Agent Banking Post Reform Market Analysis

SELECTION OF CONSULTING FIRMS BY THE WORLD BANK GROUP REQUEST FOR EXPRESSION OF INTEREST (EOI) Electronic Submissions through WBGeProcure RFx Now ASSIGNMENT OVERVIEW Assignment Title: Agent Banking Post Reform Market Analysis Assignment Countries: Nigeria ASSIGNMENT DESCRIPTION Agent banking hasbecome a critical channel for extending formal financial services tounderserved communities in Nigeria, particularly in locations whereconventional bank branches and other access points are limited. The channelsupports cash-in and cash-out transactions, transfers, bill payments and otherbasic services, and is an important part of Nigeria's financial inclusioninfrastructure. The Central Bank ofNigeria (CBN) recently introduced a package of regulatory reforms aimed atstrengthening the integrity, efficiency, transparency, and inclusiveness ofNigeria's agent banking ecosystem. These reforms include: The Guidelines forthe Operations of Agent Banking in Nigeria (2025), which consolidate existingagent banking regulations and introduce new requirements relating to agentgovernance, exclusivity arrangements, agent supervision, consumer protection,and operational standards; The Circular on Migration to ISO 20022 Standard forPayment Messaging, which requires all payment ecosystem participants to adoptISO 20022-compliant messaging standards and improve transaction data qualityand interoperability; The Circular on Mandatory Geo-Tagging and Geo-Fencing ofPayment Terminals, subsequently revised in 2026 to extend implementationtimelines and adjust operational requirements; and The Exposure Draft of theRevised Guide to Charges by Banks, Other Financial and Non-Bank FinancialInstitutions, which articulates provisions affecting agent banking and digitalfinancial services, including agent transaction pricing, cash-in and cash-outfees, commission structures, transparency of charges, revenue allocation acrossecosystem participants, and the overall economics and sustainability of theagency banking business model. As implementation progresses, CBN seeks to undertake a comprehensive market assessment to evaluate the level of compliance and adoption across market participants, the effectiveness of the reforms in achieving their intended policy objectives, the costs and benefits experienced by regulated entities and end users, any unintended consequences emerging from implementation and early market effects; and potential areas for refinement or revision of the regulatory framework. The assessment aims to determine if the reforms have achieved an appropriate balance between strengthening market integrity, consumer protection and accountability while continuing to support the commercial sustainability of agent networks and the expansion of safe and accessible agent banking services across Nigeria. ELIGIBILITY Eligibility restrictions apply: [Please type list of restrictions] SUBMISSION REQUIREMENTS The World Bank Group invites eligible firms to indicate their interest in providing the services. Interested firms must provide information indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, availability of appropriate skills among staff, etc. for firms; CV and cover letter for individuals). Please note that the total size of all attachments should be less than 5MB. Firms may associate to enhance their qualifications unless otherwise stated in the solicitation documents. Where a group of firms associate to submit an EOI, they must indicate which is the lead firm. If shortlisted, the firm identified in the EOI as the lead firm will be invited to the request for proposal (RFP) phase. Expressions of Interest should be submitted, in English, electronically through WBGeProcure RFx Now NOTES Following this invitation for EOI, a shortlist of qualified firms will be formally invited to submit proposals. Shortlisting and selection will be subject to the availability of funding. Only those firms which have been shortlisted will be invited to participate in the RFP phase. No notification or debrief will be provided to firms which have not been shortlisted. If you encounter technical difficulties while uploading documents, please send an e-mail to the Help Desk at corporateprocurement@worldbank.org prior to the submission deadline.