What is the Kigali Financial Centre?

Kigali International Financial Centre, abbreviated as the KIFC, is an initiative which has the objective of making Rwanda a preferred financial jurisdiction for investments into Africa. It also hopes to provide a fresh element to the domestic industry within the African nation.

Whilst the name may lead you to think it is a physical place, this is, in fact, not the case. The Technical Advisor of Rwanda Finance Limited has explained that the KIFC is, in fact, a concentration of financial services, striving to be a catalyst for the country’s development.

The mission has been defined as “connect the Rwanda financial ecosystem to domestic and international business” and “be a catalyst of a safe, compliant and pro-business financial environment in Rwanda”.

It will provide a number of benefits, including an economic trickle-down in the creation of alternatives for mobilizing capital rather than focusing purely on traditional avenues.

Like in other countries that have developed IFCs such as Singapore, it will also lead to an increase in the quality of jobs and specialized skills development, as well as additional tax revenues for the government.

During the virtual signing of the partnership, Rwanda Finance’s CEO, Nick Barigye, said: “This partnership is a major milestone for our nascent International Financial Centre. It will ensure that we have an optimal legal, regulatory and institutional framework that is in line with international norms and standards.”