| Overview : It is widely accepted that digital innovation plays a pivotal role in the socio-economic advancement of societies. Now more than ever, societies are utilizing digital technology to tackle longstanding and pressing development challenges. Industrial societies have leveraged on technology to build infrastructural systems that enhance economic productivity and alleviate poverty on a massive scale. Most notably, financial technology (fintech) is becoming a popular innovative method in everyday business transactions. Accordingly, studies have shown that digital financial payment systems help societies to mobilize local resources effectively and efficiently as well as enhance business transactions. Furthermore, the attainment of the Sustainable Development Goals (SDGs) by 2030 require huge financial resources. Concurrently, it is becoming increasingly apparent that international funding, particularly in developing countries, is not enough to finance the SDGs. Precisely, The Gambia has registered substantial progress in mobilizing local financial resources but continues to heavily rely on donor funding. For this reason, catalyzing domestic resource mobilization by national and local government is paramount for Gambia’s self-reliance as well as the achievement of the SDGs. It is against this backdrop that the UNDP Gambia Accelerator Lab (AcclabGM) aims to introduce digital financial services for vendors in the Banjul to increase economic returns in this area. Besides being Gambia’s capital, only city and main administrative area, Banjul is one of the country’s major business hotspots. Over the years, its market space has grown exponentially in meeting the daily needs of the evergrowing population of the city. Thus, the introduction of digital payment systems in the area would be a viable mechanism to tap into the city’s economic opportunities towards national development. In other words, fintech would be a strategy for stimulating the country’s Gross Domestic Product (GDP) by easing business transactions and tax collection. Importantly, the Banjul City Council (BCC) Smart City project will lay the foundation for the introduction of digital financial solutions in other major financial areas around the country, particularly in Kanifing Municipal Council (KMC) and Brikama Area Council (BAC). In the scale-up phase, local councils/administrations will mobilize the needed financial resources while AccLabGM will step-in to provide the requisite technical support where necessary. This is meant to foster the spirit of self-reliance, local ownership, empowerment, and sustainability Details of the scope of work and qualification requirements are provided in the attached terms of reference (TOR) Submit Technical and Financial proposals to: bids.gm@undp.org Email subject: Digital financial platforms |
