Kenya officially launches its international financial hub

NAIROBI, Kenya July 4 – Kenya has officially launched the Nairobi International Financial Center which aims to position the country as the preferred destination for the international business community and boost capital flows.

With technical assistance from the UK in its formative years, NIFC’s goal is to develop a more predictable and efficient business environment that encourages domestic and foreign investment.

NIFC Acting CEO Oscar Njuguna said the center aims to raise more than $2 billion (236 trillion shillings) in additional targeted cumulative investment by 2030.

The center will target global and regional companies that provide large pools of capital, drive innovation and are committed to the highest standards of environmental, social and governance (ESG) performance.

This includes private equity and venture capital firms, asset managers, insurance companies, and financial services companies focused on fintech and green finance. Prudential Plc is NIFC’s anchor client.

“The Nairobi International Financial Center can play a key role in creating an enabling environment for fintech development; so that innovation and new technologies such as blockchain and artificial intelligence are integrated; and for investors to inject new capital into businesses in Kenya and across the region,” President Uhuru Kenyatta said in his address delivered by the Head of Civil Service, Joseph Kinyua.

To support the growing fintech industry in Kenya, NIFC is committed to supporting and strengthening the fintech ecosystem and enabling innovative businesses to establish and grow.

Working with CityUK and stakeholders in Kenya and the UK, NIFC has produced a diagnostic report on Kenya’s fintech policy and regulatory environment, as well as funding mechanisms.

“The UK-Kenya partnership continues to go from strength to strength, and I am pleased to have witnessed this launch of the Nairobi International Financial Centre, which signed a Memorandum of Understanding to deepen collaboration with the UK city when President Kenyatta visited the UK last year. We look forward to unlocking new opportunities for British and Kenyan businesses by strengthening ties between Nairobi and the City of London,” said Jane Marriott OBE, Senior British commissioner.

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The NIFC has also signed a Memorandum of Understanding with the Kenya Association of Manufacturers (KAM), to help increase financing and investment in the manufacturing sector in Kenya.

Companies planning to do business through the NIFC must seek certification from the NIFC Authority.

The NIFC Authority will provide a checklist of required documentation and upon receipt will review and process all requests.

Certification is open to domestic and international companies as long as they meet the requirements.

Nairobi joins Casablanca, Cape Town, Port Louis (Mauritius) and Johannesburg as IFC on the mainland.

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