Request for Proposal
For Professional Marketing Consultancy Services
The Eastern Caribbean Central Bank
Responses Due by: 13May 2022
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The purpose of this Request for Proposal (RFP) is to identify a suitably qualified marketing firm to be the principal marketing agency for DCash – the digital version of the Eastern Caribbean (EC) Dollar.
The successful firm will be required to devise and implement strategies that will increase visibility of the DCash brand as well as drive the aggressive expansion of the DCash user network across the Eastern Caribbean Currency Union (ECCU).
Overview of the DCash Project
The Eastern Caribbean Central Bank (ECCB) officially launched the DCash pilot project on March 31 2021, becoming the first currency union in the world to issue a Central Bank-based Digital Currency.
The pilot involves a securely minted and issued digital version of the EC dollar – DCash, issued by the ECCB, and distributed by licensed bank and nonbank financial institutions in the ECCU. DCash can be used for financial transactions between consumers and merchants, and among individual end-users. The broad objectives of the pilot project are to address inefficiencies in the payment system, foster growth and development through innovation and competitiveness and promote financial inclusion.
The pilot project is currently live in seven of the eight ECCU countries, namely: Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Plans are underway for the pilot to be extended to Anguilla, which will be the final ECCB member country to join.
Against this backdrop, the ECCB seeks to strengthen the marketing and promotion of DCash to:
- Educate the ECCU public on the DCash product;
- Create awareness of the use cases of DCash;
- Broaden the DCash consumer and merchant base and promote the habitual use of DCash;
- Create an authentic, engaging and trusted social media personality for the DCash brand; and
- Effectively collaborate with DCash pilot stakeholders including Financial Institutions, DCash Merchants and in-country acquisition teams, in supporting their own marketing efforts for DCash.
Terms of Reference/Scope of Work
The ECCB seeks a marketing/PR firm to develop a comprehensive and cost-effective marketing strategy to promote the DCash digital payments platform and achieve the stated objectives.
The selected firm will formulate, oversee and execute marketing activities, campaigns and strategies for all eight (8) ECCU countries, with emphasis on increasing awareness, education and usage, and expanding the DCash ecosystem.
As it pertains to growing the DCash ecosystem, the firm will lead DCash marketing efforts across all eight pilot countries, and collaborate with the internal DCash marketing team and client relations/merchant and user acquisition teams in:
- Increasing DCash brand awareness and visibility on the ground in each ECCU territory,
- Acquiring new users and stakeholders, and
- Retaining users and stakeholders.
The firm will coordinate with internal ECCB DCash marketing team to ensure that marketing strategies are implemented, tracked and measured appropriately and in adherence to DCash brand standards.
Services are to include but not limited to:
- Development and execution of an aggressive, results-yielding marketing plan, including digital plan, to increase user acquisition in all eight participating countries of the Pilot to include suggested budget expenditures.
- Organising and executing promotional campaigns and events in alignment with objectives (sales, acquisition, etc.) set by the ECCB in conjunction with DCash client relations and acquisition consultants in the eight ECCB member countries.
- Creation of country-specific marketing campaigns in each of the pilot countries, which is built upon understandings of the nuances of the individual countries.
1. Organising and conducting focus group research, as required.
2. Crisis Communications Management and Strategy, as needed.
- Media Planning and Media Buying, to include determining how, when and to what audience an ad or another media message will be delivered, as well as booking effective ad placement in appropriate media in collaboration with the ECCB.
The successful firm will be engaged for an initial term of twelve (12) months.
Applicant firms should provide a written narrative outlining their proposal for how they will work to achieve the stipulated objectives in consideration of the scope of work outlined. The proposal should include:
- A portfolio that highlights the firm’s work over the past five years and showcases specific expertise and work experience. Multimedia portfolios will be considered
- Written references from two clients that you have worked with during the past five years. References from clients you have worked with during the past one to two years will be considered most favourably.
- The CVs of all the leads/principals at your firm. Digital and/or Fintech marketing communications experience will be considered most favourably. Experience working with financial institutions will be a plus.
Interested applicants whose qualifications and experience are in line with the Terms of Reference are invited to submit the above requirements on or before 13 May 2022 at 11:59 pm Atlantic Standard Time (AST) to DCashCP@eccb-centralbank.org.
Please direct questions related to the RFP to the DCash Marketing Team: DCashCP@eccb-centralbank.org.