Request for Expressions of Interest
(INDIVIDUAL CONSULTING SERVICES)
Payments System Advisor to the Monetary Authority of the Marshall Islands (MAMI)
Project Name
Pacific Strengthening Correspondent Banking Relationships Project
Project Number
P502591
https://projects.worldbank.org/en/projects-operations/project-detail/P502591
Activity and Reference Number (STEP)
Payments System Advisor FJ-PIFS-567205-CS-INDV
Implementing Agency Names
Pacific Islands Forum Secretariat
Country
FIJI
The Pacific Islands Forum Secretariat (PIFS) and seven Pacific Island member countries (Fiji, Kiribati, Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu) have received financing (grants and credits) from the World Bank Group’s International Development Association (IDA) towards the Pacific Strengthening Correspondent Banking Relationships Project (the Project) and will apply part of these proceeds to the contract below for Consulting Services.
PIFS is seeking a qualified and experienced Payments System Advisor to provide technical advisory support to the Monetary Authority of the Marshall Islands (MAMI). The Advisor will assist with the establishment of a safe, efficient, inclusive, and scalable national payments system and oversight function, aligned with the CBR Project, the CBR Roadmap, regional harmonization work, and the emerging Pacific Payment Mechanism (PPM).
The Advisor will work closely with MAMI, PIFS, the World Bank, IMF, and other technical assistance providers to translate IMF recommendations into practical implementation steps for RMI. This is a time-based individual consultant assignment for up to twelve (12) months, with up to 240 working days of input, requiring significant in-country presence in Majuro (50-60% of input days).
Scope of Services
Under the overall direction of the Project Coordinator, the Payments System Advisor shall undertake the following activities:
Review IMF recommendations and prepare a 12month implementation roadmap for MAMI’s payments function.
Advise on operational setup of payment operations and oversight divisions.
Support development of a National Payments Strategy and stakeholder consultations.
Provide technical inputs on payment infrastructure modernization, including phased implementation of an Integrated Payment and Clearing System (IPCS).
Support payment system oversight, risk-based supervision, and data collection.
Assist with stakeholder coordination and establishment of a National Payment Council.
Align RMI’s work with regional harmonization initiatives and the CBR Project’s Component 2 activities.
Deliver training, mentoring, and knowledge transfer to MAMI staff.
Mandatory Criteria
Education
A master’s degree in economics, finance, law, public policy, payment systems, information systems, business administration, or a related field.
A PhD or advanced professional qualification is preferred.
Experience
Minimum of 10 years of experience in payment systems, financial market infrastructures, central bank payment operations, payment system oversight, digital financial services, remittances, cross-border payments, or correspondent banking.
Evaluated Criteria:
Evaluated Criteria
Points
Demonstrated experience in developing and implementing national payment systems strategies and oversight frameworks
30
Experience advising central banks or monetary authorities on payment infrastructure modernization
30
Familiarity with international standards (CPMIIOSCO Principles, ISO 20022, risk-based supervision)
20
Experience in stakeholder consultation and coordination across government, financial institutions, and payment service providers
20
PIFS, on behalf of the participating member countries, now invites eligible individuals ("Consultants") to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services (attach curriculum vitae and a cover letter with description of experience in similar assignments, similar conditions, etc.).
Firms’ staff may express interest through the employing firm for the assignment and, under such situation, only the experience and qualifications of individuals shall be considered in the selection process.
The attention of interested Consultants (including firms) is drawn to paragraph 3.14, 3.16 and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers, dated February 2025 ("the Regulations"), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the individual consultant selection method set out in the World Bank Consultant Guidelines
The detailed Terms of Reference (TOR) for the assignment is attached below and provides details of the scope of the services required along with specific deliverables expected. Further information can be obtained at the address below during office hours 09.00 to 17.00 hrs Fiji Time.
Expressions of interest must be delivered in a written form to the address below (in person, or by mail, or by e-mail) no later than Monday, September 14, 2026, 17:00 hrs (Fiji Time)
Address for Enquiries and Submission of EOIs
Pacific Islands Forum Secretariat
Attn: Ajay Jagannath, Project Coordinator
Private Mail Bag, Suva
PO Box 856, Suva, Fiji.
