Request for Proposals for Research & Consulting Firms

Title of Assignment: Consultancy services to conduct research on the Global Financial Centers Index for Kigali International Financial Centre (International firms only)

Brief description of the Assignment: Rwanda Finance seeks to commission forward thinking market research to better understand its ranking in the Global Financial Centers Index (GFCI) and assess opportunities to improve its rankings in the index and support Kigali in harnessing these opportunities in order to establish Kigali as the leading international financial center in Africa.

Department issuing the request: Chief Strategy Office

Place of assignment: Kigali-Rwanda

Duration of the assignment: 1 year

Deadline for applications: 7^th December 2024

Applications to be submitted to: procurement@rfl.rw

Contact number: +250783803374

About Rwanda Finance Ltd

Rwanda Finance Limited (RFL) is a company promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.

Rwanda Finance Limited works with key stakeholders to develop and promote Kigali International Financial Centre (KIFC) through investment promotion, policy advocacy and sector upskilling. It also works to establish the regulatory framework for Kigali International Financial Centre to become a leading international financial centre.

Our Vision

To become a preferred financial centre for international investment in Africa.Our Mission

To be the catalyst of a safe, compliant, and pro-business financial environment in Rwanda.

BACKGROUND:

Rwanda aims to become a knowledge-based and a high-income economy by 2050. To reach these goals, the country’s leadership has identified several pathways, including creating and positioning Rwanda as a leading international finance center – termed “Kigali International Finance Center” (KIFC).

To foster and promote a conducive probusiness financial environment in Rwanda, Rwanda Finance advocates for the highest regulatory standards, industry best practices, and the most attractive products and services to suit the needs of global investors and financial institutions.

RFL does this through ; (1) establishing fundamental legal/regulatory frameworks and tax incentives for the financial sector; (2) facilitating skills and capacity building reforms for the financial sector thereby enhancing sector outreach, performance and profitability; (3) marketing, promoting and positioning Rwanda as a leading investment destination, and (4) through research and policy advocacy that informs local and international financial actors on emerging trends and investment opportunities in priority industries including but not limited to; fund and trust services, wealth management, capital markets, and fintech.

The Government and Rwanda Finance Limited intend to use the Global Financial Centers Index to track their progress towards achieving these goals and establish Kigali as the leading international financial center in Africa.

ASSIGNMENT DESCRIPTION:

The consulting firm’s main objectives will be to provide data on the Global Financial Center Index, research and analyze this data to assess Kigali’s strengths, weaknesses, opportunities and threats (SWOT analysis) as a financial center and its ranking in the Global Financial Centers Index, as well as to support Rwanda Finance in harnessing these opportunities by showcasing Kigali as an international financial center.

The consulting firm, “The Firm”, will work closely with the Chief Strategy Department who will guide on the research needed and to position the KIFC as a financial and business center of excellence in the region and globally, through informing on initiatives to improve Kigali’s ranking in the GFCI and promote Kigali as a financial center regionally and globally.

SCOPE OF WORK:

The services to be provided under the assignment include but are not limited to:

1. Data on the GFCI: The Firm will provide data on the GFCI to Rwanda Finance to allow Rwanda Finance to make informed decisions on how to improve its ranking in the GFCI and to position Kigali as the leading international financial center in Africa. In order for Rwanda Finance to make comparisons and track progress against other international financial markets, this data should be provided for Kigali as well as 6 other international financial centers, as advised by Rwanda Finance that are featured in the GFCI. This data should be all historical data, plus data on the 37^th and 38^th editions of the GFCI as they become available and include, but not be limited to:

• The number of assessments received by each international financial center
• Average survey score
• Standard deviation of the survey score
  Each of the above should be split by overall FinTech sector, region/financial center of the assessor, industry sector of the assessor and time period
• Score and/or ranking in each of the instrumental factors
• Correlation of instrumental factors to the GFCI score

Each of the above should be split by area of competitiveness, industry sector of the assessor, time period, overall and FinTech sector

• GFCI ratings and rankings over time
• Timelines for the publication of the instrumental factors, including whether the publication of the instrumental factors has or is likely to be ceased

2. Research and analysis of the GFCI data: The Firm will research and analyze the above data as well as other data as the Firm sees fit in order to conduct a SWOT analysis of Kigali as an international financial center and its ranking in the GFCI, especially compared to other international financial centers as specified by Rwanda Finance. This should include, but not be limited to:

• An assessment of Kigali and other international financial centers in the most correlated instrumental factors with the GFCI. This analysis should be broken down by area of competitiveness. This assessment should include recommendations for instrumental factors for Kigali to target with reform initiatives in each area of competitiveness.
• The assessment should include an analysis of the competitive advantages of Kigali as an international financial center compared to its main competitors and highlight areas of weakness/improvement towards positioning itself as the leading international financial center in Kigali.
• An assessment of which instrumental factors Kigali is featured in compared to other international financial centers, bearing in mind the correlation of the instrumental factors to the GFCI. This assessment should include recommendations of instrumental factors in each area of competitiveness which Kigali (Rwanda) has a high probability of being included in and compared to the likely effort needed to be included in the instrumental factors.
• In addition, “the Firm” will conduct a survey targeting individuals who have rated African financial centres in the GFCI survey, as well as others with an interest in Kigali. This survey aims to gain deeper insights into the factors influencing people’s assessments of Kigali's performance as a financial centre.

