Duration: Part I: FINCORP 9 person weeks/45 person days. Part II: Junior Achievement Swaziland : 8 person weeks/40 person days.
Closing Date: 28 Aug 2012
The Commonwealth Secretariat through its Special Advisory Services Division (SASD) wishes to engage Consulting Firm(s) or a team of individual Consultants to provide technical assistance to Swaziland Development Finance Corporation (FINCORP) and Junior Achievement Worldwide Swaziland.
FINCORP was established by Government of Swaziland in 1995 with the main objective of economically developing the Swazi people through the provision of accessible financial services. Government owns 80 per cent of FINCORP and it has a capital base of US$17 million and a total loan portfolio of US$63 Million. The Corporation operates in all the districts of Swaziland.
Currently FINCORP offers multiple financial services which include business credit, leasing facilities, insurance and money transfers. FINCORP has six main distinct departments: Business Loans Department, Agricultural Loans Department, Finance Department, Personnel Department, Legal Affairs Department and Information Technology Department. In addition there is a stand-alone subsidiary company, FIRST FINANCE, offering micro-loans. FINCORP currently employs 51 staff. At least 50 per cent of the staff are Credit Officers who manage the loan portfolio which is considered to be the institution's core business.
The assistance will include review of current procedures and systems in product offering, loan processing, business processes, risk management and use of business development services. It also include development of a Business Development Services support programme.
Junior Achievement (Worldwide) Swaziland is a Not for Profit organization empowering young people at high school and at tertiary levels with entrepreneurship, work readiness and financial literacy skills. JA Swaziland is affiliated to Junior Achievement Worldwide, a global movement offering entrepreneurship programmes to young people in 123 countries worldwide. Unemployment in Swaziland is placed at approximately 40 per cent affecting mostly youth who form approximately 43 per cent of the population. Current urban and rural structures allow for very minimal participation of the youth in economic, social and political arena.
The technical assistance will include the development of JA’s implementation framework and strategy and development of a youth enterprise support programme. Part of the technical assistance will support the 11 week programme that sees high school students form mini companies, including completing a feasibility study, developing a business plan, produce and/or provide a good or service, and finally liquidating the company and paying out dividends. More than 60% of the participating schools are located in the rural areas where poverty levels are extremely high and over 50% of the population is comprised of young girls. JA delivers the programmes through volunteer Business Development Service providers.
In 2010/11 CFTC provided technical assistance to the University of Swaziland by supporting the development of a strategic plan for the Entrepreneurship and Business Development Centre. As a follow up, the technical assistance will be provided to JA Swaziland and FINCORP in partnership with the Entrepreneurship and Business Development Centre.
Part I: Support to Swaziland Development Finance Corporation (FINCORP)
FINCORP currently offers multiple financial services and loan products. Over the sixteen years of existence, FINCORP has enjoyed rapid growth in scale and scope of its service offering. Going into the future and with new challenges emerging, there is a need to relook at FINCORP’s future sustainability. This includes Business Process Re-engineering (BPR) by reviewing and enhancing present product offering, loan processing and tracking systems. This calls for thorough understanding of FINCORP’s existing process flows, software support, robustness of database etc. It will be critical that the BPR should address all areas of the organisation’s work flows. Secondly, there is need to development of an effective Risk Management Strategy: It is expected that FINCORP will have a policy document on risk management that will eventually be approved by their board of directors. The policy should address all major risks including credit, market and operational risks.
Terms of Reference:
This activity will require a maximum of 9 person weeks (45 person days) and the presentation of the findings should be completed by no later than 31 May 2013.
Firms registered in member country and/or individual consultants who are Commonwealth nationals should possess:
Part II: Junior Achievement (Worldwide) Swaziland
The main outputs under this component will include:
The time duration for this project component is a maximum of 8 person weeks (40 person days) and should be completed by no later than 31 May 2013.
Firms registered in any member country and/or individual consultants who are Commonwealth nationals should possess the following: