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Regional Digital Financial Inclusion Policy Specialist- Consultant

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Consultant

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Full Time

Experienced

Description

WHO WE ARE
Come grow with us! If you are a passionate change agent who thrives in a collaborative, entrepreneurial and inclusive, culture committed to operational excellence, we would like to meet you.

At Resonance, immediate hands-on experience alongside our clients as we work to build

sustainable, positive impact. Our teams are autonomous and self-sufficient. You get to weigh in with founders and leaders on how to drive change and grow the movement while growing the company.

Resonance is an award-winning, Certified B Corporation consultancy that delivers market based solutions to address the world’s toughest challenges. We enable a variety of donor, commercial, and investor clients around the world to catalyze lasting impact. Resonance seeks to catalyze large-scale social, environmental, and economic change by fostering new and dynamic forms of collaboration. We do this by fostering public-private partnerships, facilitating sustainable investment, and providing deep

analytical insights in frontier markets.

Position Mandate

Digital commerce is a central and growing feature of the global economy. But in the world’s least-developed countries, uptake remains low. Firms in emerging and frontier markets are not selling their products online because they do not have reliable internet access due to inadequate physical infrastructure, poor policy and legal infrastructure, and lack of political commitment. These barriers prevent entrepreneurs—especially women and members of other vulnerable groups—from taking advantage of digital commerce to reduce poverty, especially with cross-border trade in goods and services. The Digital Economy and Market Development (DEMD) activity seeks to address the need for an open, transparent, and competitive digital commercial environment by supporting USAID Missions, Bureaus, and Independent Offices (MBIOs) to develop, implement, and measure cutting-edge approaches in the technical areas of digital economy development, trade capacity building, private sector development, and improving the business enabling environment.

The expansion of intra-Africa trade will be critical in supporting long term economic growth. Currently intra-Africa trade accounts for only 10% of African countries’ total trade. Reducing barriers to cross-border digital payments for micro, small and medium sized enterprises is necessary to support this increase in intraregional trade. MSMEs account for over 80% of the businesses in COMESA, and although many of them engage in cross-border trade they currently depend heavily on cash transactions due to the lack of an interoperable payment system.

The COMESA Business Council (CBC) is implementing a Digital Financial Inclusion (DFI) program that supports the design, development, and deployment of an integrated regional digital retail payment system that is low-cost, interoperable, and fraud resistant. By developing a digitally inclusive instant regional payment platform the CBC aims to onboard cash based MSMEs into digital marketplaces, increase the volume of cross border transactions and intraregional trade, and support financial inclusion. The initial pilot of the model will focus on eight countries (Zambia, Malawi, Uganda, Kenya, Ethiopia, Mauritius, Egypt and Rwanda) and eventually be rolled out to all COMESA countries. The platform is currently under development, and the CBC is seeking assistance in developing the regulatory framework that will facilitate the pilot of the business model.

The CBC has identified several key policy areas for harmonization to support digital financial inclusion including consumer protection, cybersecurity, anti-money laundering/combating the financing of terrorist (AML/CFT), electronic transactions, and data privacy and protection. The CBC has asked the DEMD activity to provide support in developing a uniform COMESA digital financial consumer protection framework.

Expanding access to digital financial services can create substantial benefits but also carries increased risks for users. The existing consumer protection regulatory framework in many countries has not kept pace with the evolution of digital financial services. Existing regulations must be harmonized as well as updated to ensure they address risks associated with mobile payments, consumer data ownership and protection, and consumer education.

The USAID Digital Economy and Market Development project is seeking a Regional Digital Financial Inclusion Policy Specialist for a limited term, part time engagement, who will support efforts to develop an example harmonized policy framework for digital financial inclusion across these 8 target countries. The consultant will conduct desk research into existing policy, and interviews with policy makers and other key stakeholders in the sector. Based on this research, the consultant will develop an example framework for regulation, as well as roadmap for implementation of the framework within these countries.

Scope of Consultant services needed

The Regional Digital Financial Inclusion Policy Specialist consultant will be responsible for completion of the Example Harmonized Regulatory Framework and a Roadmap for Regional Regulatory Harmonization. The report development process will consist of executing the following key deliverables:

Annotated list of relevant laws relevant to existing regional digital policy assembled by the Regional Digital Financial Inclusion Policy Specialist. This should include all legal and regulatory texts covering digital digital financial inclusion in the 8 target counties.

