Azerbaijan_Support for the Development of Non Bank Finance and Alternative Financial Instruments to Develop Economic Diversification

Scope of Work

The expert will work closely with the team leader and FIMSA to assess the enabling environment for credit unions and cooperatives, as well as FIMSA’s institutional and organizational capacity to regulate and supervise these services and draw from international best practice to highlight options for reform. Key findings and recommendations will be included in the action plan and in designing financial education and literacy programs.

Detailed Tasks

The expert will work together with FIMSA and other stakeholders and will have the following major responsibilities including other related tasks as assigned by the ADB and/or FIMSA from time to time:

(i) Assess the policy, legal and regulatory environment for credit union and credit cooperatives financial services.

(ii) Review the supply and demand data for credit union and credit cooperatives financial services, and potential related financial education and literacy needs. 

(iii) Review consumer and creditor protection policy and laws.

(iv) Recommend action plans that would incorporate regional and international good practices, identify critical success factors for the implementation of proposed amendments/reforms, and prioritize two regulatory changes to be implemented.

(v) Assess FIMSA’s institutional supervisory capacity, and identify its training capacity needs, including required resources, timeframes, expected benefits and impact of expanded credit union and cooperatives financial services.

(vi) Recommend short-medium and long term measures to improve and expand the range of credit union and cooperatives financial products.

Deliverables.

(i) Assessment report on credit union and cooperatives financial services.

(ii) Inputs to the overall prioritized and sequenced action plan.

(iii) Inputs to the development of financial education and literacy programs.

Qualifications: 

 

The expert will be an international consultant possessing a postgraduate degree in law, finance, or business administration. She or he must possess at least 10 years of relevant work experience in microfinance and not less than 5 years working in credit union and cooperatives regulation and supervision. Relevant experience in leading and organizing quantitative research studies to define national policy, laws and regulations is preferred. Experience in Central and West Asia is an advantage.

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