Tel: 679-3312600
E-mail: [email protected]
TERMS OF REFERENCE
CONSULTING SERVICES - INDIVIDUAL SELECTION
Payments System Advisor to the Monetary Authority of the Marshall Islands (MAMI)
Project Overview
Project Name
Pacific Strengthening Correspondent Banking Relationships Project
Indicative Activity / Budget Line
Component 2: Enabling Environment and Regulatory Harmonization - Payment System Oversight and Regulation - Oversight of National Payment Systems
Activity Reference Number (STEP)
FJ-PIFS-567205-CS-INDV
Position Title
Payments System Advisor to the Monetary Authority of the Marshall Islands (MAMI)
Location of role
Majuro, Republic of the Marshall Islands, with remote inputs and regular coordination with the Project Management Unit (PMU) in Suva. The assignment is expected to require significant in-country presence in Majuro, estimated at 50-60 percent of total input days. The detailed travel and work schedule will be agreed with PIFS, MAMI and the World Bank through the work plan.
Primary Counterpart
Monetary Authority of the Marshall Islands (MAMI)
Duration of Assignment
Time-based individual consultant contract for up to twelve (12) months, with up to 240 working days of input. Extension may be considered subject to project needs, budget availability, consultant performance, procurement plan arrangements, and applicable World Bank no-objection requirements. Payments will be based on approved timesheets and eligible reimbursable expenses.
Implementing Agency on behalf of participating countries
Pacific Islands Forum Secretariat (PIFS) https://forumsec.org/
Agency Description
The Pacific Islands Forum was established to bring together the region to address pressing issues and challenges, and foster collaboration and cooperation in the pursuit of shared goals. PIF’s mandate is to strengthen cooperation and integration in the Pacific region through the pooling of regional governance, resources and the alignment of policies, furthering Forum members shared goals of economic growth, sustainable development, good governance and security. Founded in 1971, it comprises 18 members: Australia, Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Nauru, New Caledonia, New Zealand, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. The PIFS is a vital platform for Leaders to convene, engage in discussions and agree on policies that will benefit the people of the region.
Selection Method
Competitive Selection of an independent individual consultant, subject to procurement plan adjustment, justification, conflict-of-interest review, and World Bank no-objection requirements where applicable.
Agency Description
The Pacific Islands Forum was established to bring together the region to address shared issues and support cooperation. PIF works through regional governance, shared resources and policy alignment to support economic growth, sustainable development, good governance and security. Founded in 1971, it comprises eighteen members: Australia, Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Nauru, New Caledonia, New Zealand, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.
Participating Countries
The Pacific Island Countries participating in the regional project comprise Fiji, Kiribati, the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. This assignment provides country-specific support to the Republic of the Marshall Islands under the regional project.
Overall Project Objective
The Project Development Objective is to enable continuous access to correspondent banking services in the participating Pacific Island Countries.
Project Length
August 2024 to September 30, 2030
Project Background
The Pacific Islands Forum Secretariat (PIFS) has received financing from the World Bank Group's International Development Association (IDA) for the Pacific Strengthening Correspondent Banking Relationships Project. The project supports participating Pacific Island Countries (PICs) to maintain continuous access to correspondent banking services, and to address underlying payment, regulatory and financial integrity constraints that contribute to de-risking in the region.
PICs are exposed to the withdrawal of correspondent banking relationships (CBRs) that underpin international trade, tourism, remittances, development finance, disaster relief, and humanitarian financial flows. The project provides a short-term CBR safety net while supporting the enabling environment and regional harmonization needed for a medium-term sustainable solution.
Component 2 of the project, Enabling Environment and Regulatory Harmonization, includes support for Payment System Oversight and Regulation. The relevant activity areas include payment systems regulatory harmonization, oversight of national payment systems, and collection of remittance and gender-disaggregated data on usage of financial services. Component 2 also supports payment systems strengthening, CBR Roadmap implementation, the CBR Resilience Index, and the feasibility work for the Pacific Payment Mechanism (PPM), which aims to aggregate payment flows and improve economies of scale.
