REQUEST FOR EXPRESSIONS OF INTEREST FROM INDIVIDUAL CONSULTANTS TO SUPPORT EAC PAYMENTS SYSTEMS MASTERPLAN IMPLEMENTATION.

1. About FSD Network

The Financial Sector Deepening (FSD) Network is a family of ten locally established Financial Sector Deepening (FSD) programs building diverse and inclusive financial systems across Africa that enhance financial resilience and sustainable livelihoods for all and enable inclusive economic growth. We believe that financial systems have the potential to play a major role in enabling inclusive growth and ensuring access to basic goods and services while assuring a sustainable future for low-income people. We are deeply committed to equity between men and women and supporting the vulnerable and marginalized, including refugees and people living with disability. 

We have a national FSD presence in four East African Community (EAC) countries (Kenya, Uganda, Tanzania and Rwanda) with nearly two decades of experience in advancing inclusive financial ecosystems and fostering inclusive economic growth. DRC and Somalia are exploring establishing an FSD, with Burundi and South Sudan currently the only EAC partner States with no FSD (current or planned). Guided by the imperatives of the United Nations’ Sustainable Development Goals, the FSD Network seeks to mold sustainable financial systems, enabling them to work more inclusively across Africa.

2. 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, MasterCard Foundation, Co-Develop, and Gates 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 and with support from the Gates Foundation. On behalf of FSD Network, AFR seeks Consultants to support EAC Payments System Masterplan Implementation.

3. About EAC Payment System Masterplan

The EAC Cross-Border Payment System Masterplan (“Masterplan”) provides a strategic framework to enhance the efficiency, security, and accessibility of cross-border payments within the EAC Region over the next five years. Developed through extensive consultation with central banks, financial institutions, policymakers and development partners, the Masterplan outlines a structured approach to modernizing and integrating East African payment systems to support regional economic growth and financial inclusion. The Masterplan presents twenty (20) strategic initiatives across four key pillars aimed at improving efficiency, security, accessibility, and transparency of cross-border payments in the region. It aligns with the objectives of East African Monetary Union and tackles existing challenges in the regional payment ecosystem.

Vision and Mission

The Masterplan envisions a payments ecosystem that fosters economic integration and sustainable growth across the EAC. Its mission is to implement an inclusive, secure, efficient and interoperable cross-border payments ecosystem to support the objectives of the EAC Monetary Union.

The implementation of this project is at a critical stage of kicking off various activities ensuring coordination from all member state countries. The qualified consultants will provide expert services to the EAC Secretariat and Payment Sub Committee during the planning phase of the grant, ensuring strategic alignment and regional buy in for long term success of the Masterplan Implementation.

The Masterplan is structured around four key pillars.

• Governance, Legal, Regulatory and Oversight: Harmonizing frameworks to reduce friction and enhance compliance. 
• Infrastructure: Modernizing payment systems (East Africa Payments System - EAPS, instant retail switch) for faster, cost-effective transactions. 
• Inclusivity: Ensuring equitable access for individuals and businesses across all East Africa Community (EAC) partner States. 
• Capacity Building: Developing technical expertise at EAC secretariat and across EAC partner states.

4. Scope of Work

Access to Finance Rwanda is seeking individual Consultants with expertise in the following domains, aligned with the Masterplan objectives:

A. Policy and Regulatory Harmonization Experts (Pillar 1)

• Mutual Recognition Frameworks: Support the development frameworks for cross-border Payment Service Provider (PSP) licensing and mutual recognition to facilitate market entry for member states. 
• Regulatory Alignment: Support the development of harmonizing regulations for mobile money /e-wallets and establishing a regional oversight framework for Cross-Border Payment system. 
• Standards Development: Support development of common standards for AML/CFT/CPF and dispute resolution for Bank and non-bank Payment service providers (PSPs) for Cross-Border Payment Systems.
• Currency Convertibility:Support the development of cross border protocols for currency acceptability and convertibility to manage multiple settlement currencies and ensure transparent Foreign Exchange (FX) pricing on Cross-Border Payment System.
• QR Code Standardization: Support the development of regional QR code standard to ensure interoperability across applications and partner states including aligned authentication and risk management protocols.
• Proxy Identifier Framework: Support the development of standards for proxy identifiers (Aliases) (e.g., using mobile numbers instead of account numbers), including but not limited to validation and verification protocols to prevent fraud.

