Expression of Interest (EOI) – Automation of International Financial Reporting Standards at the Development Bank of Nigeria (DBN)

The Development Bank of Nigeria (DBN) invites interested eligible Consultants to indicate their interest by submitting EOI documents for the following works:

The Development Bank of Nigeria (DBN) is a development finance institution focused on alleviating financing constraints faced by Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria through providing financing, partial credit guarantees and technical assistance.

The Bank was started by the Federal Government of Nigeria to provide loans to Micro, Small and Medium Scale Enterprises in Nigeria. The bank does not disburse the loan to the borrower in cash but through participating intermediary banks in Nigeria.

Applications are invited for:

Title: Expression of Interest (EOI) – Automation of International Financial Reporting Standards (IFRS) 9 Expected Credit Loss Model

Reference Number: 


The Development Bank of Nigeria (DEN) Pic has received a loan from the International Bank for Reconstruction and Development (BRD) and intends to utilize proceeds of the loan in engaging a qualified consulting firm to automate an enhanced version of the Bank’s existing Microsoft Excel based International Financial Reporting Standards (IFRS) 9 Expected Credit Loss (ECL) computation model.

Specifically, the consultant will provide support to DBN in achieving the following:

  • Automation of the IFRS 9 Excel based model into the Bank’s core banking application.
  • Generating accurate reports which correspond with that of the enhanced Excel based model.
  • Developing user friendly training materials to assist with operating the automated version of the model.
  • Developing a user manual for the automated model.
  • Training stakeholders and users on the use and functionalities of the model.
  • Supporting the model validators with necessary information on the automation of the model, to enable validators perform their duties.
  • Organizing a user assessment test for the model before go live.
  • Deploying the model for use in the live system environment.

N/B: The Services are expected to be completed within a period of four (4) months from the contract start date.

The DBN invites eligible consulting firms (“Consultants”) to indicate their interest in providing these Services.

Qualification Requirements
Interested Consultants must demonstrate relevant experience and a proven track record of performing these Services. Consultants must have a team of experts and subject specialists to deliver the Services outlined in the scope of work and must provide evidence of the following:

  • Demonstrated experience in the use of IFRS9 Expected Credit Loss Computation Model.
  • Expertise in the use of Microsoft Excel tools.
  • Demonstrated experience in process documentation, automation, and software development.
  • Demonstrated experience in the use of core banking applications such as EazyBank AX.
  • Demonstrated experience with the loan process of Development Finance Institutions.

Interested Consultants should provide information on qualification and relevant experience, responding to the above mentioned criteria, including a brief description of project scope, implementation dates and the funding organization where applicable.

Application Closing Date
4th May, 2022.

Collection of Documents

Click Here (PDF) for further details on the required Services as provided in the Terms of Reference.

Submission of Documents
Expressions of Interest must be submitted electronically to the following address: [email protected] cc [email protected] , [email protected]

 All Expressions of Interest must be a maximum of 15 pages.

Additional Information

  • The attention of interested Consultants is drawn to paragraph 1.9 of the World Bank’s Guidelines: Selection and Employment of Consultants under IBRD and IDA Credits & Grants by World Bank Borrowers, May 2011, revised in July 2014 (“Consultant Guidelines”), setting forth the World Bank’s policy on conflict of interest.
  • A Consultant will be selected in accordance with the Consultant’s Qualification Selection (CQS) procurement method set out in the Guidelines, and in line with the above mentioned Guidelines, interested Consultants may associate with other firms e.g., Joint Ventures/ Consortium’s or Sub Consultancies, to enhance their qualifications.
  • Expressions of Interest from firms in association should include the following:
    • A cover letter stating the type of association or partnership, signed by member firms.
    • A draft agreement or Letter of Intent to form an association.
  • For firms in a Joint Venture, each member shall be evaluated independently and should be reasonably qualified to undertake the assignment solely. Expressions of Interest must clearly demonstrate the qualification of each member against the minimum criteria.