CONSULTANCY- END TERM EVALUATION OF THE STRATEGY FOR FINANCIAL LITERACY-2019-2024 AND DEVELOPMENT OF THE STRATEGY FOR FINANCIAL LITERACY 2025-2029 Full Time

Background and Context

The Bank of Uganda (BoU) in conjunction with relevant Government of Uganda departments, ministries and agencies and other key stakeholders formulated the Strategy for Financial Literacy (SFL) 2019-2024. The strategy set out a road map of how financial literacy initiatives for Uganda would be comprehensively coordinated and implemented with the oversight of Bank of Uganda and was an outcome of wide stakeholder consultations.

The vision of the strategy is that “Ugandans have the knowledge, skills and confidence to manage money well”. The goals of the SFL 2019-2024 include: improving the ability of the population to manage their money well; equip the population with knowledge and skills to protect themselves against risks and fraud; strengthen mobilization and cost effective use of resources to promote financial literacy; broaden the diversity and quality of initiatives that drive financial literacy; set in motion a process of increased self-awareness, skill development and appropriate attitudinal change for individuals to strengthen positive mindsets towards money generation and management; conduct research and strengthen monitoring & evaluation of financial literacy initiatives; and harmonize the national financial literacy initiatives/programmes with those of East African Community Partner States(EAC).

The Strategy for Financial Literacy was developed in line with the National Financial Inclusion Strategy (NFIS) 2017-2022. A new NFIS 2023-2028 is under implementation and therefore the new SFL 2025-2029 will align to it.

In 2020, the Bank of Uganda conducted a financial capability study to establish a baseline for measuring the capability/financial literacy of Ugandans in having the appropriate financial knowledge, the right attitudes, and good financial behaviour to facilitate effective financial decision making. The study revealed that 50.4% of Ugandans have the financial knowledge, attitudes and behaviours to make good and sound financial decisions.

Implementation of the first SFL 2019-2024 ends in September 2024, and to address the gaps identified in the financial capability study 2020, plans are underway to develop the Strategy for Financial Literacy 2025-2029. The Bank of Uganda (BOU) with support from the International Labour Organization (ILO) is seeking to engage a consultancy firm to conduct an End of Term Evaluation of the Strategy for Financial Literacy 2019-2024 and develop the Strategy for Financial Literacy 2025-2029.

1.1 Partnership with ILO

The International Labour Organization (ILO) is the United Nations (UN) agency for the world of work. It was founded on the conviction that universal and lasting peace can be established only if it based on social justice. The ILO Decent Work Agenda and its four pillars of employment creation, social protection, rights at work and social dialogue are an integral part of the Agenda for Sustainable Development. The ILO Social Finance Programme works with the financial sector to enable it to contribute to the ILO’s Decent Work Agenda, to enable business growth, create employment, increase productivity, and foster resilience, while focusing on financial inclusion, impact insurance and sustainable investing.

The ILO Global Programme on Financial Education is a holistic programme addressing policy dialogue and capacity building at all levels. At the macro level, the Programme provides technical assistance and tools to support national governments in framing country-wide financial education strategies with national partners. The Programme also supports adaptation of Financial Education programmes to reach various vulnerable groups, using different outreach models. Furthermore, the Programme builds the capacity of national partners and multipliers to implement and monitor National Plans on Financial Education and encourages the integration of the ILO Financial Education curriculum into local training offerings and ongoing projects. The Programme encourages innovation through the dissemination of ILO Financial Education curricula into alternative delivery channels, including mobile-based information sharing platforms, videos, SMS, apps, among others. Lastly, the Programme supports the development of specific material adaptations to fit country contexts and the needs of various target groups.

In Uganda, the ILO is part of the Partnership for improving prospects for forcibly displaced persons and host communities (PROSPECTS). The Partnership is a multi-year programme, funded by the Government of the Netherlands, bringing together five agencies: International Labour Organization (ILO), International Finance Cooperation (IFC), World Bank, UNICEF and UNHCR to devise collaborative and innovative approaches for inclusive job creation and education in contexts characterized by forced displacement. The Programme is working to increase economic opportunities for refugees and host communities.

