Terms of Reference (ToR) Consultancy: NaCCUA Digital Financial Services Assessment and Strategic Roadmap

Job Description

Terms of Reference (ToR) – Short Term Assignment

Consultancy: NaCCUA Digital Financial Services Assessment and Strategic Roadmap 

1. Background and Context

The National Cooperative Credit Union Association of Sierra Leone (NaCCUA-SL) is the national apex body representing, coordinating, and supporting credit unions in Sierra Leone. NaCCUA currently serves 25 affiliated credit unions with a combined membership of more than 25,000 people across the country. It plays a vital role in strengthening credit unions’ institutional capacity, governance, financial sustainability, service delivery, and technological development.

The Deutsche Sparkassenstiftung für Internationale Kooperation e.V. is the development-policy arm of the Sparkassen-Finanzgruppe. Its task is to disseminate the successful Sparkasse model across regional borders and around the globe. By enabling people in developing countries and emerging economies to access financial services, it aims to create opportunities that will allow them to leave poverty behind. As a membership-based organization relying on the largest German banking group as members / owners Deutsche Sparkassenstiftung für internationale Kooperation e.V.’s core competencies are Financial Literacy, Capacity Development, MSME Finance, Institution Building, Rural Development and Green Finance. Since its establishment in 1992, Deutsche Sparkassenstiftung has been working in development projects in more than 80 countries all over the globe. Deutsche Sparkassenstiftung is directly commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) with the execution of the partnership project in Sierra Leone in collaboration with National Cooperative Credit Union Association Sierra Leone (NaCCUA-SL).

As part of its digital transformation efforts supported by the German Sparkassinstiftung, NaCCUA introduced NACCUGSOFT, a core banking and credit union management system that has so far been deployed in six affiliated credit unions. This initiative provides an important foundation for improving transaction processing, financial reporting, data management, internal controls, and member service delivery.

Sierra Leone’s financial services landscape is evolving rapidly, driven by the growing use of mobile phones, mobile money, digital banking, electronic payments, and other financial technologies. Credit union members increasingly expect convenient, secure, affordable, and accessible services beyond traditional branches and office locations. Digital Financial Services (DFS) therefore offer significant opportunities for credit unions to improve member experience, promote financial inclusion, reduce transaction costs, increase operational efficiency, strengthen data management, and expand access to savings, credit, payment, and transfer services.

However, the successful adoption of DFS requires a comprehensive assessment of existing systems and infrastructure, institutional capacity, members’ needs, regulatory and compliance requirements, cybersecurity and data-protection risks, implementation and operating costs, and potential technology and service-provider partnerships.

This Terms of Reference (ToR) is in line with Result One of the project: “Digital transformation and sustainable financing models: Strengthening microfinance institutions and credit unions to promote MSMEs, women, and youth in West Africa (Regional Project)”.  As part of the planned activities to achieve indicator one (Efficient digital solutions, offerings, and automated processes reduce errors and increase data quality while increasing the profitability of MFIs and Credit Unions),  NaCCUA with support from the German Sparkassinstiftung intends to engage a qualified consultant to assess the current digital financial services environment, the needs of Credit Unions and develop a practical Digital Financial Services Strategic Roadmap to guide NaCCUA and its affiliated credit unions in selecting, prioritising, and implementing appropriate digital channels and solutions. The consultancy shall be completed within a maximum of ten (14) working days.

2. Purpose of the Consultancy

The overall purpose of this consultancy is to provide NaCCUA with a practical, realistic and actionable framework for developing and implementing digital financial services for credit unions in Sierra Leone. The assignment will identify existing gaps, opportunities and recommend appropriate digital financial service channels, technologies, partnerships, implementation arrangements and safeguards that can support the transformation of credit union services.

1. Specific Objectives
2. Assess digital readiness within NaCCUA and selected affiliated credit unions, covering technology, infrastructure, human resources, financial capacity, governance, operations, cybersecurity, data protection, and digital literacy. 
3. Identify digital financial service needs and expectations of credit unions and their members. 
4. Evaluate existing digital channels, including mobile applications, USSD, mobile money, web-based services, digital payments, electronic transfers, SMS notifications, digital lending and savings, and agent-based services and affirm suitability for credit unions. 
5. Identify potential strategic partners, including technology providers, financial institutions, mobile network operators, fintech companies, and digital payment service providers. 
6. Assess regulatory requirements and digital risks and recommend appropriate compliance, cybersecurity, consumer-protection, and risk-mitigation measures.
7. Scope of Work

The consultant’s work shall include, but limited to, the following areas:

4.1 Current Digital Financial Services Assessment

The consultant will assess:

• Existing digital financial services available to NaCCUA and its affiliated credit unions; 
• Existing core banking/credit union management systems; 
• Current payment and transaction processes; 
• Existing digital channels; 
• Internet and telecommunications infrastructure; 
• Availability and reliability of technology; 
• Level of digital adoption by credit unions andmember access to digital services; 
• Existing technology gaps; and Institutional readiness for digital transformation.

