Terms of Reference for consultancy services to Develop the Rwanda Academy of Finance (RAF) SME Finance Course: (Deadline 9 May 2025)

Terms of Reference for consultancy services to Develop the Rwanda Academy of Finance (RAF) SME Finance Course

Background

About the Rwanda Bankers Association (RBA)

The Rwanda Bankers’ Association (RBA) was formally established in 2009 to serve as an advocate for the banking sector in Rwanda. Its membership consists of all banks duly licensed by the National Bank of Rwanda. The Association’s main objectives include being the voice of bankers on non-competitive issues (research-based advocacy) and promoting standards of professional competence. While the National Bank of Rwanda (NBR) is not a member of the RBA, its representatives are often invited to the Association’s meetings or activities when needed.

The Rwanda Bankers’ Association established the Rwanda Academy of Finance (RAF) to address the critical skills gap within the banking sector by offering structured, practical, and industry-driven training programs. Cognizant of the fact that academic qualifications alone were not sufficient to meet the dynamic demands of the financial industry, RAF was created to professionalize the sector through tailored curricula aligned with international standards.

The Rwanda Academy of Finance (RAF) is a professional training institute founded by the Rwanda Bankers’ Association in September 2019, with the mission to enhance professional skills across the financial sector. Currently, RAF offers tiered courses under RAF 1 (designed for entry-level bank staffs, this program equips participants with foundational knowledge and essential skills in banking operations), RAF 2 (tailored for middle management, this program offers in-depth courses that explore core areas of banking and provide strategic insights into the financial industry), and Advanced Banking Leadership Programme (ABLP), targeting senior executives. These courses cover areas such as credit analysis, risk management, digital banking, leadership, and regulatory compliance; among others. Since its inception, RAF has significantly contributed to transforming the banking sector by enhancing workforce competence, promoting a culture of continuous learning —ultimately strengthening Rwanda’s financial sector resilience and performance.

Despite the progress made through the Rwanda Academy of Finance (RAF) in strengthening banking sector capabilities, a noticeable gap remains in specialized training on SME financing—a critical area considering the central role that Small and Medium Enterprises (SMEs) play in Rwanda’s economy. SMEs account for the majority of businesses and are key drivers of employment, innovation, and inclusive growth. However, financial institutions often face challenges in effectively serving this segment due to limited expertise in SME risk assessment, loan structuring, and tailored financial products.

Currently, RBA is implementing the Grow to Scale (G2S) program to strengthen its capabilities in supporting the MSME ecosystem for increased access to finance, MSMEs growth and creation of dignified and fulfilling work opportunities. As part of this initiative, RBA aims to develop the RAF SME Finance program to enhance the capacity of banking professionals in MSME financing. This course will address critical gaps in MSME lending, risk assessment, and financial inclusion while integrating global best practices and innovative approaches.

Objectives

The primary objective of this assignment is to develop a comprehensive SME Finance Course that:

• Enhances the knowledge and skills of banking professionals in MSME lending.
• Addresses the key market needs and challenges in SME financing.
• Aligns with regulatory requirements and financial sector strategies.
• Incorporates global best practices, digital solutions, and gender-responsive approaches.
• Ensures practical applicability and adds value to financial institutions and SMEs.
• Promote innovative approaches for SMEs finance in Rwanda

Scope of Work

The consultant/expert will undertake the following tasks:

1. Conduct a rapid needs assessment to identify key knowledge and skills gaps in SMEs financing within the banking sector.

2. Learn from other SME finance courses and programs, including reflecting on best practices from similar programs offered by financial institutions and academic institutions (local, regional, or global).

3. Develop a course framework, including the structure, curriculum, modules, and learning objectives.

4. Propose an implementation plan, including delivery mechanisms (in-person, online, or hybrid formats).

5. Integrate gender-responsive and inclusive finance perspectives into the course content.

6. Develop examination and certification criteria, and partnership recommendations for accreditation.

7. Pilot the course with selected participants and refine content based on feedback.

8. Provide a sustainability plan for continuous improvement and updates.

Deliverables

The consultant is expected to deliver the following:

1. Inception report with a detailed work plan and methodology.

2. Needs assessment report summarizing key findings from stakeholder consultations.

3. Course framework and curriculum outline.

4. Full SME Finance Course content, including training materials, case studies, and assessment tools.

5. Pilot implementation report with evaluation results.

6. Final version of the course incorporating feedback from the pilot phase.

7. Recommendations for long-term sustainability and certification partnerships.

Expertise and Qualifications

The consultant/expert should have:

• Advanced knowledge, skills, and experience in SME finance, banking, and financial inclusion.
• Experience in designing and delivering capacity-building programs in the financial sector.
• Demonstrated familiarity with MSME lending frameworks, risk assessment models, and regulatory requirements.
• Strong research and analytical skills to conduct market assessments and curriculum development.
• Proven ability to engage and collaborate with financial institutions, regulators, and industry stakeholders, aligning strategies with international best practices and academic insights.
• Knowledge of digital finance solutions and gender-responsive finance strategies is an added advantage.
• A strong academic background in finance, economics, business management, project finance, or a related field, preferably with at least 5 years of experience.

Timeline

The assignment is expected to be completed within 5 months from the date of contracting, with the following key milestones:

• Needs assessment & research: 1.5 months
• Course framework & curriculum design: 1 months
• Content development: 1 month Pilot implementation & feedback collection: 0.5 month
• Finalization & certification framework: 1month

Reporting & Supervision

The consultant will report to the RBA Technical Committee and work closely with key stakeholders, including financial institutions and regulatory bodies. Regular progress updates and presentations will be required.

Application Process

Interested consultants or firms should submit:

• A proposal outlining their approach, methodology, and timeline.
• CV(s) of key team members.
• Samples of similar work previously conducted.
• Financial proposal.

The deadline for submission is May 9^th, 2025. Applications should be sent to [email protected].