1.2 The prospects programme four pillars:

• Pillar 1: Education and learning, which aims at making refugees and host communities attractive to the labour market through investments in skills that are in demand by the market.
• Pillar 2: Employment with dignity, which aims to trigger the availability of employment, support the transition to work by enabling refugees and host communities to set up and manage enterprises to realize their entrepreneurial potential, create jobs and improve their livelihoods.
• Pillar 3: Protection and social protection, which aims at increasing access to social protection systems by refugees and host communities by addressing the policy, legislative and regulatory barriers.
• Pillar 4: Critical infrastructure which aims for the construction and rehabilitation of infrastructure that supports the delivery of interventions under pillar 1 and pillar 2.

1.3 The financial inclusion intervention

All the four pillars are interlinked. However, this intervention is meant to address issues in pillar two. Under the employment pillar, the ILO is collaborating with different partners to enhance private sector functioning while addressing barriers for access to decent self-employment for forcibly displaced persons and host communities. This will take place through the provision of financial education and services and business management skills trainings and the enhancement of financial inclusion. The Strategy for Financial Literacy, which will be aligned to the National Financial Inclusion Strategy (2023-2028) will provide a framework to extend financial education to different population segments in Uganda, including refugees.

2.0 Objectives of the assignment

The BoU with support from ILO seeks to procure consultancy services to:

1. Evaluate the Effectiveness of SFL 2019-2024.

• Assess the extent to which the goals and objectives of SFL 2019-2024 were achieved.
• Review the strategy in terms of its relevance, coherence, effectiveness, efficiency and sustainability.
• Document the success factors and challenges faced during the implementation of SFL 2019-2024.
• Provide recommendations on critical issues that must be considered during the development and implementation of SFL 2025-2029.

1. Develop SFL 2025-2029

• Formulate a comprehensive outline for SFL 2025-2029 based on the findings from the ETE of SFL 2019-2024.
• Identify opportunities as well as threats for enhancing financing literacy in Uganda based on the current environment including emerging issues in the financial sector.
• Define clear objectives, activities, baseline indicators and targets and an actionable & trackable implementation and monitoring framework for SFL 2025-2029.
• Ensure the new strategy addresses current and emerging issues, risks related to and/or arising from financial literacy.

3.0 Scope of Work

3.1 End of Term Evaluation (ETE) of SFL 2019-2024

• Document Review: Review documents, related to the implementation of SFL 2019-2024 such as implementation reports, monitoring and evaluation reports, and any other relevant documents.
• Mapping exercise: map all FE stakeholders and initiatives and categorize them (sensitization, training … )
• Stakeholder Interviews: Conduct interviews with key stakeholders, including policy makers, financial services providers, development partners, civil society among others
• Sampling and surveying: sample a group of FE consumers and run a survey at the individual level and compare with the data collected within the M and E framework of BoU
• Data Analysis: analyse collected data to evaluate the effectiveness, efficiency, and impact of SFL 2019-2024 with must be disaggregated to the extent possible for different focus or priority groups in society e.g. Youth, Women, Rural outreach, Children, Elderly, PWD, FDPs)
• Draft ETE report
• Validation workshop: Conduct a stakeholder workshop to validate draft ETE report.
• Prepare final comprehensive ETE report that should include: findings, lessons learned, most relevant and applicable best practices for adoption in Uganda; unintended consequences of SFL 2019/2024 including risks and the resource implications thereof.

3.2 Development of SFL 2025-2029

• Needs Assessment: Conduct a needs assessment to identify gaps and areas for improvement in financial literacy, and determine the extent to which enhancing digital literacy can enhance financial literacy
• Review financial literacy strategies from other jurisdictions including international best practice for strategy design, implementation, monitoring and strategy review and update. This should then inform the optimal or appropriate approach to be emphasized throughout the strategy. and to allow for regional policy alignment.
• Stakeholder Engagement: Engage with stakeholders to gather input and ensure the new strategy is inclusive and comprehensive.
• Strategy Formulation: Develop SFL 2025-2029 with well-defined objectives, goals, outcomes, targets, implementation plan, monitoring and evaluation framework, and governance and funding structure.
• Validation Workshop: Conduct a stakeholder workshop to validate the draft SFL 2025-2029.
• Final Strategy Document: Finalize and produce the SFL 2025-2029 document incorporating feedback from the validation workshop.