The Republic of the Marshall Islands (RMI) is in the early phase of operationalizing the MAMI. In June 2026, the Governor of MAMI requested support for an advisor to assist with implementation of the Authority's operationalization strategy, including review and tailoring of recommendations from the IMF Monetary and Capital Markets Department technical assistance report, Operationalizing A New Monetary Authority. The request also highlighted the need to establish the national payment system in alignment with the World Bank CBR Strengthening Project's payment system harmonization roadmap.
The IMF report identifies several payment-related priorities for MAMI. These include the development of a National Payments Strategy (NPS), the establishment of payment operations and payment oversight functions, the creation of a stakeholder consultation mechanism and National Payment Council, the preparation of payment operations and oversight procedures, and the design of an Integrated Payment and Clearing System (IPCS) that can combine ACH, RTGS and instant payment functionality in a phased manner. The report also notes that RMI currently has no centralized payment system, that payment services are dominated by checks, that there is no e-money provider, and that electronic payments remain limited outside selected card and POS use cases.
This assignment is designed as payment systems technical assistance under the CBR Project’s Technical Assistance component. It is framed around the project's Payment System Oversight and Regulation activities and is expected to support MAMI in converting payment-related IMF recommendations into a practical work plan, institutional arrangements, operating procedures, oversight tools, stakeholder coordination mechanisms, and capacity building outputs.
Objective of the Position
The main objective of the Payments System Advisor to MAMI is to provide technical advisory support to MAMI for the establishment of a safe, efficient, inclusive and scalable national payments system and payment system oversight function, aligned with the CBR Project, the CBR Roadmap, regional payment system harmonization work, and the emerging design of the PPM.
The Advisor will review the payment-related findings and recommendations in the IMF MCM report and assist MAMI to translate the relevant payment system recommendations into a practical implementation approach for RMI. This will include helping MAMI distinguish payment system actions from broader central banking, governance, accounting, audit, reserve management, HR, communications and corporate services matters, and sequencing the payment system actions in line with MAMI’s institutional capacity, staffing plans and expected operational priorities.
In doing so, the Advisor will consider the small scale of the RMI financial sector, the dominance of checks, limited electronic payment usage, geographic dispersion, government payment needs, remittance costs, digital financial-service developments, and MAMI’s current staffing and institutional capacity.
Scope of Services
The selected Payments System Advisor will provide country-level, time-based technical implementation support for RMI on payment system matters. The work will be coordinated with the PIFS PMU, the PIFS Payment Systems Specialist, the World Bank payments team, IMF MCM and other technical assistance providers as relevant. The Advisor will carry out the following tasks, with timing and level of effort agreed through the 12-month implementation work plan and periodic work planning discussions:
i. Inception, work planning and IMF recommendation mapping
Review the IMF MCM report, MAMI Act and related institutional materials, the CBR Project Operations Manual, the CBR Roadmap, available PPM materials, and other relevant documents provided by MAMI, PIFS or the World Bank.
Prepare an inception report that identifies the payment-related recommendations requiring action by MAMI and separates them from broader central banking, governance, accounting, audit, reserve management, HR, communications, and corporate services matters.
Develop a 12-month implementation roadmap for the establishment of MAMI’s national payments function, with milestones, dependencies, counterpart responsibilities, expected outputs, sequencing assumptions, and coordination points with the World Bank, IMF and PIFS. The roadmap should be aligned with MAMI’s expected recruitment of the Banking Operations Department Executive Manager and Payment Systems Operations Manager, anticipated around December 2026 to January 2027, so that the Advisor’s support helps prepare for, onboard, and transition responsibilities to these key MAMI counterparts.
Prepare and periodically update the Advisor’s own assignment work plan, aligned with the 12-month MAMI implementation roadmap, counterpart availability, agreed priorities, in-country inputs, and monthly or quarterly work planning discussions with MAMI, PIFS and the World Bank.
Tailor payment system recommendations to the RMI context, including market size, transaction volumes, institutional capacity, staffing constraints, remittance corridors, public sector payment needs, and affordability for banks and end users.
ii. Establishment of MAMI's national payments function
Advise MAMI on the operational setup, sequencing, staffing profile and accountabilities for its national payments function, including the Payment Operations Division (POD) and Payment Oversight and Policy Division (OVD) recommended by the IMF report.
