Request for Proposals for The Development and Pilot of the Regulatory Impact Assessment (RIA) Methodology

About Access to Finance Rwanda (AFR)

AFR is a Rwandan not-for-profit company established in 2010 to promote financial inclusion and financial sector development in Rwanda. AFR is currently funded by Sweden, the Mastercard Foundation, and Jersey Overseas Aid (JOA).

It is part of the broader Financial Sector Deepening (FSD) network in Africa that seeks to create a transformative impact on ending poverty by supporting efforts to improve financial inclusion and financial sector development by helping policymakers, regulators, financial service providers, and markets drive more inclusive and sustainable economic growth.

AFR supports the removal of systemic barriers that hinder access to and use of financial services by low-income people, particularly the rural poor, women, youth, and Micro, Small, and Medium Enterprises (MSMEs). AFR is a gender-intentional organization, having mainstreamed gender across all programming. It is guided by the Market System Development (MSD) approach recognizing that efforts to increase financial inclusion and financial sector development must be market-led, profitable, and sustainable.

About the National Bank of Rwanda (NBR)

The National Bank of Rwanda referred to as “the Bank,” is a national institution governed by law n° 48/2017 of 23/09/2017 as amended to date. and whose main mission is to ensure and maintain price stability and the soundness of the financial system. The National Bank of Rwanda (NBR) is dedicated to advancing the effectiveness and inclusiveness of Rwanda’s financial sector by implementing and refining robust regulatory frameworks. This commitment involves ensuring that regulations not only support financial stability but also promote equitable access to financial services.

About the assignment

In line with their mandates, the NBR and its partner Access to Finance Rwanda (AFR) intend to develop and pilot a comprehensive Regulatory Impact Assessment (RIA) framework and methodology The RIA process will include both Ex-Post Analysis, which evaluates the impacts of existing regulations, and Ex-Ante Analysis, which forecasts the effects of proposed regulatory changes. This dual approach will allow the NBR to identify potential regulatory barriers and take proactive steps to improve the regulatory framework.

Through this comprehensive assessment, the NBR and AFR aim to enhance the overall efficiency and inclusivity of the financial sector in Rwanda. By evaluating both existing and proposed regulations, the Bank will ensure that the regulatory environment is not only supportive of sustainable economic growth but also addresses the diverse needs of all market stakeholders. This approach will help the NBR to effectively navigate challenges in the financial system while fostering an environment conducive to development.

In this context, the NBR and AFR seek to recruit a consultancy firm to develop and pilot the RIA methodology. This methodology will be critical for the Bank in assessing both the impact of proposed legal instruments (ex-ante policy analysis) and the impact of existing regulations (ex-post analysis). Ultimately, the successful development and piloting of the RIA methodology will strengthen the NBR’s decision-making process, ensuring that regulatory practices are evidence-based, efficient, and aligned with the Bank’s broader strategic goals, thereby fostering a stable and conducive financial environment for Rwanda.

Objectives of the Assignment. (Refer to terms of reference)

Any requests for clarifications to the RFP may be submitted by Friday, January 24^th , 2025, 17h00 HRS CAT.

Bidders should submit their proposals no later than January 31^th , 2025, 14:00 HRS CAT

Responding bidders are advised that this solicitation does not in any way obligate AFR to make a contract award or compensate the responding firms for any costs associated with the preparation and submission of their proposals. Additionally, AFR may award a contract without conducting negotiations; all proposals should be submitted initially using your most favorable terms. AFR reserves the right to award any resultant contract to other than the offeror submitting the lowest price proposal based on technical excellence, schedule superiority or client request.

All communications regarding this RFP should be addressed via email: procurement02@afr.rw

Below is the summary planned procurement schedule:

Cordially,

Jean Bosco Iyacu
Chief Executive Officer