4.0 Expected Outputs and Deliverables

The deliverables will be presented per the schedule outlined below: (All reports and workshops will be written and delivered in English)

1. Submit an inception report, within 5 working days from the signing of the contract, detailing the methodology for the execution of the assignment, the consultant interpretation and understanding of what is being sought for in this assignment, detailed work plan with timelines and a list of possible key Interviewees.
2. A draft ETE report within 15 working days from submission and approval of an inception report
3. An internal validation workshop within 5 working days from submission of the draft ETE report
4. A final ETE report within 5 working days from the internal validation workshop. Detailed report of the evaluation findings, including the effectiveness, impact, and efficiency of SFL 2019-2024.
5. A draft SFL 2025-2029 document within 25 working days from submission of the final ETE report
6. An internal validation workshop within 5 working days from submission of draft SFL 2025-2029.
7. A final SFL 2025-2029 document within 15 working days from internal validation workshop. This final document should at a minimum include detailed implementation plan with defined objectives, goals, and target outcomes; and functional Monitoring and evaluation framework for SFL 2025-2029I.

5.0 Timeframe

The assignment is expected to be completed within four months from the date of commencement III. Below are the key milestones

Month 1: Inception Report and draft ETE report

Month 2: Internal ETE report validation workshop report and Final ETE Report

Month 3: Draft SFL 2025-2029,

Month 4: Internal SFL 2025-2029 report validation workshop report and SFL 2025-2029

6.0 Experience, Competences and Qualifications

Experience

Local and international firms authorized to operate in Uganda.

The firm should have at least five (5) years of experience in the financial inclusion and financial literacy area and have carried out similar assignments, particularly in emerging economies with specific expertise in the below.

• Conducting evaluations of financial literacy programs or similar initiatives.
• Financial literacy and its intended and unintended impacts on financial sector deepening in a developing country context.
• Data collection, analysis, and reporting.
• Developing comprehensive strategies for financial literacy or related fields.
• Strong process for engaging with stakeholders, including government agencies, financial institutions, businesses, and the public, to ensure the strategy is comprehensive and inclusive.
• The firm should be well-versed in the regulatory landscape, both domestically and internationally.
• Design and development of digital literacy programs / initiatives that can be integral to the implementation of a financial literacy strategy in a developing or frontier economy.

Knowledge of best practices in advancement of financial inclusion, deepening and literacy in a developing country or economy context.

Demonstrable capacity to convene and facilitate a group discussion on the above-related topics.

Capacity to carry out highly focused topical research on financial literacy and ability to prepare concise reports within potentially tight deadlines.

6.2 Competences

The firm must ensure that the human resources provide for this activity have:

1. Strong report writing skills
2. High level of energy and drive, and ability to work in a rapidly changing environment
3. Demonstrated exemplary, management, leadership and interpersonal skills.
4. Strong relationship-building skills and ability to work with partners from a variety of backgrounds
5. Good negotiation skills, the ability to persuade others, excellent judgement and effective problem-solving ability
6. Resilience and ability to stay calm under pressure, a heavy workload and during emergency situations
7. Strong communication skills (written and verbal) across various media, email, phone, in-person and in group settings
8. Robust analysis and synthesis skills.

6.3 Qualification

The Lead consultant/Team leader for the assignment must have: Minimum master’s degree or equivalent in Economics, Finance/Banking, Development Studies, or any other relevant discipline and with the experience as described in section 6.1.

All team members must have acquired a bachelor’s degree or its equivalent in Economics, Finance/banking, development studies/economics or any other related field.

All team should have a proven expertise of at least 5 years for the team leader and 2-3 for the rest on: financial education, policy development, or economic research, and. experience in working with central banks, financial regulators, or similar institutions. A proven track record in evaluating and designing financial literacy programs is a plus.

6.4 Evaluation process

The application documents （technical weighing 70% and financial weighing 30%） will be evaluated based on the following criteria.

Tagged as: International Labour Organization, Uganda