Request for Proposals For Develop a Guidance Paper on Fintech Innovations Falling Under the Joint Regulatory Purview of the Capital Market Authority (CMA) and the National Bank of Rwanda (NBR)

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PROCUREMENT REFERENCE NUMBER: AFR/RFP-GUIDANCE PAPER FINTECH INNOVATION/JULY/2025.

BACKGROUND:

1. About Access to Finance Rwanda

Access to Finance Rwanda (AFR) is a Rwandan not for profit company established in 2010 to promote financial inclusion and financial sector development. AFR is currently funded by Sweden, Jersey Overseas Aid, Codevelop, and the MasterCard Foundation.

AFR is part of the broader Financial Sector Deepening (FSD) network in Africa that seeks to create a transformative impact on ending poverty by supporting efforts to improve financial inclusion and financial sector development through helping policy makers, regulators, financial service providers and markets drive a more inclusive and sustainable economic growth.

AFR supports the removal of systemic barriers that hinder access to and use of financial services by low-income people, particularly the rural poor, women, youth and MSMEs, and supports the development and provision of financial services including savings, credit, insurance, investment, payments, and remittances.

AFR is guided by the Market System Development (MSD) approach recognizing that efforts to increase financial inclusion and financial sector development must be market-led, profitable and sustainable. For more details visit our website: (www.afr.rw).

ABOUT THE NATIONAL BANK OF RWANDA

The National Bank of Rwanda is the Central Bank of Rwanda and was founded in 1964. The National Bank of Rwanda strives to be a World class Central Bank that contributes to economic growth & development, by using robust monetary policy tools to maintain stable market prices. The Bank ensures financial stability in a free-market economy as it embraces innovations, diversity, inclusiveness, and economic integration.

ABOUT CAPITAL MARKET AUTHORITY

The Capital Market Authority of Rwanda (CMA) is a regulatory authority established by law that has dual mandates for developing and regulating capital markets, collective investment schemes, commodity exchange and warehouse receipts systems in Rwanda, with emphasis on developing an orderly, fair, transparent and efficient market. The CMA aims at being a key contributor to Rwanda becoming a leading and competitive international financial center through mobilization of long-term capital.

2. Objectives

The objectives of the consultancy are to:

• Clarify and classify the regulatory treatment of Fintech business models that overlap between CMA and NBR mandates.
• Help Fintech innovators understand the business value chains under both regulatory domains and how to align their models accordingly.
• Minimize regulatory arbitrage by fostering a coherent and coordinated regulatory response.
• Promote regulatory predictability and confidence in the Fintech ecosystem, ensuring a fair and transparent market environment with investor and consumer protection.

Interested bidders must confirm their intention to submit a bid by Monday August 4, 2025, at 17h00 HRS CAT

Any requests for clarifications to the RFP may be submitted by Friday, August 8, 2025, 17h00 HRS CAT.

Bidders should submit their proposals no later than Thursday August 14, 2025, 17:00 HRS CAT

Responding bidders are advised that this solicitation does not in any way obligate AFR to make a contract award or compensate the responding firms for any costs associated with the preparation and submission of their proposals. Additionally, AFR may award a contract without conducting negotiations; all proposals should be submitted initially using your most favorable terms. AFR reserves the right to award any resultant contract to other than the offeror submitting the lowest price proposal based on technical excellence, schedule superiority or client request.

All communications regarding this RFP should be addressed via email: procurement02@afr.rw

Below is the summary planned procurement schedule:

Note: This procurement is open to locally registered firms. However, collaboration or joint ventures with foreign firms to enhance technical capabilities are permitted.

Cordially,
Jean Bosco Iyacu
Chief Executive Officer