B. Payment Infrastructure Experts (Pillar 2)

• Cost: Support the review of technical design and cost estimates for the Masterplan implementation. 
• EAPS Modernization: Provide technical guidance on upgrading the East African Payment System (EAPS), including potential onboarding of hard currencies and centralized clearing models. 
• Instant Retail Switch Design: Support the design and implementation of a regional instant retail payment switch based on Digital Public Infrastructure (DPI) principles.
• Centralized Clearing Design: Provide technical guidance on designing centralized clearing and settlement model with the aim of simplifying settlement.
• Hybrid Integration Model Design: Support the development of a hybrid integration model that connects existing national Fast Payment Systems (FPS) and Open API standards for secure cross-border interoperability with the aim of reducing technical integration friction.
• Interoperability Standards: Support the development of ISO20022 technical implementation guidelines, mapping data fields to ensure consistent payment instructions and Straight Through Processing (STP) across all Partner States. 
• Cross-Border Security Architecture: Support the design of standardized security framework to address threats, defining technical standards for real-time fraud detection, account verification, and transaction monitoring.

C. Inclusion (Pillar 3)

• Consumer Protection and Experience Design 
• Protection Framework Development: Support the development of regional consumer protection framework defining minimum standards for transparency, liability, fraud redress, and dispute resolution.
• Consumer Experience (CX) and UX Experience Guidelines: Support the development of Consumer experience (CX) and UX Experienceguidelines that provide standardized disclosures for fees and transaction times while maintaining minimum interface design standards. 

D. Monitoring and Evaluation - M&E (Pillar 4)

• M&E Framework Development: Design and operationalize a comprehensive Monitoring and Evaluation framework to track the implementation of the Masterplan, including defining specific Key Performance Indicators (KPIs) for speed, cost, access, and transparency.
• Methodology Development: Support the development of structured methodology for data collection, analysis, and reporting to ensure Partner States track progress consistently and produce comparable data.
• Benchmarking: Develop regional KPIs with global benchmarks while incorporating specific regional priorities to ensure cross-border payments system remains competitive and compliant with international standards.
• Dashboard Implementation: Lead the design and implementation of a regional dashboard / reporting system to provide regulators and partners with real-time insights into the cross-border payment system implementation performance.
• Review Process: Develop structured review process that enables stakeholders to assess trends, identify bottlenecks in the cross-border payments ecosystem, and implement evidence based corrective actions.

5. Deliverables

Individual Consultants will be responsible for specific deliverables based on their area of expertise. To ensure practical implementation, all deliverables must be structured into clear Short Term (0–6 months), Medium-Term (6-18 Months), and Long-Term phases, explicitly accounting for the varying levels of readiness across Partner States. The deliverables may include:

1. Regulatory Frameworks and Guidelines: Drafts for mutual recognition, cooperative oversight, and
   harmonized mobile money regulations.
2. Infrastructure Design Documents: Technical blueprints for EAPS upgrade, the regional retail switch, and API standards that include dependency mapping to identify foundational requirements for participation.
3. Strategic Reports and Feasibility Studies: Assessments on hard currency onboarding, CBDC feasibility, and virtual asset regulation that are grounded in explicit consultation with Central Banks to ensure strict policy alignment, feasibility, and buy-in prior to development.
4. Operational Rulebooks: Common rulebooks for cross-border retail payments and dispute resolution mechanisms. 
5. Monitoring and Evaluation Tools: Dashboards and KPI frameworks to track Masterplan progress. 
6. Readiness Assessment and Roadmap: A consolidated report mapping Partner State readiness gaps (regulatory and infrastructure) with differentiated implementation pathways to ensure inclusive participation.

6. The assignment

Applicants who score 70% or above will be pre-qualified and included in the AFR database for consideration in future Requests for Proposals (RFPs) for specific assignments under the respective pillars.

7. Education and Qualifications

• Advanced Degree: A Master’s degree in Economics, Finance, Business Administration, International Relations, Technology, Public Policy, or a related field.
• Bachelor’s Degree: A Bachelor’s degree in a relevant discipline (Economics, Commerce, Technology or Development Studies) or a related field. 
• Experience: 10+ years of work experience, mainly in Central Banking, Finance, Digital Economy and Payment systems, regional exposure and/or exposure in monetary policy will be an added advantage. 

8. Experience and technical skills 

Essential

• 10+ Years Experience: Deep expertise in Central Banking, Payment Systems (RTGS, ACH, Instant Payment Switches), Digital Economy, Financial Regulation, or Development Economics.
• Regional Expertise: Proven track record working with the EAC Secretariat, Central Banks, or other regional bodies, with a demonstrated ability to navigate complex inter-state diplomacy.
• Technical Proficiency (Infrastructure and Standards): Strong understanding of payment system architectures, including ISO 20022, Instant Retail Switch design (DPI), Open API standards, Cross-border Security Architectures, and hybrid integration models for national FPS. 
• Policy and Governance (Harmonization): Experience drafting complex frameworks such as Mutual Recognition Agreements, AML/CFT/CPF standards, Cross-border Settlement Protocols, and Proxy/QR Code standards.
• Inclusion and Consumer Protection: Expertise in developing Consumer Protection Frameworks, transparency standards, and CX/UX Guidelines for digital financial services to ensure trust and accessibility.
• Monitoring, Evaluation & Data: Proven ability to design M&E Frameworks for payment systems, including the development of Regional Dashboards, definition of KPIs (speed, cost, access), and methodology for cross-border data collection.

