- The World Alliance of International Financial Centres (WAIFC) has formally elected the Nairobi International Financial Centre (NIFC) as a full member of the World Alliance.
- The WAIFC is the leading global platform of international financial centres, and acts as a catalyst for collaboration, fostering financial innovation, and cooperating with international organisations.
- The election of NIFC serves to expand WAIFC’s membership, bringing the total membership roll to 21 full members.
Kenya is fast evolving into a financial centre of global standing, positioning Eastern Africa as a strategic destination of investors, and a key player in the investment ecosystem akin to Morocco, Dubai and Abu Dhabi. In the latest twist, the Nairobi International Financial Centre (NIFC) has been elected by the World Alliance of International Financial Centres (WAIFC) as a full member of the elite World Alliance.
This move election sees Nairobi join peers such as the UAE’s Abu Dhabi Global Market (ADGM), and Dubai International Financial Centre (DIFC), in offering peerless guidance to investors across the globe. Other members of WAIFC cirlce are: Astana International Financial Centre (AIFC) in the capital of Kazakhstan, Busan Finance Center (BFC) in South Korea, Casablanca Finance City (CFC) in Morocco, Frankfurt Main Finance (FMF) in Germany, Hong Kong Financial Services Development Council (FSDC) and Luxembourg for Finance (LFF) among others.
Why it matters for Nairobi International Financial Centre
Speaking from Frankfurt, Germany, where he is attending the WAIFC Annual Meeting, Nairobi International Financial Centre (NIFC) Chief Executive Officer Mr Daniel Mainda, lauded the elevation, noting that it is a major milestone for the country.
By enabling businesses to thrive within a conducive, predictable and well-regulated ecosystem, the NIFC, Mainda said, serves as a gateway for investors seeking access to the vast opportunities in Kenya and the broader African market.
“The Nairobi International Financial Centre has been elected as a full member of the World Alliance of International Financial Centres, further cementing Nairobi and Kenya’s national positioning as one of the leading financial hubs in the world,” said Mainda.
He added, “The World Alliance has boldly reiterated our national philosophy, affirming that this major milestone strengthens the NIFC’s role on the global stage, connecting Nairobi to other leading financial hubs across the world and amplifying our mission to position Kenya as the preferred gateway to investment in Africa.”
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Financial hub in East Africa
NIFC has been strategically established as a financial hub in East Africa offering an efficient gateway for investors and businesses to access 54 African frontier markets, with a combined population of 1.3 billion and a GDP of $3.4 trillion.
The establishment of the Nairobi International Financial Centre (NIFC) has been part of Kenya’s national strategic aspirations, as the Eastern African crown jewel grows into a regional economic force.
By joining the WAIFC, a global platform of international financial centres, the Nairobi International Financial Centre is set to benefit from international collaboration, fostering financial innovation, and cooperating with financial institutions. With Kenya, WAIFC’s membership now grows to 21 institutions.
To facilitate the institutional establishment of NIFC, the Government of Kenya, through the National Treasury, has spearheaded strategic reforms, including the Nairobi International Financial Centre Act, 2021, and key amendments to the Income Tax Act under the 2025/2026 Finance Act.
The reforms offer preferential tax treatment to NIFC-certified entities, with a 15 per cent corporate income tax rate for the first 10 years and 20 per cent thereafter, aligning with the government’s Vision 2030 and Bottom-Up Economic Transformation Agenda (BETA).
Africa’s investment potential
As a member of the World Alliance, NIFC will also join the African Chapter of the WAIFC, underscoring the Alliance’s commitment to collaborating with other African IFCs to unlock Africa’s investment potential.
This week, the WAIFC Annual Meeting, happening in Frankfurt, Germany, brings together global financial sector leaders to shape the future of finance and investment. In addition to the general assembly, the WAIFC Annual Meeting will feature focused sessions on key WAIFC projects, including AI in Finance and Corporate Sustainability Reporting.
The World Alliance is committed to promoting cross-border dialogue and collaboration among financial centres, thereby fostering innovation, resilience, and sustainable growth in the global economy.