Interview guide and list of target Stakeholders. The Regional Digital Policy specialist is responsible for compiling a list of target stakeholders for interviews including any associations or organizations representing consumers of digital financial services and consumer protection (whether businesses or private individuals), digital service providers and public sector officials and regulators. The Regional Digital Policy Specialist will also lead the development of interview guide(s) to support primary data collection. This may include multiple versions of the guide tailored to different stakeholder groups.

Regional regulatory analysis mapping the existing regulatory framework in the 8 target countries (Zambia, Malawi, Uganda, Kenya, Ethiopia, Mauritius, Egypt and Rwanda), including key gaps and overlaps in the existing regulatory framework in COMESA.

Draft of example harmonized regulatory framework based on research conducted by the Regional Digital Financial Inclusion Policy Specialist. This will include example legal text based on existing regulatory models appropriate for the COMESA context, targeting the 8 pilot countries.

Draft roadmap for regulatory harmonization through the COMESA region, including a sequencing of regulatory reforms and implementation. This will also include recommendations for capacity building for regulator to support the implementation of the framework.

Finalized example harmonized regulatory framework based on research conducted by the Regional Digital Financial Inclusion Policy Specialist, updated based on feedback from COMESA, USAID, and DEMD.

Finalized roadmap for regulatory harmonization through the COMESA region, including a sequencing of regulatory reforms and implementation, based on feedback from COMESA, USAID, and DEMD.

List of target invitees for an in-person workshop with representatives of COMESA, relevant national regulatory bodies, and private sector entities to validate and refine the roadmap for regulatory harmonization.

Enable and support organization in driving social, economic, and environmental impact.

Implementation Plan and Timeline

August 2024:

Deliverable 1: Annotated Bibliography

Include all sources to be used in construction of the regulatory framework and roadmap
Reference to existing regulation and current legislation across COMESA

Deliverable 2: Interview guide and targeted stakeholders

September 2024:

Deliverable 3: Regional Regulatory Analysis

Analysis of existing laws and regulation in the 8 target countries (Zambia, Malawi, Uganda, Kenya, Ethiopia, Mauritius, Egypt and Rwanda)
Gaps and overlaps in regulation between and within the target countries

October 2024:

Deliverable 4: Draft example harmonized regulatory framework

Draft legal framework for digital financial inclusion and consumer protection, including draft language for adoption by the target countries

Deliverable 5: Draft roadmap for regulatory harmonization

Draft roadmap for harmonization of digital financial inclusion regulation across the target countries
Include list of steps, and potential barriers to implementation

November / December 2024:

Deliverable 6: Finalized example harmonized regulatory framework

Finalization of example regulatory framework based on feedback from COMESA and USAID

Deliverable 7: Finalized roadmap for regulatory harmonization

Finalization of roadmap based on feedback from COMESA and USAID

Deliverable 8: List of target attendees for harmonization conference

Based on the research conducted, identification of key government and industry participants for a validation conference for the regulatory framework

Total LOE: NTE 35 Days

Scheduled and Approved Level of Effort: The maximum level of effort for this assignment is 35 days

Required Education & Experience

Master’s degree or higher in a field related to economics, international business, international relations, law, public policy or similar.
Minimum of ten years of experience conducting research on Digital Regulations and Policy specifically focused on digital financial inclusion or working with public and private sector actors on Digital Regulations and Policy related to digital financial inclusion and consumer protection.
Professional relationships with or connections to public sector stakeholders and institutions who support or regulate digital financial inclusion and consumer protection in COMESA is preferred.
Professional relationships with or connections to businesses and industry associations engaged in digital financial inclusion (telecoms, financial institutions, government, and other related industries) preferred. Must be fluent in English and French.
Experience working on USAID projects preferred.

Travel Expectations

The consultant must be able to travel internationally within COMESA.

Work Authorization/Security Clearance

N/A

Consultant Rate

Candidate to propose daily rate commensurate with experience.

Code of Conduct for Resonance Business Partners

The Consultant’s performance will be in compliance with Resonance Code of Conduct.

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