objective of this TOR is to engage private organizations, such as financial institutions, fintech companies, and relevant entities, to develop, disseminate, and implement innovative financial product solutions. These solutions aim to improve the overall financial health and reduce the financial vulnerability of low-income migrant workers and their families in the following districts: Narshingdi, Chattogram, Feni, Cumilla, Tangail, and Munshiganj.
The specific objectives are as follows:
Introduce Innovative Financial Product Solutions: Develop scalable financial products tailored to low-income migrant workers and their families. These products should include any of the following tools: investment instruments, credit products, short-term and long-term asset-building instruments, and financial health solutions to enhance their overall financial well-being and reduce their financial vulnerability.
Pilot and Promote the Solutions: Implement and promote the newly introduced financial products in major migrant-prone districts such as Chattogram, Feni, Cumilla, Munshiganj, Tangail, and Narshingdi. Onboard the target beneficiaries with these products to assess their effectiveness and engagement.
Develop Innovative Distribution Strategies: Create and implement specialized distribution strategies that are business-viable and capable of reaching last-mile populations. These strategies should address the unique challenges faced by migrant workers and their families in rural areas, ensuring ease of access and convenience.
Capture Learning and Assess Feasibility for Scaling: Monitor and evaluate the pilot phase to capture key learnings and insights. Assess the feasibility of scaling the financial products to a larger population across the country, ensuring better access to financial services for the target group.
Foster Sustainable Financial Practices: Encourage the use of formal financial channels and educate participants on effective financial management, including savings, investments, and prudent use of credit, to build long-term financial resilience.
These objectives aim to create a robust and inclusive financial ecosystem that supports the economic stability and growth of migrant workers and their families, contributing to sustainable development and long-term economic resilience in Bangladesh.
Applicants must contribute to at least 40% of total project cost.
***
Please submit your proposal trough this e-investment platform. Incomplete submissions or submissions using other templates or sent by other electronic or non electronic means will not be eligible.
For more information please download the following documents:
- Terms of Reference (TOR) Document
- Instructions to TOR Applicants
- Main application guidance document
- Low Value Performance Based Agreement
- Budget Template
- CV template
- Partner Capacity Assesement Tool - PCAT
- Risk Assessment Tool for private sector
A performance-based payment (PBP) grant implies that no advance payments will be made. Grants amounts that are contingent on the successful achievement of pre-determined milestones and targets. Achieving the milestone (s) and the target (s) will therefore trigger a grant payment. Grant payments will be reimbursements for funds spent by the grantees, according to the project implementation plan and pre-agreed milestones and targets. The Grantee will be responsible of providing a comprehensive and compliant financial report reporting all the financial transactions relating to the grant. The Grantee will need to keep supporting documents related to these transactions to justify all actual costs incurred.
For queries write to the following address: queries@uncdf.org with the following subject: 241125 - BGD - Introduction of Gender-Smart and Migrant-Centric Financial Products and Services for Migrant Workers and Their Family Members, Particularly Women in Bangladesh.