Program Background
FINCA is an international Microfinance Institution offering financial services to the world’s lowest-income entrepreneurs so they can create jobs, build assets, and improve their standard of living. FINCA’s vision is to be a global microfinance network collectively serving more low-income entrepreneurs than any other microfinance institution while operating on commercial principles of performance and sustainability.
The adoption of advanced digital solutions brings associated risks that involve technology, credit and other risks that are prevalent in the microfinance industry. This also introduces significant third-party risks through the dependency on outsourced service providers for transaction processing, technology support and other related activities that are necessary for the delivery of these solutions. The Consultant will be a subject matter expert in the risks associated with these new products and solutions.
Our objective is to move from a high-touch, labor-intensive traditional MFI model to a lower-touch business that is a hybrid, middle ground between the traditional model and the pure digital fintech model. This will be achieved through the three key strategic initiatives of (1) credit scoring, (2) digital field automation and (3) mobile financial services.
Position
The Consultant will be independent and third party to FINCA under contract to perform a comprehensive risk management evaluation of the mobile/digital strategy for the FINCA network, initially focusing on the initiatives already launched by the Africa region (mobile banking and related) and in Pakistan (digital financial systems), the focus is global in scope to align with the overall strategic initiatives of the network.
A Kenya-sourced consulting resource is preferred because of advanced telecom efforts already in existence across the country; other locations for sourcing are acceptable.
Principle tasks
- Identify key market risks unique to mobile/digital solutions, particularly those relevant to microfinance entities
- Identify all key implementation/operational readiness, oversight and technology (IT and IS) risks
- Identify principle Key Risk Indicators for same
- Recommend monitoring methodologies opposite these key risks for ongoing assessment purposes
- Recommend third-party vendor risk assessment tools and best practices
- Assessment of credit scoring solutions (or alternatives) available in principle markets
- In relation to the above, design an executable framework aligning with FINCA’s strategic direction from which FINCA management may base its mobile/digital product implementations
- Identify local laws & regulations to be considered in FINCA’s key mobile/digital markets (esp. privacy laws)
Contract Type & Duration
This engagement will be under a Service Contract arrangement starting as soon as possible. International travel will be required and is anticipated to comprise approximately 50-70 percent of the time. The end date of the contract will be December 31, 2017 unless terminated beforehand by FINCA management. The Consultant will meet with various levels of management as needed during the course of the engagement and will report to the Director of Global Risk Management.
Location
Depending on available expertise, in the country of the closest FINCA subsidiary nearest their home.
Submit your proposals to: [email protected]
Job Requirements
More Information
- Job City Nairobi