Terms of Reference (ToR)For a research consulting firm to undertake market studyWMSME Customer Research in the Democratic Republic of the Congo (DRC)1. BACKGROUNDFinancing women is critical to accelerating sustainable private sector growth. Women; and especially women entrepreneurs; face barriers in accessing capital and other financial services and are under-served at all levels of the financial system. While Women-led micro; small and medium enterprises (WMSMEs) represent about one-third of all MSME businesses in developing countries; they face an estimated financing gap of US$1.9 trillion (SME Finance Forum). Closing the gender employment gap could raise long-term GDP per capita by nearly 20 percent on average across countries (World Bank Group; 2023). Companies across sectors are increasingly recognizing that women form a valuable; large; and growing market that presents significant economic opportunities. Companies realize that they can expand market coverage; enhance productivity; and boost profits by engaging women as business leaders; employees; entrepreneurs; customers; and community stakeholders.Enhancing gender equality and women¡¯s economic contribution can boost companies¡¯ competitiveness; fortify supply chains; improve human capital; and help build an enabling business environment - Companies with gender balanced teams have generated higher returns on equity than those without.In addition; women are essential to forging a more sustainable and resilient future. This includes creating and adopting climate change solutions on farms; in businesses; and at home; and preserving natural assets. (World Bank Group; Gender Strategy; 2024 - 2030). Integrating more women into business operations can increase companies¡¯ profitability and environmental sustainability. Research has correlated higher net profit margins and lower CO2 emissions for firms with more women in decision-making roles (World Bank Group; 2023)Similar trends are being seen in Africa; where women have the highest rate of entrepreneurial activity in the world at an estimated 24.[1] percent ¨C 26. <https://africa.harvard.edu/files/african-studies/files/women_and_the_changing_face_of_entrepreneurship_in_africa_revised_concept_note.pdf> [2] <https://worldbankgroup-my.sharepoint.com/personal/jgnangnon_ifc_org/Documents/JGNANGNON/Practrice%20Groups/SMEs%20Banking/3.%20Clients/Rawbank/5.%20Project%20Implementation/2.%20Market%20research/Draft%20ToR_Women%20Led%20MSME%20Research_v0.docx#_ftn2> percent and are more likely to start businesses than their counterparts in Southeast Asia & Pacific (11 percent); Middle East (9 percent); and Europe and Central Asia (6 percent). Women entrepreneurs are vital economic contributors. According to McKinsey; the female economy is the world¡¯s largest emerging market with the potential to add $12 trillion to global GDP by 2025. Pre-pandemic; female entrepreneurs in Africa contributed between $250 billion and $300 billion to economic growth; equivalent to nearly 13 percent of the continent¡¯s GDP and this value is expected to increase.There remains a finance opportunity of US$49.1bn for WMSMEs in Africa. The financing gap for women owned MSMEs is estimated at US$2.7 billion (SME Finance Forum data). For instance; closing the MSME financing gap in the DRC can increase the country¡¯s GDP by 4 percent. The overall MSME financing gap in DRC is estimated at US$ $9.3 billion; equivalent to about 26 percent of the DRC¡¯s GDP.Rawbank started its Lady¡¯s First program in 2008 with IFC¡¯s support. While the program gained in visibility; impact on lending to WMSME was below expectations. As part of a new project signed with Rawbank in September 2024; IFC is renewing its support to the bank; to help grow the bank¡¯s women portfolio; both individuals and women in business. This project is designed to help Rawbank bridge the access to finance gap and enhance the bank's competitiveness in the women's market segment; capitalizing on Rawbank's expertise in serving MSMEs and IFC's proven track record in executing similar Banking on Women (BoW) projects across the region.As part of the project with Rawbank; to increase access to finance for WMSME in DRC; IFC is hiring a firm to design; build and conduct research on WMSMEs. The objective is to gain a comprehensive understanding of the unmet needs of WMSMEs in the DRC; enabling Rawbank to refine its strategy; customer management; product and service offerings; and channel delivery for these clients. This research will offer valuable insights into the existing landscape of financial and non-financial services; while pinpointing opportunities for enhancement and growth. The firm¡¯s output will the needs for Women and WMSMEs in banking and non-banking terms. The research output will provide an assessment of the key institutions serving women and the MSME market (including WSMEs); customer satisfaction; how easy or difficult it is for women and WMSMEs to access financial and non-financi