Expert to Support Acquiring an Instant Payment System for the Central Bank of Libya

Mission description

Description of the Assignment

Background of the specific mission

The implementation of component three (C3) is done in close collaboration with the Central Bank of Libya (CBL) and it will aim at achieving the following:

Develop the credit infrastructure by strengthening the capacities of the Libyan Credit Information Centre and improving its services
Create a conducive regulatory environment for fintech development in order to enhance financial access to digital financial services in Libya
Create a conducive regulatory environment for the development of the leasing market in Libya and strengthen the capacities of a leasing company
Improve banks’ potential activity in the financial sector as well as their overall performance, leading to the supply of financial products/services to MSMEs
Support selecting an Instant Payment System to be acquired by the Central Bank of Libya.

Main Tasks

The expert will be in charge of supporting the Central Bank of Libya (CBL) in identifying the features and technical aspects of an instant payment system, which the CBL will be acquiring.

The expert is expected to bring his in-depth knowledge and expertise in achieving the following:

Gain an overview of the existing methods of payments currently implemented by the CBL.
Identify the exact requirements of the CBL and what kind of systems would meet such requirements.
Identify the features of the system to be acquired by the CBL to support the processing of payments in real time, 24 hours a day, 365 days a year, where the funds are made available immediately for use by the recipient.
Prepare and develop a request for proposal RFP which outlines that technical aspects of an instant payment system that will meet the requirements of the CBL.

Deliverables and Reporting

Develop and deliver a request for proposal within a maximum of weeks after contracting to be used by the CBL to acquire an instant payment system that meets the CBL requirement.
Develop the evaluation and selection criteria of the system.
Support the selection committee in selecting the most suitable system.

Project or context description

Background

Considering the Libyan context and current economic needs, establishing the E-nable project is essential to support Libyan institutions and the private sector in economic governance and digital transformation. The project utilizes the expertise acquired by Expertise France in Libya over the past several years while building on the World Bank's analyses and OECD studies to brace the transition towards digitalization and support the foundation for a dynamic, diversified economy and a competitive private sector.

The European Union funds this three-year project to the tune of €5M and entrusts Expertise France with its implementation. E-nable aims to complement, support, and deepen the work carried out by the ongoing EU4PSL and RAQAM-E projects. The overall objective of the action is to improve the capacities of key economic institutions for sustainable, diversified, and digital economic recovery to institutionalize the private sector's economic growth with the support of both private and public sector organizations.

E-nable consists of three main components which are closely linked in terms of the objectives and activities they seek to achieve, they mainly focus on: strengthening the capacities of the Ministry of Economy and Trade and related stakeholders in designing public policies for economic diversification (C1), contributing to leveraging digital innovations for inclusive and sustainable development in Libya (C2), and encouraging financial institutions to extend credit to the private sector and provide financial tools and solutions to SMEs (C3).

Required profile

Master’s degree in finance, banking or a related field
10 years of experience in financial institution, preferable at a central bank level.
Must have the technical knowledgeable of instant payment systems.
Ability to research and evaluate data to make informed decisions.
Fluent in English, and Arabic would be a plus
Excellent communication skills
Knowledge of Libya and its economy would be a plus.

Additional information

Location and Duration

Duration: up to 40 days

Period: 15/01/2023-30/06/2023

Location: Home country with frequent trips to Tunisia and Libya.

Time Sheet: at the end of each month, the expert will present a timesheet, which will be signed by the project director.

The timesheet should indicate a brief description of activities performed during the month.

Language

The working language of the program and the language used in all reports and communications between the consultant and the team shall be English.