3. Support to harness the opportunities of Kigali International Financial Center: The Firm will provide support services to Kigali International Financial Center to help it harness the opportunities that were identified in the research, especially through promotion and knowledge transfer, to enhance its profile.

The selected consulting firm will be expected to provide the research within 6 weeks of signing the contract, with follow-up support provided to Kigali International Financial Center for a year from the signing of the contract.

As such, Rwanda Finance invites eligible firms to provide detailed technical & financial proposals for implementing this assignment. These proposals must be prepared as separate files for independent evaluation and should showcase the firm’s professional capability in performing the services requested. Such information should include work samples of similar assignments completed for promotional agencies of international financial centers or financial institutions during the past five years; experience of the firm; availability of appropriate qualifications and skills among the team, expected duration and profiles of the available team in carrying out this assignment.

TECHNICAL PROPOSAL:

The Technical Proposal shall provide the following information.

a) Company Profile: A brief description of the company including its’ expertise and an outline of recent experience on assignments of a similar nature completed in the last five (5) years, including name of client and contacts

b) Technical Approach: Consulting firms should detail their approach/methodology to fulfill the scope of work. The approach must clearly indicate how the proposed activities ensure that the research is conducted effectively, and the necessary support provided and in line with stakeholder expectations. Make it clear what underlying data you consider essential and critical for the project to be completed and to be provided to Rwanda Finance.

• Team:
  • Consulting firms must include details of all personnel who will be assigned to the activities described in the scope of work, the specific technical value contributed by each member of the team as well as a clear management plan in narrative form for the development, review, and submission of all associated deliverables, including a milestone schedule.
• CVs recently signed by the proposed team and the authorized representative submitting the proposal. Key information should include experience and level of responsibility held in various assignments during the last 5 years.

FINANCIAL PROPOSAL:

The Financial Proposal shall provide the following information.

• Consulting firms should provide a cost proposal providing itemized fees and level of effort for the team to complete the proposed activities under the scope of work defined above.

REPORTING LINE:

The Consulting firm will report to the Chief Strategy Officer

QUALIFICATIONS:

The assignment will be undertaken by a Firm that meets the following criteria:

a) Proven experience in providing GFCI data, researching and analyzing GFCI data, and providing support to international financial centers in harnesses opportunities for them with not less than 5 years’ experience working with international organizations in Africa.

b) Proven capability and experience in building leading and forward-thinking research publications for anglophone and francophone markets

c) Proven experience in international finance and/or developing research around international financial services

d) Strong work experience, knowledge and understanding of international financial centers and the GFCI

e) Strong relationships with reputable international industry networks and other international financial centers

f) Excellent knowledge and understanding of global, regional, and local financial industry trends

g) Excellent editorial and communication skills; fluency in English (and French is an added advantage), keen on results-based management

h) Working experience and knowledge of Rwanda and its economic development agenda is an added advantage

ADMINISTRATIVE DOCUMENTS:

• Letter of Interest addressed to the CEO, Rwanda Finance Ltd
• Valid Tax Clearance Certificate (Applicable to National Firms)
• Notified copy of Certificate of Incorporation
• Notified Power of Attorney; if the person signing is different from the one on the certificate of incorporation
• Proof of solvency (certified audited financial statements). Applicable to International Firms
• Notified copy of certificate of membership to a professional body if any

PROPOSAL EVALUTION:

The following criteria will be used for the evaluation of the bids;

TERMS AND CONDITIONS:

The completion of all RFP requirements must be in accordance with the instructions contained in this RFP. Submission to Rwanda Finance, RFL, of the technical and cost proposals will constitute an offer and indicates the consulting firm’s agreement to the terms and conditions set forth in this RFP. RFL is not required to accept and/or evaluate proposals that do not conform to the instructions of this RFP and, in addition, RFL may reject all proposals and not make an award. RFL reserves the right to make an award without discussion and/or negotiation; however, RFL also reserves the right to conduct discussions and/or negotiations, which among other things may require the consulting firm to revise its proposal (technical and/or cost). By submitting an offer, consulting firms agree to comply with the general terms and conditions for an award, including Representations and Certifications compliance. Consulting firms must provide full, accurate, and complete information in response to this solicitation. By submitting an offer, consulting firms certify that they have not and will not attempt to bribe or make any payment to RFL employees in return for preference.

Issuance of this RFP in no way obligates RFL to render an award, nor does it commit RFL to pay any costs incurred by the consulting firm to prepare and submit a proposal. RFL reserves the right to award a contract to one organization or to issue multiple awards based on the results of our evaluation.