4.2 Member and Credit Union Needs Assessment

• The consultant shall identify the key digital financial services needs of Credit unions; Individual members; Youth; Women; Small businesses; Rural members; and Other underserved groups.
• The assessment should consider convenience, affordability, accessibility, reliability, security and ease of use.

4.3 Digital Channels Assessment

The consultant shall assess the feasibility, suitability, and potential value of digital service channels for NaCCUA, its affiliated credit unions, and their members. The assessment shall cover, where applicable, the following channels and services:

• USSD: Balance enquiries, fund transfers, savings transactions, loan repayments, and mini statements. 
• Mobile application: Savings, transfers, loan services, payments, and account management. 
• Web portal: Online services for individual members, credit unions, and NaCCUA. 
• Mobile money integration: Deposits, withdrawals, loan repayments, and transfers between mobile wallets and credit union accounts. 
• SMS services: Transaction alerts, payment reminders, account notifications, and other member communications. 
• Digital payments: Merchant payments, bill payments, and other cashless transactions. 
• Digital lending: Online loan applications, appraisal, approval, disbursement, monitoring, and repayment. 
• Agent banking: Access to credit union services through authorised agents outside existing branch locations. 
• Electronic transfers: Transfers between credit unions and transactions between credit unions, commercial banks, mobile money providers, and other financial institutions. 

For each channel, the consultant shall evaluate accessibility, affordability, member demand, technical feasibility, infrastructure requirements, interoperability, security, regulatory compliance, implementation and operating costs, scalability, and expected benefits.

Based on this assessment, the consultant shall classify each proposed channel as a high, medium, or low priority, supported by clear justification based on its feasibility, cost, risks, implementation readiness, and value to credit unions and their members.

4.4 Technology and Systems Assessment

• The consultant shall assess the existing technology environment and determine the requirements for digital financial services, including Core banking/credit union software, NACCUGSOFT or other relevant systems, System interoperability, APIs and integration capabilities, Data management, Cloud or on-premises infrastructure, Internet connectivity, Hardware and software, Backup and disaster recovery, System scalability, Cybersecurity, User authentication, Data protection and Business continuity.
• The consultant shall identify any technology upgrades or integrations required.

4.5 Regulatory and Compliance Assessment

• The consultant shall review and provide guidance on the relevant regulatory and compliance requirements applicable to digital financial services in Sierra Leone. This should include, as applicable: Licensing and regulatory requirements, Consumer protection, Know Your Customer (KYC), Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), Data protection and privacy, electronic transactions, Digital identity, Payment systems, Cybersecurity, Electronic records and
• Relevant requirements of the Bank of Sierra Leone and other competent authorities.
• The consultant shall identify compliance gaps and recommend measures for addressing them.

4.6 Cybersecurity and Risk Management

• The consultant shall identify risks associated with digital financial services, including Cybersecurity threats, Fraud, Identity theft, Unauthorized transactions, Data breaches, System downtime, Phishing and social engineering, Operational risks, Third-party/vendor risks, Reputational risks; and Member/customer protection risks.
• The consultant shall recommend an appropriate Digital Financial Services Risk Management and Cybersecurity Framework.

4.7 Business and Financial Model

• The consultant shall provide recommendations on the sustainability of proposed digital financial services. This should include Estimated implementation costs, Technology costs, Integration costs, Transaction costs, Maintenance costs, Training costs, Potential revenue streams, Pricing considerations, Member affordability, Cost-sharing arrangements between NaCCUA and credit unions; and Potential funding/financing opportunities.
• Where possible, the consultant should provide indicative cost ranges for the recommended solutions.

4.8 Partnership and Stakeholder Assessment

• The consultant shall identify potential strategic partners, including: Commercial banks, Mobile Network Operators, Mobile money operators, Payment service providers, Fintech companies, Technology providers, Government agencies, Development partners and Other relevant financial sector stakeholders.
• The consultant should recommend suitable partnership models and criteria for selecting technology and service providers.

