News

REQUEST FOR PROPOSAL (RFP) –

INVITATION FOR CAMPAIGN PROPOSING THE ELIMINATION OF

CHEQUES AS NEGOTIABLE INSTRUMENTS

Campaign Name “The Cheque Elimination Plan”

Country: The Bahamas

Business Sector: Financial Services/Commercial Banking

Funding Source: Institution(s)

Type of Contract: Education/Public Relations Campaign

Site Location: www.centralbankbahamas.com

Type of Notice: Invitation for Tenders

Issue Date: July 13, 2022

Date for Notification of Intention to Respond: July 31, 2022

The Central Bank of The Bahamas (the Bank) along with the Clearing Banks Association (the CBA) and “Supervised Financial Institutions (SFIs) operating in The Bahamas jurisdiction, invites proposals from qualified firms to engage in the design and execution of a public education and public relations media campaign for the elimination of the use of cheques as negotiable instruments for the acquisition of goods and services and settlement of legal and financial obligations in The Bahamas (“The Cheque Elimination Plan”). The campaign will involve content and distribution channels from both public and private sector stakeholders.

Introduction of Request

The Central Bank of The Bahamas, established in 1974 has as its mission “to foster an environment of monetary stability conducive to economic development, and to ensure a stable and sound financial system.” The Bank, along with the CBA and SFIs (hereinafter referred to as “the parties concerned”, have agreed to cease the use of cheques as negotiable instruments on December 31, 2024. The parties concerned wishes to move ahead with the elimination of this instrument in an effort to improve the efficiency and effectiveness of the domestic payments sector and to respond to the technological advancement of other payment instruments.

However, initial anecdotal feedback has indicated a preference by some stakeholders for the retention of the instrument, whether out of nostalgia, fear of change or unfamiliarity with evolving payment technologies. The parties concerned seek to addresse these objections and implement a strategy that would facilitate the cheque elimination project with minimal negative public feedback.

The objective is to develop and implement an effective public education and public relations strategy to allow the parties concerned to move forward with the Cheque Elimination Plan, in designated phases, reflecting infrastructural development, and culminating with the final December 31, 2024 “drop dead” date. The successful respondent must be able to propose a national media campaign designed to effectively reach the entire population of The Bahamas.

To be considered, firms must demonstrate a clear understanding of The Bahamas’ domestic financial services payment circumstances. They must also have an established track record in developing communications on complex subject matter in ways that are clear, accessible and actionable for lay audiences.

Deadlines

• Respondents must indicate their intention to respond to this RFP by end of day 31st July, 2022. The Intention to Respond may only be relayed by electronic mail directly from the respondent to the Central Bank. Note that communication by telephone or personal contact will not be acceptable.
• Proposals must be completed and submitted by 5:00 PM, 25th August, 2022.
• Proposals received after 25th August, 2022 will not be accepted.

Response Format

• The response must be in English and written expertly, clearly and concisely.
• All features outlined in the “Response Requirements” of this RFP must be identifiably addressed in the respondent’s proposal.
• Elements of the proposal that reference cost, quotations or charges must be excluded from the body of the proposal, separately sealed and delivered with the proposal.
• In the likelihood of a short list, respondents so designated must be prepared to deliver an oral presentation and engage in at least one discussion with the parties concerned on their proposal at a time and place suitable to the parties concerned.

Response Requirements

Respondents are required to minimally relay information on the following:

• Name, address and other contact information;
• Qualifying credentials of institution and of individuals relative to the project;
• Current tax compliance certificate(s)
• Details of relevant experience;
• Any personnel, equipment or other internal resource the Bank may be required to dedicate to the project;
• Price (under separate cover) to include fees and estimates of other costs;

Contact Information

Kevin Demeritte

Governor’s Office,

The Central Bank of The Bahamas,

PO Box N4868,

Frederick Street,

Nassau, New Providence Island,

Bahamas.

Email: [email protected]

Phone: (242) 302-2710

Fax: (242) 356-4307

Web: http://www.centralbankbahamas.com/

DELIVERABLES