Financial Sector Expert – Central Bank of Somalia (Individual Consultant)

Job Description

Job description
FEDERAL GOVERNMENT OF SOMALIA

MINISTRY OF FINANCE

REQUEST FOR EXPRESSION OF INTEREST (REOI)

Country: Federal Government of Somalia (FGS)

Name of the Project: Somalia Capacity Advancement, Livelihood and Entrepreneurship,

through Digital Uplift Project (SCALED-UP)

Assignment Title: Financial Sector Expert – Central Bank of Somalia (Individual

Consultant)

Project ID: P168115

Individual/Firm: Individual Selection

Deadline for submission

of EOI 6

th January 2025 4:00PM

Ref No. SO-MOF-458512-CS-INDV

1. Background: The Federal Republic of Somalia has received financing from the World Bank for the

Somalia Capacity Advancement, Livelihood, and Entrepreneurship through Digital Uplift (SCALED-UP)

Project. The Central Bank is beneficiary of SCALED-UP). The project aims to enhance access to digital

financial and government services, focusing on helping women entrepreneurs and workers. It consists of

three parts: strengthening institutions, enabling financial and digital services, and project management.

The Central Bank of Somalia now intends to apply part of the proceeds of the above project to finance the

position of the Financial Sector Expert (Individual Consultant) at Central Bank of Somalia

2 Responsibilities: The Financial Sector Expert will Review and assess the regulatory gaps in the

current regulatory framework for banks and non-banking divisions, such as regulations, guidelines

manuals, and supporting templates, and addressing key bottlenecks in line with international and regional

best practices; Advise; CBS senior management on financial sector initiatives and interventions; Enhance

the role of fintech in promoting financial inclusion and access in Somalia; Participate in the development

of a new financial sector development roadmap to facilitate the implementation of the CBS strategy; Build

the capacity of CBS staff to fulfill the bank’s mandate regarding financial sector development, and provide

training on key prudential requirements to banks and non-banks financial institutions. . All other specific

tasks detailed in the Terms of Reference (TOR) for the assignment that can be found at the following

website: https://mof.gov.so/publications/terms-reference-financial-sector-expert

3. Duration: The proposed duration for the assignment is Twelve Months (12) calendar months from starts date.

Skills and qualifications
Selection Criteria: The selection shall be based on qualification, experience and skills of the

candidate and followed by an interview. The qualifications, experience and competencies include:

Education and Qualifications: A minimum of an MBA, MA, or MSc in Finance, Economics or a

related discipline. Candidates with additional professional qualifications such as ACCA, CPFA, or

CPA will have an added advantage.

• Experience: At least 10 years of financial sector experience, specifically in the areas of

legal/regulatory reviews for the financial sector, financial sector development research, banking

and non-bank financial institutions supervisions, financial management reporting, including IFRS

compliance or auditing, and the ability to build the capacities of central banks and financial

institutions.

• Industry Background: Proven experience in financial institutions, multilateral development banks,

or other financial regulatory bodies is essential.

• International Experience: Experience working in similar developing countries is required.

• Language and Communication: Exceptional command of the English language, both spoken and

written, along with excellent communication skills. Somali Language is desirable.

• Organizational Skills: Strong ability to organize and manage projects, with excellent reporting and

coordination skills.

• Leadership and Technical Expertise: Demonstrated leadership skills, technical competence, and

professional capabilities for the timely implementation, coordination, and management of activities

5. The Ministry of Ministry of Finance now invites eligible consulting (“Consultants”) to indicate their

interest in providing the above-mentioned Services. Interested Consultants should provide information

demonstrating that they have the required qualifications and relevant experience to perform the Services

and furnish the Curriculum Vitae (CV).

6. Attention of interested Consultants is drawn to section III, para 3.14,3.16 & 3.17 of the World

Bank’s Procurement Regulations for IPF Borrowers: Procurement in Investment Projects Financing

Goods, Works, Non -Consulting and Consulting Services dated in September 2023 (“Procurement

Regulations”), setting forth the World Bank’s policy on conflict of interest.

7. A Consultant will be selected in accordance with the Individual Consultant method set out in the World

Bank Procurement Regulations.

How to apply
Interested Consultant may obtain further information (in person or by e-mail) at the address below

during office hours from 8.00 a.m.– 4.00 p.m. Saturday to Thursday except on public holidays.

9. Deadline for submission: Expressions of interest should be delivered in a written form to the address

below (in person, or by e-mail) by 6

th January 2025 4:00PM local Time.

Attention

Project Coordinator, SCALED-UP Project,

Ministry of Finance, Federal Government of Somalia, Shangani District, Mogadishu, Somalia

Email Address: bid.scaledup@piu.mof.gov.so

Copy E-mail: Procurement@centralbank.gov.so