4.9 Digital Financial Services Roadmap

• A major output of the consultancy shall be a practical Digital Financial Services Strategic Roadmap for NaCCUA. The roadmap should include: Phase 1 – Immediate Priorities Actions that can be implemented within 0–6 months. Phase 2 – Medium-Term Priorities. Actions to be implemented within 6–18 months. Phase 3 – Long-Term Priorities. Actions to be implemented within 18 – 36 months.

The roadmap should clearly identify: Activity, Priority, Responsible institution/person, required resources, Indicative cost, Implementation timeframe, Expected outcome and Key performance indicators.

4.10 Methodology

The consultant is expected to:

• Develop and  use a participatory and practical methodology, including: Desk review of relevant NaCCUA policies, systems, reports and documents.
• Interviews key informant within NaCCUA management, board representatives and relevant staff.
• Consultation with selected credit unions.
• Engagement with relevant technology and financial service providers.
• Assessment of existing digital systems and processes.
• Stakeholder consultations and validation.
• Benchmarking against relevant digital financial service models.
• SWOT/gap analysis.
• Risk assessment.
• Development and validation of recommendations.

The consultant shall ensure that the methodology is appropriate for the 14-working-day timeframe and does not unnecessarily delay delivery.

5. Key Deliverables

The consultant shall produce the following deliverables:

Deliverable 1. Inception Report: To be submitted at the beginning of the assignment and should include, understanding of the assignment, Methodology, Work plan, Data collection tools, Stakeholder engagement plan and Expected outputs.

Deliverable 2. Digital Financial Services Assessment Report: The report should present, Current digital landscape, Existing systems and infrastructure, Member needs, Credit union readiness, Technology gaps, Regulatory requirements, Risk assessment, Opportunities and challenges and Key findings.

Deliverable 3. Digital Financial Services Options and Recommendations: This should provide; Recommended digital channels, Technology options, Potential partnerships, Integration requirements, Governance arrangements, Cybersecurity requirements, Business model and Indicative implementation costs.

Deliverable 4. NaCCUA Digital Financial Services Roadmap: A practical implementation roadmap covering: Immediate, Medium-term and Long-term interventions.

Deliverable 5. Final Consultancy Report: The final report shall consolidate all findings and recommendations including an Executive Summary suitable for presentation to  NaCCUA  and DSIK.

Deliverable 6. Final Presentation: The consultant shall make a presentation of the findings and recommendations to NaCCUA and DSIK.

6. Required Qualifications Experience The consultant or consulting firm should possess:

Minimum Qualifications

• Master’s degree in digital finance, Information Systems, Finance, Business Administration, Economics, ICT, Financial Technology or a related field.
• Professional qualifications in digital financial services, fintech, banking, ICT, project management or related disciplines will be an advantage.

Required Experience

The consultant should have:

• At least 3 years of relevant professional experience in digital financial services, fintech, digital banking, payment systems or financial-sector technology.
• Demonstrable experience in conducting digital financial services assessments or developing digital transformation strategies.
• Experience working with financial institutions, cooperatives, credit unions, microfinance institutions or similar organizations.
• Good understanding of digital payment systems and financial-sector technology.
• Knowledge of mobile money, USSD, mobile applications, APIs and system interoperability.
• Knowledge of the Sierra Leone financial and regulatory environment.
• Strong analytical, report-writing and presentation skills.
• Demonstrated ability to deliver high-quality assignments within tight deadlines.
• Experience in cooperative finance or credit union development will be a significant advantage.

NaCCUA may modify the payment schedule during contract negotiations.

7. Evaluation Criteria

Proposals may be evaluated using the following criteria:

NaCCUA reserves the right to request clarification from shortlisted consultants where necessary.

8. Expected Outcomes

At the end of the consultancy, NaCCUA should have: A comprehensive assessment of digital opportunities and gaps, A clear understanding of members’ digital financial service needs, Recommended digital financial service channels, Recommended technology and integration options, 

9. Application procedures

Interested consultants or consulting firms should submit, Technical Proposal, Financial Proposal, Updated CV(s) of the consultant(s), Evidence of relevant previous assignments, at least two relevant references, to the General Manager NaCCUA Email 

gm.naccuasl2023@gmail.com  and CC: natasha.ensah@sparkassenstiftung.de 

The deadline for application is on the 13th November 2026.