ACCESS TO FINANCE RWANDA

Request for Proposals

For

REQUEST FOR PROPOSALS

PROCUREMENT REFERENCE NAME: CONSULTANCY SERVICES TO CONDUCT A SCOPING STUDY AND DEVELOPMENT OF FRAMEWORK FOR PRIVATE STUDENTS FINANCING AND RELATED INTERVENTIONS

About Access to Finance Rwanda 

Access to Finance Rwanda (AFR) is a Rwandan not-for-profit Company Limited by Guarantee (CLG), established in 2010 to promote financial inclusion and financial sector development in Rwanda. AFR is currently funded by Sweden, the Mastercard Foundation, Co-Develop, and Gates Foundation.

AFR supports the removal of systemic barriers that hinder effective and sustainable access and usage of financial services by low-income people, particularly the rural poor, women, youth, smallholder farmers, and Micro, Small, and Medium Enterprises (MSMEs). AFR is a gender-intentional organization and mainstreams gender equality across all its programs. It 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.

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. This is done by working with policymakers, regulators, financial service providers, and other market participants to drive more inclusive and sustainable economic growth. Over the last 15 years, AFR has rolled out many programs and implemented projects and interventions that contributed to the inclusion of many Rwandans in the financial ecosystem (96% financial inclusion from 48% in 2008) as highlighted by the Rwanda 2024 Finscope survey report. 

1. Background for the Assignment 

Private students financing is increasingly critical as public funding and household incomes struggle to keep pace with the rising costs of tuition, accommodation, learning materials, and digital access. Many students, especially those from low- and middle-income families—face significant financial barriers that limit enrollment, retention, and completion of higher education. Beyond tuition, indirect costs such as transport, internet connectivity, meals, and internship-related expenses often create hidden burdens that push students into precarious work or force them to defer or drop out. With expanding demand for tertiary education and skills development aligned to labor market needs, diversified financing options—such as private student loans, income-contingent financing, savings-linked education products, and blended finance schemes—are essential to widen access, improve equity, and support human capital development.

More specifically, Rwanda’s long-term development ambitions under Vision 2050 and the National Strategy for Transformation (NST2) prioritize human capital development as a central pillar for economic transformation. Expanding access to quality higher education, Technical and Vocational Education and Training (TVET), and emerging skills programs is critical to building a competitive, knowledge-based economy.

Over the past decade, Rwanda has made significant progress in expanding access to post-secondary education. However, financing constraints remain a key barrier to enrolment, retention, and completion, particularly for students from low- income households and those attending private institutions.

Public financing schemes and scholarships continue to play a vital role. Yet, rising enrollment demand, fiscal pressures, and the diversification of education pathways (including private universities, professional certifications, and digital skills programs) highlight the need for complementary financing mechanisms that mobilize private capital sustainably.

Private financial institutions in Rwanda have limited participation in student financing due to perceived high risk, long tenors, lack of collateral, and regulatory uncertainty. Without a clear policy and risk-sharing framework, the market is unlikely to develop organically.

Access to Finance Rwanda (AFR) therefore proposes to undertake a comprehensive scoping study to explore feasibilities and identify opportunities for developing a Private Student Financing framework and related interventions, supported by appropriate blended finance instruments to catalyze private sector participation.

3. Overall Objective of the Scoping Study

The overall objective of the scoping study is to conduct a comprehensive scoping study that assesses the feasibility, design, and policy requirements for developing a Private Student Financing framework and related interventions in Rwanda. The study will examine international and regional models of private student financing, evaluate Rwanda’s market readiness and regulatory environment, and identify structural barriers limiting financial sector participation. The scoping will analyze demand and supply dynamics, assess financial viability under different risk-sharing scenarios, and explore blended finance options—such as guarantees, and concessional funding—to crowd in private capital. Ultimately, the assignment aims to generate the evidence base and practical recommendations needed to inform policy advocacy, guide stakeholder engagement, and design a sustainable framework and interventions that mobilizes financial institutions to expand equitable access to post-secondary education financing in Rwanda.

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

Any requests for clarifications to the RFP may be submitted not later than Friday, March 13th, 2026, 17h00 HRS CAT.

Bidders should submit their proposals no later than Friday, March 20, 2026, 14:00 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. The intention is to establish a framework agreement with the most responsive bidder.

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

Below is the summary planned procurement schedule:

Cordially,

Jean Bosco Iyacu

Chief Executive Officer