CONSULTANCY SERVICES TO PROVIDE FUND MANAGEMENT SERVICES FOR THE MICROFINANCE LIQUIDITY FUND.

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Background of the Assignment
Rwanda’s microfinance institutions (MFIs) and savings and credit cooperatives (SACCOs) are the primary financial interface for MSMEs and rural customers. Yet many of these financial providers fund themselves with short-term, volatile RWF liabilities (member deposits and short credit lines) while lending to MSMEs on longer tenors, creating structural liquidity and maturity mismatches. Access to affordable, longer-dated local-currency term funding is limited, especially outside Kigali and for smaller institutions. High and uneven costs of funds, concentration risks, and seasonal cash-flow cycles (e.g., agriculture) compound these pressures.

Operational capacity gaps further constrain responsible growth: credit risk management, ALM/treasury, MIS and data quality, governance and compliance, product design and client protection, and cyber/data-protection basics. These weaknesses can lead to rising NPLs, slow remediation, and missed opportunities to serve priority segments—women, youth, and rural clients—at scale and with resilience.

The Microfinance Liquidity Fund (MLF) addresses these constraints through a Rwanda-domiciled wholesale liquidity facility in Rwandan francs (RWF) that on-lends to eligible intermediaries using instruments and tenors matched to underlying asset profiles.

Facilities will be structured with risk-based pricing and covenants, and supported by disciplined portfolio monitoring, ALM policies, and transparent reporting to investors and regulators. To ensure that capital translates into durable performance gains, the Fund is accompanied by a firewalled Technical Assistance Facility (TAF) that targets investee capability gaps (e.g., credit processes, MIS, client protection, data governance) without influencing investment decisions.

By combining fit-for-purpose local-currency liquidity with capability building, the MLF aims to (i) stabilize funding for MFIs/SACCOs, (ii) improve asset quality and resilience through stronger governance and risk practices, (iii) expand outreach to underserved segments via products and channels that are safer and better aligned to client needs, and (iv) crowd in additional public and private capital (including local pensions/insurers and DFIs) by demonstrating a scalable, well-governed wholesale mechanism with clear safeguards and measurable impact.

Overall Objective of the assignment

The main objective of this assignment is to hire a Fund Manager who will establish and operate a compliant, well-governed, RWF-denominated wholesale liquidity facility that prudently deploys capital to eligible MFIs/SACCOs and qualified lenders, while embedding strong risk management, ESG and client-protection safeguards, transparent reporting, and coordinated capability building through an independently governed TAF.

Interested firms should confirm their intention to submit a bid by Wednesday, February 4, 2026, at 17h00 HRS CAT

Any requests for clarifications to the RFP may be submitted not later than Tuesday February 10, 2026, 17h00 HRS CAT.

Bidders should submit their proposals no later than Wednesday February 18, 2026, 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 both Local and International firms.  Joint Venture between local and international firms is encouraged.

Cordially,
Jean Bosco Iyacu
Chief Executive Officer