Cultivating New Frontiers In Agriculture (CNFA)- Request For Proposal For Support To Sterling Bank For Digital Platform Development

DEADLINE: 10TH JUNE, 2022
CULTIVATING NEW FRONTIERS IN AGRICULTURE (CNFA)
REQUEST FOR PROPOSAL FOR SUPPORT TO STERLING BANK FOR DIGITAL PLATFORM DEVELOPMENT
LOCATION: NG (PRIMARY)
CATEGORY: INTERNATIONAL, PROCUREMENT

JOB DESCRIPTION

Section 1: Introduction, Technical Background and Scope of Work

(1.1) Introduction:
The Feed the Future Nigeria Agribusiness Investment Activity is a USAID program implemented by CNFA in Nigeria. The goal of the Feed the Future Nigeria Agribusiness Investment Activity project is to strengthen the enabling environment for agribusiness finance and investment. To achieve this goal, the activity focuses on four interrelated components:

(1) improving the agribusiness enabling environment;

(2) broadening access to finance by mitigating the credit risks of agribusinesses;

(3) facilitating investment opportunities for agribusinesses to expand and scale up operations; and

(4) enhancing the performance of agribusiness Medium Small and Micro-Enterprise (MSMEs). In line with the U.S. and Nigerian Government’s commitment to growing the non-oil-based economy, these efforts will increase the quality, quantity, market access, and diversification of Nigeria’s economy.

The Activity aims to link thousands of MSMEs viably and sustainably and producer organizations with high -performing commercial actors in the rice, maize, soybean, aquaculture, and cowpea value chains. Working through lead agribusinesses and employing a value chain development approach, the Activity aims to facilitate $200 million in new lending and $100 million in new investment across the selected 5 targeted commodity value chains in Kaduna, Niger, Kebbi, Benue, Delta, Ebonyi, and Cross River States. As a result of streamlined regulations, more effective policies, improved production and processing practices, and significantly increased finance and investment flows, the Activity will increase the competitiveness and returns of large, medium, small, and micro-scale agricultural enterprises.

Sterling Bank Plc. is a Nigeria-based financial institution engaged in universal banking, focusing on consumer banking, trade finance, investment banking and capital market activities. It also provides wholesale banking services. It offers banking products through 100 branches, 45 automated teller machines, telephone banking and other e-banking offerings. Its products include Sterling Acquire, an asset acquisition account; Sterling Minor; Sterling Key 360, and Sterling Plus, a savings account. It offers services in areas, such as electronic banking; investment banking; money transfer; stock trading (through Nigerian Stockbrokers Limited/ Sterling Registrars & Sterling Capital Markets Limited); asset management (through Sterling Asset Management & Trustees Limited); insurance (through SBG Insurance Brokers Limited); mortgage banking (through Safe trust Savings & Loans Limited), and pension fund administration (through Crusader Sterling Pensions Limited).

Offerors are responsible for ensuring that their offers are received by CNFA in accordance with the instructions, terms, and conditions described in this RFP. Failure to adhere with instructions described in this RFP may lead to disqualification of an offer from consideration.

(1.2) Scope of Work:
The Activity is collaborating with Sterling Bank Plc in the development of a digital loan portal to support the delivery of its Sterling Women and Youth-AG (SWAY-AG) loan product in order to enhance access to finance for women and youth. The SWAY-AG loan product is a single digit uncollateralized loan for youths and women in the Agric space.

Pursuant to the above, Sterling Bank Plc requested the support of the Activity to procure digital portal developer services to create a user-friendly online account which includes components for , client data capture and verification, loan document upload, receiving and reviewing loan applications in line with stipulated risk acceptance criteria and scoring models, loan disbursement, financial management (including built-in triggers for periodic escalation of loan repayment) and monitoring, evaluation of loan recipients and their businesses, and  reporting. This will support the delivery of Sterling Bank Plc’s SWAY-AG loans to farmers and entrepreneurs in the agriculture space. The bank is expected to use the loan portal to deliver loans worth N3.8Billion ($8.7million) to at least a 4,000 women and youth in the Activity’s focal states and value chains which is about 30% of the SWAY-AG global portfolio.

Application Submission
Offer Deadline and Protocol: Offers must be received no later than 5:00PM, WAT on June 10, 2022. Offers must be submitted by email to operations@ag-invest.org

Please reference the RFP number in any response to this RFP. Offers received after the specified time and date will be considered late and will be considered only at the discretion of CNFA. The cover page of this solicitation summarizes the important dates of the solicitation process. Offerors must strictly follow the provided deadlines to be considered for award.