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SCOPE OF WORK

Position:                                Business Analyst (Credit History Bureaus)

Program:                              USAID Moldova Institutional and Structural Reforms Activity (MISRA)

Location:                               Chisinau, Moldova

Period of Performance:       January 2025 – June 2025         

Total Level of Effort:           up to 40 days

Work Plan Activity:             FY25 WP: Task 3.2.2 Strengthen regulatory framework and operations of Credit History Bureaus; Sub-task 3.2.2.1 Credit History Bureau’s regulatory framework is reviewed and enhanced

Project Background

The Moldova Institutional and Structural Reforms Activity (MISRA) is a five-year project funded by the US Agency for International Development (USAID) that aims to improve the business, investment, and trade enabling environment in cooperation with the Government of Moldova (GoM) to respond to an unprecedented economic crisis due to the war in Ukraine, as well as to support Moldova’s economic recovery, including to: advance the GoM’s economic action plan; strengthen public economic governance institutions; improve transport, logistics, trade, and commerce; and accelerate financial sector reforms and inclusiveness; among other needs. USAID MISRA is also building the capacity of the GoM to better engage and strategically communicate its economic plan, progress, and results to the private sector, civil society, and the public. These activities include intensive support to select GoM institutions with institutional reforms, streamlined processes, and digitalization to improve transparency, accountability, access to information, and public services.

Activity Overview

This activity will be implemented under USAID MISRA’s Component 3, to Accelerate Financial Sector Reforms and Inclusion. This component focuses on governance, inclusion, and digital finance, with the objective of supporting development of an inclusive financial sector and supporting infrastructure to enhance efficiency, transparency, and resilience in the financial sector.

Since July 1, 2023, the National Bank of Moldova (NBM) has assumed supervision of CHBs, recognizing the need for a robust regulatory environment for these entities. The ultimate objective of this task is to enhance the operational efficiency through amendments and enhancements to the primary and secondary regulatory framework governing CHBs. This initiative will address key issues identified during the assessment of the current regulatory environment, including the cost of data access services, the lack of standardized credit report structures, and the absence of a unified standard for information quality. 

Currently, there are four licensed CHBs in Moldova, and preliminary evidence shows that data exchange between them does not work efficiently. This inefficiency requires financial intermediaries to obtain information from all four CHBs separately, which leads to additional complexities and costs.

The primary objective of the activity is to enhance the operational efficiency and if necessary regulatory framework of licensed credit history bureaus (CHBs) for improving the quality and accessibility of credit information in Moldova. CHBs play an important role in providing lenders with accurate and comprehensive information on borrowers' creditworthiness, which enables more informed lending decisions and supports the development of tailored financial products. The consultant will collaborate with all CHBs, financial services providers (lenders) and NBM to assess the operational and regulatory inefficiencies including the data standards that are being used for storing and processing the credit history information, credit report structure and other relevant information. The expert will also play a crucial role in proposing regulatory solutions for the identified inefficiencies.

 Responsibilities and Tasks

The consultant will be responsible for the following tasks:

• Develop an as-is assessment of the existing credit history related processes and activities of the CHBs and various lenders.
• Map existing credit history related processes and activities.
• Engage with relevant stakeholders, including financial institutions (lenders), CHBs, regulatory bodies, to gather insights and ensure comprehensive feedback from the industry.
• Explore international, particularly EU trends for credit history data processing.
• Outline the vision of an improved operational framework for CHBs considering international best practices and local feedback from relevant stakeholders.
• Perform a gap assessment that would define and prioritize areas where operational changes are necessary to enhance the efficiency.

Deliverables

• Comprehensive As-Is Assessment and Process Mapping Report of the current credit history-related processes (by March 31, 2025)
• Stakeholder Engagement Summary Report that will summarize the insights and feedback gathered from consultations with key stakeholders (by May 15, 2025)
• Gap Analysis and Future-State Framework Proposal for credit history related processes and activities (by June 30, 2025)

 Qualifications

• Minimum of a bachelor’s degree in finance, business administration, economics, law, or a related field. A master’s degree or other advanced certifications are preferred especially if they include specializations in financial regulation or data management.
• 5+ years of experience in financial services, particularly within credit bureaus, credit risk management, or financial regulatory bodies, preferred.
• Demonstrated expertise in process mapping, gap analysis, and operational assessment within the financial services sector or public sector.
• Familiarity with EU regulations and international standards regarding credit information systems, data privacy and data governance will be considered an advantage.
• Demonstrated ability to interact with government and other public and private stakeholders.
• Experience working with USAID and/or other international donor-funded programs preferred.
• Fluency in business English, a good command of technical and legal English, and skills in verbal and written communications.

 Reporting

In addition to the deliverables above, the consultant will provide periodic progress reports to the Component 3 Financial Sector Team Lead and Financial Sector Specialist. The expert will also contribute to other reports and documents as required consistent with this scope of work.

How to Apply

We welcome your CV and preferably cover letter at idd.moldovajobs@cadmusgroup.com. Please apply by January 06, 2025, with “Business Analyst: Credit History Bureaus” in the subject line. This short-term position will remain open until filled.