Provide advice on the separation of payment system operations and payment system oversight responsibilities within MAMI’s payments mandate, including reporting lines, decision processes, internal coordination arrangements, and safeguards to manage potential conflicts between operational and oversight functions.
Prepare a short skills and capacity building plan for MAMI staff involved in payment operations, payment oversight, payment collection, and stakeholder engagement.
Assist MAMI to define working procedures and decision flows for its payment system operational and oversight functions, including issue escalation, internal reporting, consultation with supervised or participating institutions, coordination with IT, risk, legal and supervision functions, and referral of matters requiring specialist technical or legal input.
iii. National Payments Strategy
Support MAMI to develop a National Payments Strategy that sets out a phased modernization agenda for RMI’s national payment system, aligned with the National Financial Inclusion Strategy and coordinated with related work under the CBR Project, regional payment system harmonization agenda, and emerging PPM design.
Prepare or support a baseline diagnostic covering domestic and cross-border payment flows, CBRs, government payments, remittances, check usage, card and POS usage, payment access, digital infrastructure, consumer needs, and data gaps.
Identify practical measures to increase use of electronic payments, reduce reliance on checks and cash where appropriate, improve government payment flows, support remittance cost reduction, and expand access to payment services for businesses, households and the public sector.
Support stakeholder consultations on the NPS, including preparation of consultation materials, meeting notes, issue logs and revisions to the strategy based on feedback received.
iv. Payment infrastructure and IPCS implementation support
Advise MAMI on a fit-for-purpose and phased approach to payment infrastructure modernization, including the IMF recommendation for an Integrated Payment and Clearing System combining ACH, RTGS and instant payment functionality.
Advise MAMI on the preparation, review and sequencing of high-level business requirements and implementation planning for any future IPCS, including initial electronic clearing for wire transfers and checks, check truncation, settlement arrangements, participant onboarding, service levels, operating schedules and support arrangements. The Advisor will help MAMI frame the requirements and coordinate specialist inputs but will not be responsible for preparing detailed technical specifications or system design documents unless separately agreed with PIFS, MAMI and the World Bank.
Assess the sequencing of ACH, RTGS and instant payment functionality based on RMI transaction volumes, costs, operational readiness, risk profile and user needs.
Advise MAMI on the issues that should be considered when planning future payment infrastructure, including payment messaging, straight-through processing, ISO 20022 readiness, data security, operational resilience, business continuity, disaster recovery, liquidity risk, settlement risk and participant default arrangements. Where detailed technical design is required, the Advisor will help MAMI identify the issues, review options, and coordinate inputs from specialist payment infrastructure, IT, cybersecurity or World Bank experts.
Provide payment system technical inputs to procurement documents, concept notes or options papers for the IPCS, as requested by MAMI and the PMU, subject to World Bank procurement rules and conflict-of-interest restrictions.
v. Payment system oversight, data and risk-based supervision
Support MAMI to define a payment system oversight framework covering objectives, scope, standards, tools, reporting, escalation, corrective actions and coordination with other MAMI functions.
Advise MAMI on the scope, structure and phased development of oversight procedures for risk-based monitoring of payment systems and payment service providers, including e-money and non-bank PSPs where relevant. The Advisor may prepare outlines, review drafts and support capacity building, but detailed supervisory manuals, examination procedures or legal instruments should be developed with appropriate specialist and legal input as required.
Advise MAMI on the payment data and indicators that should be collected for oversight and policy purposes, including payment volumes and values, failed transactions, settlement incidents, fraud, customer complaints, operational incidents, participation, concentration, liquidity risk, credit risk and operational risk. The Advisor may support the development or review of reporting templates in coordination with MAMI, PIFS and the World Bank, but the final templates should be agreed by MAMI and aligned with wider project data requirements.
Provide technical inputs to and reviews of payment-related regulations, rules, circulars or supervisory guidance as requested, including on electronic payments, PSPs, system participation and operational risk. This role does not include drafting primary payment system legislation or formal legal opinions.
Align oversight tools with relevant international standards and guidance, including the CPMI-IOSCO Principles for Financial Market Infrastructures, ISO 20022, risk-based supervision practices, consumer protection principles and cyber-resilience expectations applicable to payment systems.