Desirable Experience 

• Regional Experience / Expertise: Specific experience working with the REC’s, Monetary Affairs Committee (MAC), or Regional Payment System (EAPS).
• Digital Public Infrastructure (DPI): Familiarity with the "DPI approach" towards building open, interoperable financial market infrastructure.
• International Standards Knowledge: Deep understanding of BIS (Bank for International Settlements) Principles for Financial Market Infrastructures (PFMI) and IATA/cross-border trade protocols.
• Emerging Technology: Knowledge of frontier technologies such as CBDCs, Virtual Assets, and their regulatory implications for cross-border payments.
• Multilateral Engagement: Prior experience collaborating with global development partners such as World Bank, IMF, and African Development Bank (AfDB).
• Liquidity Management: Experience in designing financial fail safes or liquidity back-stops for cross-border settlement models involving multiple currencies.
• Market Systems Development (MSD): Experience applying MSD approaches to financial inclusion interventions.

9 .Attitude/Competencies 

• Strategic thinking and thought leadership.
• Strong drive for results and strong sense of engagement and responsibility.
• Teamwork, interpersonal and relationship building skills, and ability to lead by influence and example.
• Proven ability to partner, communicate and manage/navigate through multiple disciplines and organizational groups.
• Ability to work within a complex and often ambiguous environment and ability to influence senior management and other relevant parties.
• Team oriented, collaborative, flexible, and can adapt to a changing environment.
• High degree of professionalism and integrity.

10. Evaluation Criteria 

The table below summarizes the required consultants’ competencies and experience that also constitute the main
evaluation criteria.

SECTION A (General Competencies) 

I. General Competencies (Applicable to ALL Pillars) - 40 Points

SECTION B (Specific Domain Competencies) 

II. Specific Domain Expertise (Pillar-Specific) - 60 Points (Consultants will be evaluated based on their Domain Expertise - Pillar)

Pillar 1. Policy and Regulatory Harmonization Experts – Focus Policy and Regulation

Pillar 2. Payment Infrastructure Experts - Focus: System architecture and interoperability

Pillar 3. Inclusion Experts - Focus: Consumer protection, user experience (CX), and market conduct.

Pillar 4. Monitoring and Evaluation - M&E - Focus: Data analytics, KPI design, and readiness tracking

Evaluation of Technical Proposals: Proposals will be evaluated according to the criteria outlined above.

Applicants who score 70% or above will be pre-qualified and included in the AFR database for consideration in future Requests for Proposals (RFPs) for specific assignments under the respective pillars.

NB: No financial proposals are required at this stage

Right to Reject: AFR reserves the right to accept or reject any proposal or to cancel the procurement process and reject all applications at any time prior to contract signature, without incurring any liability to AFR.

11.Submission Requirements

Interested consultants should submit a technical proposal including an updated CV detailing academic qualifications, relevant professional experience, and a summary of previous assignments, including client references (for the selected area/s of expertise). The proposal should refer to the criteria mentioned above for respective pillars.

12. Important Notes

• AFR will not reimburse any costs incurred by consultants in the preparation or submission of their applications.
• Applicants must clearly indicate the area of expertise in the subject line of their email as follows: “Application –EAC Cross-Border Payment System Masterplan Implementation Consultant – [Insert Area of Expertise]”
• Only qualified consultants with a total score of 70% or higher will be included in the AFR’s database (pool of pre-approved consultants)."

Link to the Masterplan: https://www.eac.int/component/documentmananger/?task=download.document&file=bWFpbl9kb2N1bWVudHNfcGRmX1V5cldvWnRVT094eE1VU3VFeHhBVkRNRUFDIFBBWU1FTlQgU1lTVEVNUyBNQVNURVJQTEFO&counter=1588

13. Submission Deadline

All expressions of interest must be submitted electronically by: Wednesday March 18, 2026, at 5:00PM Rwandan time (CAT)

Submission Email:procurement02@afr.rw

Subject line: Application –EAC Cross-Border Payment System Masterplan Implementation Consultant – [Insert Area of Expertise]”

Format: PDF Format

Email subject:“EAC Cross-Border Payment System Masterplan Implementation Consultant – [Insert Area of Expertise]”

Sincerely,

Jean Bosco Iyacu

Chief Executive Officer