The Victoria Falls International Financial Services Centre (VFIFC) officially took off this week with the licensing of its first 38 participants.
Finance, Economic Development and Investment Promotion minister, Mthuli Ncube, said the licensing was part of efforts to establish Victoria Falls as a world-class international financial hub.
“The ceremony signifies not merely the issuance of licences, but the successful implementation of a key government policy initiative to position Zimbabwe as a competitive international financial services jurisdiction,” Ncube said.
He said the VFIFC had been deliberately designed to offer more than a conventional financial centre.
“What makes the VFIFC distinct is the deliberateness of its design. Applicants are not merely joining a financial centre but an ecosystem,” the minister said.
Ncube said the launch reflected the government’s commitment to creating an investment-friendly environment.
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The inaugural intake comprises 38 licensed participants drawn from across the financial services industry, including an exchange, securities dealers, investment advisers, collective investment scheme fund managers, custodians, companies, consultancies and a central securities depository.
Ncube urged the newly licensed entities to uphold the highest professional and ethical standards as they help establish the credibility of the new financial centre.
“Participation in the VFIFC is a privilege that carries corresponding responsibilities,” he said. “We expect the highest standards of corporate governance and financial transparency.”
The launch comes as Zimbabwe continues implementing reforms aimed at strengthening its financial sector, attracting foreign direct investment and integrating into regional and global financial markets.
Meanwhile, Ncube announced that Zimbabwe has formally applied to join the New Development Bank and the Asian Infrastructure Investment Bank, a move intended to diversify the country’s sources of development finance and mobilise capital for strategic national infrastructure and development projects.