Financial Services – Delivery of Cash Transfer to Beneficiaries.

Description of the assignment

UNICEF will securely transmit to the FSP the lists of targeted beneficiaries, specific location, the amount to transfer and the frequency of transfer. Whereupon the FSP will transfer the designated funds to the identified persons in an accountable, timely and secure way.

• Number of persons / accounts: Money is to be transferred in three districts location to a total of 1000 persons/beneficiaries,
• Duty station: The service provider and its contract manager(s), including appropriate staffing must have presence or agency in the three districts. Additionally, the service provider shall have branches or agents across the country to support the beneficiaries in collecting their money. The service provider will maintain the accounts under contract based and on generally accepted accounting principles. Accounts should be maintained in computerized standard accounting software,
• The service provider will provide to UNICEF a monthly reconciliation report after each payment disbursement indicating a list of payments processed amount cashed, balance available, location and mode of encashment.
• The service provider will maintain proper records and documentation of funds received and disbursed under this contract. The service provider should produce all records to UNICEF as and when requested,
• The service provider will set up, maintain and manage a safe, effective and efficient payment mechanism for cash transfers/distributions,
• The service provider will ensure that payment receipts are issued to all beneficiaries for all the payments made and a copy of it is maintained in the service provider records.
• The Contractor will ensure that all financial records are available for Audit/review by UNICEF as and when required by UNICEF for a Period of 4 years.
• Any excess or wrong payments made by the service provider and billed to UNICEF will be recovered from the service provider. The recovery will be done by deducting the amount paid in excess/wrongly from the CONTRACTOR monthly invoices against this contract;
• The service provider will ensure field verification/third party verification of 20% of beneficiary’s payments on a simple random selection process in each month.