Why standard RFPs fail Fintechs
Most procurement departments use generic IT RFPs for cybersecurity services. They ask about insurance and company size, but fail to ask the vendor how they test for business logic flaws or whether they use manual testing versus automated scanners. The result is a cheap, automated PDF report that fails to satisfy the CBN or protect your users.
A fintech-specific RFP must focus on the methodology used to protect financial ledgers, APIs, and mobile applications.
The Core Components of the RFP
Copy and paste this structure into your company letterhead when soliciting bids.
Section 1: Company Background & Objectives
State clearly *why* you are testing. Is this for annual CBN/NDPA compliance? Are you launching a new mobile app? Are you responding to an incident? This helps the vendor tailor their final report to your specific audience (e.g., regulators vs. internal engineers).
Section 2: Technical Scope
List the exact assets. Provide the number of dynamic API endpoints, the platforms for mobile apps (React Native, Flutter, Swift), and the cloud provider (AWS, Azure). The more precise the scope, the more accurate the pricing.
Section 3: Testing Methodology Requirements
Explicitly mandate that testing must align with industry standards like the OWASP Top 10 and the OWASP Mobile Application Security Verification Standard (MASVS). Ask the vendor to detail their ratio of manual versus automated testing.
The Simpa Labs Fintech Pentest RFP Template
Below is the text you can use to build your RFP document.
1. Project Overview
[Your Company Name], a licensed [PSSP/MMO/Microfinance Bank] in Nigeria, is seeking proposals from qualified offensive security firms to conduct a comprehensive White-Box Penetration Test of our core financial applications. The objective is to identify vulnerabilities prior to our [Q3 launch / Annual CBN Audit].
2. Scope of Work
- Web Application: `https://admin.staging.yourdomain.com` (Admin dashboard, 4 user roles).
- API Gateway: `https://api.staging.yourdomain.com/v1` (Approx. 45 dynamic endpoints, RESTful JSON).
- Mobile Applications: Android (APK) and iOS (TestFlight) built on React Native.
- Exclusions: Denial of Service (DoS) testing and Social Engineering are strictly excluded.
3. Vendor Qualifications & Requirements
Please provide the following in your proposal:
- A detailed testing methodology, explicitly stating how you test for business logic flaws (e.g., race conditions, float manipulation) without relying on automated scanners.
- Anonymized resumes or profiles of the specific engineers who will be assigned to this project.
- A sanitized sample penetration testing report demonstrating your deliverable quality.
- Confirmation that one (1) remediation re-test is included in the base price.
4. Deliverables
The vendor must deliver a comprehensive report containing an Executive Summary suitable for board-level review, followed by a Technical Details section providing step-by-step reproduction instructions and remediation guidance for developers.
5. Timeline
- RFP Release Date: [Date]
- Deadline for Vendor Questions: [Date]
- Proposal Submission Deadline: [Date]
- Target Project Start Date: [Date]
Evaluating the Responses
When the proposals come back, do not just look at the final price. Look at the "Days of Effort" allocated.
If Vendor A quotes ₦2,000,000 and estimates 3 days of effort, they are running an automated scanner. If Vendor B quotes ₦8,000,000 and estimates 15 days of effort with two senior engineers, they are performing a legitimate penetration test. In cybersecurity, you generally get the exact level of rigor that you pay for.
Have you finalized your RFP? Send it to Simpa Labs for a competitive bid.
Invite Simpa Labs to BidFrequently asked questions
Why do I need a formal RFP for a penetration test?
If you email five security firms asking for a 'quote for a pentest,' you will receive five wildly different proposals based on their assumptions. A formal RFP standardizes the scope, methodology, and deliverables, allowing you to compare 'apples to apples' and ensure regulatory compliance.
What is the most important section of a pentest RFP?
The Technical Scope and Environment details. Vendors cannot accurately price an engagement without knowing exactly how many dynamic API endpoints, user roles, and mobile applications they are required to test.
Should our RFP require a CREST-certified vendor?
While CREST or ISO 27001 certifications demonstrate organizational maturity, the most critical factor is the technical capability of the specific engineers assigned to your project. Your RFP should ask for sanitized sample reports and engineer profiles, not just company-level certificates.
How long should we give vendors to respond to the RFP?
Two to three weeks is standard. However, you must allocate time within the first week for a Q&A session or scoping call, as vendors will inevitably have technical questions about your architecture that the RFP didn't cover.
Related reading
Blog: How to Scope Your Pentest · Pentest Pricing in Nigeria
Guides: Fintech Security Checklist · Web App Pentest Guide
Services: Penetration Testing · Vulnerability Assessment