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 postal financial services, 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 postal financial services, focusing in particular on the role that postal services play in serving segments of the population that remain beyond the reach of commercial banks, especially informal micro and small businesses, rural households, small and micro businesses, and small farmers.

(ii) Review secondary data on the supply and demand for postal financial services in manat, and potential related financial education and literacy needs.

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

(iv) Review regional and international good practices in promoting postal financial services and identify critical success factors, including mechanisms to boost demand and recommend options for contextualizing these measures.

(v) Work with FIMSA to review and assess the current regulatory and supervisory framework and compare and contrast this against international and regional good practice. Prioritize two regulatory changes to be implemented.

(vi) Recommend short-medium and long term measures to improve and expand the range of postal financial services and strengthen FIMSA’s regulatory and supervisor.  

Deliverables.

(i) Assessment report on postal financial services.

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

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

Start / Duration: 

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 financial sector development and not less than 5 years working in postal financial services 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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