Review USDM1-related payment system implications, considering existing RMI AML laws and regulations and MAMI’s current regulatory treatment of USDM1, and advise on whether any payment system oversight, interoperability, reporting, operational risk, consumer safeguard or AML/CFT coordination measures should be reflected in MAMI’s national payment system framework. The Advisor will not provide advice on the sovereign debt, securities law, issuance, redemption, collateral, reserve management or investment aspects of USDM1 except where these issues directly affect payment system oversight or integration.
vi. Coordination, consultation and National Payment Council support
Assist MAMI to establish a consultation mechanism with banks, government agencies, SOEs, card schemes, telecom operators, payment service providers, major users and other stakeholders involved in payments modernization.
Prepare draft Terms of Reference, membership options, work program and first-year agenda for a National Payment Council or equivalent advisory body.
Support MAMI in coordinating with the Ministry of Finance on payment-related services, including government payment flows, account information, reporting expectations, service levels, and inputs to any payment-related SLA or MOU arrangements.
Prepare stakeholder maps, consultation papers, meeting agendas, minutes and action trackers to support implementation of the national payments work plan.
vii. Alignment with the CBR Project and regional work
Coordinate closely with the PIFS PMU, PIFS Payment Systems Specialist and World Bank payments team to align RMI support with the CBR Project's Component 2 work program.
Support RMI inputs into CBR data collection, the CBR Resilience Index and the PPM feasibility and design process, including payment flow data, remittance information, CBR information and stakeholder feedback.
Assist MAMI to collect and improve relevant remittance and gender-disaggregated data on the usage of financial services, where feasible and agreed with the PMU and World Bank.
Identify areas where RMI can participate in regional harmonization work, including PSP licensing, QR code standards, open banking/open finance, cross-border interoperability and common principles for cross-border data sharing.
Coordinate with IMF MCM and other technical assistance providers, through MAMI, PIFS and the World Bank as appropriate, to reduce duplication, sequence inputs, and keep the assignment focused on payment system matters within the agreed CBR Project scope. Where feasible, the Advisor may support periodic coordination discussions, including around the Annual Meetings or Spring Meetings, if requested by MAMI, PIFS or the World Bank.
viii. Capacity building and knowledge transfer
Identify MAMI staff training needs, develop a multi-year training plan, and identify opportunities for training and knowledge transfer aligned with MAMI’s payment system mandate, staffing plan and future development priorities.
Prepare training materials, practical templates and work aids that MAMI staff can continue to use after the assignment.
Identify peer learning opportunities with regional central banks or payment system operators, including short technical exchanges or virtual clinics where appropriate.
Provide mentoring to assigned MAMI counterparts and support handover of tools, procedures and work plans before the end of the assignment.
Scope Exclusions
The assignment is limited to payment systems technical assistance and payment-related operationalization of MAMI. The Advisor will not draft the Payment Systems Act, amendments to the Monetary Authority Act, primary legislation, or formal legal opinions.
The Advisor will not provide general central bank advisory services on reserve management, fiscal agency, accounting, audit, human resources, communications, procurement, general governance, or corporate services except where those topics directly affect payment system operations, payment oversight, payment infrastructure or payment-related stakeholder coordination.
Time-Based Reporting Obligations and Expected Outputs
This assignment will be contracted on a time-based basis. Payments will be linked to approved timesheets, agreed input days, and eligible reimbursable expenses, not to a fixed-price deliverables schedule. The outputs listed below are expected working products and reporting instruments for managing the assignment, tracking progress, supporting quality review, and documenting knowledge transfer.
The Advisor will prepare and update working products in line with the agreed work plan and counterpart needs. These may include the inception note and 12-month payments work plan, IMF recommendation mapping, National Payments Strategy materials, payment function setup notes, National Payment Council materials, payment operations and oversight procedures, data templates, IPCS options and requirements notes, training materials, mission notes and handover materials.
Because the role is advisory and embedded with MAMI for a substantial part of the assignment, outputs may be revised or reprioritized during implementation with agreement from MAMI, PIFS and the World Bank. The Advisor will document changes through monthly activity notes, quarterly progress notes and the action tracker.
