Story by Stanley James, