Kenya’s National Treasury and Economic Planning has invited applications from individual consultants to support the review and strengthening of the country’s risk-based supervision framework for Savings and Credit Cooperative Organisations (SACCOs) under the World Bank-backed Supporting Access to Finance & Enterprise Recovery (SAFER) Project.
The five-month consultancy assignment will focus on assessing existing SACCO supervisory practices, updating regulatory guidelines, training supervisory staff, and supporting improved oversight of the cooperative financial sector.
The initiative is part of government efforts to enhance financial sector stability and expand access to finance for Micro, Small and Medium Enterprises (MSMEs), which remain a critical driver of economic growth and employment in Kenya.
World Bank SAFER Project Targets Financial Access and MSME Recovery
The Government of Kenya, in partnership with the World Bank, is implementing the five-year SAFER Project aimed at increasing access to financial services, strengthening enterprise capabilities, and supporting the recovery of MSMEs following the economic disruptions caused by the Covid-19 pandemic.
The project is structured around three main pillars: innovation and liquidity support for MSMEs, de-risking lending to businesses, and technical assistance and project management.
As part of the technical assistance component, the SAFER Project intends to use part of its funding to improve financial sector supervision, particularly within the SACCO sector, which plays a major role in mobilising savings and providing affordable credit to millions of Kenyans.
Consultant to Review SACCO Supervisory Framework
The selected consultant will be responsible for reviewing Kenya’s existing risk-based supervision framework against global best practices and identifying areas requiring improvement. The assignment will include assessing current supervisory practices against the existing Risk-Based Supervision Manual, reviewing supervisory policies, and recommending improvements to strengthen regulatory effectiveness.
The consultant will also revise the SACCO supervisory manual to align it with emerging risks and international standards in financial sector regulation. Other responsibilities will include supporting supervisory authorities in off-site analysis and on-site inspections of SACCOs.
The consultant will further organise benchmarking studies and knowledge-sharing visits for selected regulatory staff to jurisdictions with advanced SACCO, credit union, and microfinance supervision systems.
A key component of the consultancy will involve building the capacity of regulatory staff through specialised training on revised risk-based supervisory approaches. The training will focus on strengthening the ability of supervisors to identify, assess, and manage risks within SACCOs and other cooperative financial institutions. The move comes as SACCOs continue to expand their role in Kenya’s financial ecosystem, increasing the need for stronger oversight mechanisms to safeguard members’ savings and maintain confidence in the sector.
National Treasury Sets Consultant Requirements
The National Treasury said eligible consultants must demonstrate extensive experience in financial sector regulation, particularly in SACCOs, credit unions, microfinance institutions, or commercial banking supervision. Applicants must have at least 10 years of experience implementing risk-based supervision frameworks while working in senior technical roles within SACCO regulatory agencies, microfinance regulators, commercial banking regulators, or multilateral institutions. Experience in credit union prudential regulation will be considered an added advantage.
The consultant should also hold at least an undergraduate degree in fields such as accounting, economics, law, banking and finance, or financial cooperative systems. A postgraduate qualification in a relevant discipline will be an added advantage. Additional qualifications in financial analysis, accounting, forensic accounting, or financial institution regulation will also be considered beneficial.
Focus on African Financial Sector Expertise
The Kenya Treasury is seeking professionals with strong knowledge of regulatory developments and risk management supervision involving SACCOs, credit unions, microfinance institutions, and commercial banks in Africa. Applicants should have experience conducting assignments within the banking or financial services sector, particularly those involving regulators or similar institutions.
Previous work on risk-related issues affecting SACCOs, credit unions, or microfinance institutions will provide an advantage during the selection process. The consultant should also demonstrate experience delivering training programmes, seminars, or workshops on risk-based supervision techniques and risk assessment. Knowledge of Kenya’s financial system, other African markets, and SACCO operations in emerging economies will be essential.
World Bank Procurement Rules to Guide Selection
The National Treasury said the consultant will be selected under the World Bank’s Procurement Regulations for IPF Borrowers, July 2016, revised September 2025, using the Individual Consultant Selection method. The selection process will also consider the World Bank’s conflict-of-interest guidelines outlined under its procurement regulations.
The expression of interest is open to individual consultants as well as firms proposing qualified individuals. However, where firms submit candidates, only the qualifications and experience of the proposed individuals will be considered during evaluation. Interested applicants are required to submit profiles demonstrating their qualifications, experience, technical capabilities, references, and previous assignments relevant to SACCO supervision and financial regulation.
Deadline for Applications
Interested consultants must submit their expressions of interest by Thursday, August 6, 2026, at 4:00 PM Kenyan local time. The assignment will be managed through the National Treasury’s SAFER Project Implementation Unit based in Nairobi. The detailed Terms of Reference are available through the National Treasury procurement platforms, including the SAFER Project Implementation Unit website.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.