Reporting Obligations
The Payments System Advisor will work closely with MAMI on a day-to-day technical basis and will report administratively to the Project Coordinator within the PIFS PMU. Technical priorities, work planning, and expected outputs will be agreed with MAMI, PIFS and the World Bank payments team. The Advisor will also coordinate with the PIFS Payment Systems Specialist and the RMI Country Coordinator as relevant.
The Advisor will submit monthly timesheets and short monthly activity notes to the PIFS PMU, with confirmation from MAMI of the main activities undertaken. The monthly activity note should summarize days worked, in-country and remote inputs, meetings held, outputs prepared, issues requiring decision, and planned activities for the following month. Technical outputs will be shared with MAMI and PIFS, and PIFS will share them with the World Bank for review or no-objection where required under the project arrangements.
The Advisor will maintain a short action tracker covering agreed activities, responsible counterparts, due dates, risks, dependencies and decisions required. The tracker will be updated at least monthly, and more frequently if requested by the PMU or MAMI. The Advisor will also provide quarterly progress notes against the 12-month payments work plan and a final completion and handover note at the end of the assignment.
Institutional Arrangements
This is a time-based individual consultant assignment contracted by PIFS through the PMU under the Pacific Strengthening CBR Project. The assignment will be undertaken for the benefit of MAMI as the primary country counterpart. The procurement approach is competitive selection of an independent individual consultant, subject to the approved procurement plan, applicable PIFS procurement procedures, conflict-of-interest review, and World Bank review or no-objection requirements where applicable.
The Advisor is expected to spend significant time in Majuro during the assignment, estimated at 50-60 percent of total input days, especially during inception, stakeholder consultations, NPS preparation, payment function setup, capacity building and infrastructure planning. Remote work may be used for document preparation, virtual meetings, training, follow-up and coordination with PIFS and the World Bank.
Office space and access to meeting facilities may be provided by MAMI for in-country inputs and by PIFS for inputs in Suva, subject to availability. The Advisor will be responsible for maintaining secure records of documents, correspondence and data received during the assignment and for complying with all confidentiality requirements.
The Advisor's services will be subject to periodic performance review based on the performance indicators below. Performance review will inform continuation, extension, revision or termination of the assignment, subject to contract terms and World Bank requirements.
Performance Indicators
The following performance indicators will be used for contract management and performance assessment. They are intended to measure timely input, quality of advisory support, documented outputs, counterpart engagement and knowledge transfer under a time-based contract:
Monthly timesheets are submitted on time and accurately distinguish between in country and remote input days.
Monthly activity notes are submitted on time and summarize work undertaken, meetings held, issues requiring decision, risks, planned next steps and counterpart engagement.
The Advisor maintains and updates an action tracker covering agreed activities, responsible counterparts, deadlines, dependencies and pending decisions.
A 12-month implementation roadmap for MAMI’s national payments function is prepared, discussed with MAMI, PIFS and the World Bank, and updated as required during implementation.
The Advisor’s own assignment work plan is maintained and aligned with the 12-month MAMI implementation roadmap, MAMI counterpart availability and agreed priorities.
Payment-related IMF MCM recommendations are mapped and separated from broader central banking, governance, accounting, audit, reserve management, HR, communications and corporate services matters.
MAMI receives documented advice, meeting notes or working materials on the setup of payment operations and payment oversight responsibilities, including staffing, reporting lines, procedures and capacity needs.
MAMI is supported in preparing or refining National Payments Strategy materials, consultation inputs and implementation roadmap elements.
Payment infrastructure advice is documented through advisory notes, review comments or options papers that support a phased and fit-for-purpose approach to any future IPCS, without requiring the Advisor to develop systems or detailed technical specifications.
Payment system oversight and data work is documented through advisory notes, outlines, review comments, reporting needs, draft structures or training materials, with specialist technical or legal work referred to appropriate experts where required.
Stakeholder engagement is documented through meeting notes, action trackers, consultation materials or National Payment Council support materials.
Capacity building activities are documented through training materials, attendance records, mentoring notes or handover materials.
Quarterly progress notes are submitted against the agreed work plan and discussed with MAMI, PIFS and the World Bank.
A final completion and handover note is submitted at the end of the assignment, summarizing work undertaken, outputs prepared, remaining actions, open risks and recommended next steps.
