IFC is looking for Short-term Consultant: Financial Sector Specialist – Republic of Moldova

International Finance Corporation

Short-term Consultant

Financial Sector Specialist – Republic of Moldova

A. Objectives/Purpose of Assignment

• Background of the Project:

The International Finance Corporation, a member of the World Bank Group, promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve people’s lives. In addition to its investment work, IFC in Europe through the Advisory Services (AS) executes a major donor-funded program of private sector technical assistance in Central Eastern Europe, the Caucasus, the Western Balkans, and other countries. For more information, visit www.ifc.org.

The IFC Digital Financial Services (DFS) Europe advisory project aims to facilitate uptake in digital financial services and increase access to venture capital / private equity financing to create private investment opportunities in CEE and Caucasus. Specific objective is to support key reforms, including open banking, digital onboarding and instant payments. The project is set to launch during Q1 2024 and will be implemented for a period of up to 4 years.

• Objectives of the Assignment:

The objective of this consultancy is to provide country-specific support to implement an advisory project focused on digital financial services, embedded finance development as well as building better access to private capital for FinTech’s in Moldova. The consultant will work closely with the project team to ensure the successful implementation of the project and achieve the desired outcomes.

B. Scope of Work under this TOR

• Identify key opportunities and challenges for the adoption and expansion of digital financial services in Moldova
• Support/ advise the project team during the development country-specific strategies and recommendations to promote the growth and usage of digital financial services, taking into consideration the unique characteristics and needs of Moldova.
• Provide technical expertise and guidance to the project team on digital financial services best practices, industry trends, and emerging technologies.
• Based on the country-specific strategy, identify, and collaborate on a regular basis with relevant private and public stakeholders, including government agencies, financial institutions, mobile network operators, fintech companies and investors (incl VCs/PEs) to foster partnerships and drive the implementation of digital financial services initiatives.
• Support the project team in designing and implementing capacity building activities, workshops, and training programs to enhance the knowledge and skills of local stakeholders in digital financial services.
• Monitor and evaluate the progress of the advisory project, identify any issues or challenges, and propose corrective actions as necessary.
• Prepare regular progress reports, presentations, and other deliverables to update the project team, donors, and stakeholders on the status and achievements of the advisory project.
• Carrying out additional complementary tasks as reasonably requested by the IFC TTL and team.

C. Deliverables / Specific Outputs Expected from Consultant

• Country-Specific advisory strategies with a focus on regulatory, digital infrastructure and fintech ecosystem
• Execution of the tasks, identified by country-specific advisory strategies
• Biannual progress reports to be delivered in June 2024

D. Duration and Locations

The consultancy will be for a period of 100 days, starting from February 2024 until July 2024, with a possibility of extension. The consultant will be based in Moldova and will be required to travel within the country or region as necessary.

E. Special Terms & Conditions / Specific Criteria

The Consultant will be selected on a competitive process through a series of interviews with IFC staff. Qualified candidates will be rated according to their qualifications and interview results. By consensus the finalist will be selected and offered a position.

The Consultant shall have, at a minimum, the following qualifications:

• A Master’s degree, preferably in a related field, with at least 5 years’ experience in the financial sector, central bank, state authority and/or developmental agency.
• Or a minimum of 8 years of experience in the financial sector, with a focus on digital financial services.
• In-depth knowledge of the digital financial services landscape, including mobile money, digital payments, fintech innovations, and regulatory frameworks.
• Strong analytical and research skills, with the ability to gather and analyze data to inform strategic decision-making.
• Excellent communication and interpersonal skills, with the ability to effectively engage with stakeholders at various levels.
• Proven track record of successfully implementing advisory projects or initiatives in the financial sector.
• Ability to work flexibly and under deadline pressure at times on a range of assignments and adjust to and prioritize a variety of complex evolving tasks.
• Fluency in Romanian language(s) and proficiency in English.
• Professional experience relevant to the development of the policy, regulatory, or supervisory framework for digital financial services is a plus

F. Reporting

The consultant will report to the Project Manager and will work closely with the project team and relevant stakeholders.

G. Budget

The budget for this consultancy will be determined based on the qualifications and experience of the selected consultant through IFC internal salary scales.

H. Application Process

The deadline for submitting a proposal is the close of business on January 14, 2024. All interested candidates with relevant experience should submit their CV and Cover Letter, at the address: ebelskaya@ifc.org

Documents should be submitted as one searchable PDF file, with the email subject line and PDF file indicating your last name and application number.

Confidentiality Statement:

All data and information received from IFC for the purpose of this assignment are to be treated confidentially and are only to be used in connection with the execution of these Terms of Reference. All intellectual property rights arising from the execution of these Terms of Reference are assigned to IFC. The contents of written materials obtained and used in this assignment may not be disclosed to any third parties without the expressed advance written authorization of the IFC.