The Advisor maintains professional, objective and impartial advice, avoids conflicts of interest, records input days accurately, and complies with PIFS and World Bank rules on confidentiality, anti-corruption and fraud prevention.
Confidentiality and Conflict of Interest
The Payments System Advisor shall comply with PIFS and World Bank policies and rules on anti-corruption, prevention of fraudulent practices, conflict of interest and confidentiality. The Advisor shall maintain confidentiality over all sensitive information obtained during the assignment and shall not publish or disclose any findings, data, reports or recommendations without prior written consent from PIFS and MAMI, and World Bank clearance where required.
Any draft reports and other documents produced by the Advisor will be discussed with and cleared by PIFS, MAMI and the World Bank before final issue. A non-disclosure agreement may be signed between PIFS, MAMI and the selected consultant and attached to the contract.
The Advisor must disclose any actual or potential conflict of interest before contract signature and throughout the assignment. The Advisor shall not participate in downstream procurement activities where such participation would create a conflict of interest under the World Bank Procurement Regulations or the Project Operations Manual.
Evaluation Requirements
Mandatory Criteria
This section details the basis upon which selection of the successful candidate will be based.
These criteria must be met to be considered for this contract.
Mandatory Criteria
Description
Evaluation
Education
A master's degree in economics, finance, law, public policy, payment systems, information systems, business administration or a related field. A PhD or other advanced professional qualification is preferred.
Pass or Fail
Experience
A minimum of 10 years of experience working on payment systems, financial market infrastructures, central bank payment operations, payment system oversight, digital financial services, remittances, cross-border payments, correspondent banking, or financial sector supervision, including senior management experience in a central bank, monetary authority or financial sector authority. The candidate should have held, at minimum, a department-head or equivalent senior management role covering payment system policy, operations, oversight, supervision or related financial sector functions.
Pass or Fail
Desirable Qualifications
These criteria are desirable qualifications that will be considered in confirming the suitability of the proposed consultant and documenting the direct selection justification. Candidates who meet the mandatory criteria will be ranked out of 100 points based on the scoring criteria above. The evaluation committee may interview the highest-ranked candidates where clarification is required or where candidates are closely ranked.
#
Evaluated Criteria
Points
1
Knowledge of the economic and financial environment in the Pacific, small island states, or other small and capacity-constrained jurisdictions.
20
2
Experience advising central banks or financial sector authorities on National Payments Strategies, payment system modernization, payment operations, payment system oversight, or payment infrastructure implementation.
25
3
Experience with digital financial services, e-money, non-bank payment service providers, remittances, financial inclusion, consumer protection, gender-disaggregated data, or public sector payments.
15
4
Ability to prepare high-quality strategies, advisory notes, manuals, operating procedures, data templates, training materials and implementation roadmaps.
20
5
Experience coordinating multi-stakeholder assignments involving central banks, ministries of finance, banks, payment service providers, telecom operators, development partners and regional organizations.
20
Total
100
Language: Excellent command of both spoken and written English is required
Selection Method
The consultant will be selected through a competitive selection process for an independent individual consultant, subject to the approved procurement plan and applicable World Bank requirements.
Selection will follow the Selection of an Individual Consultant, World Bank Procurement Regulations Seventh Edition, September 2025.
Candidates will be assessed against the mandatory criteria and desirable qualifications set out above, based on CVs, supporting documentation, relevant experience, availability, references, and any interview or written assessment deemed necessary by the evaluation committee.
Candidates who do not meet the mandatory criteria will not be evaluated further.
Candidates who meet the mandatory criteria will be ranked based on their demonstrated experience and suitability for the assignment, including payment systems expertise, central bank or monetary authority experience, experience in small or capacity-constrained jurisdictions, ability to provide significant in-country presence in Majuro, and capacity to provide practical advisory and implementation support.
At least two professional references should be obtained or verified for the preferred candidate before contract signature.
Contract negotiation with the preferred candidate will confirm the daily fee rate, estimated input schedule, in-country presence plan, reimbursable expenses, confidentiality obligations, reporting arrangements and conflict-of-interest undertakings.
The final selection will be subject to any required PIFS internal approvals, procurement plan requirements, and World Bank review or no-objection requirements.
The project values individuality and welcomes candidates from diverse cultural, racial, gender and disability backgrounds.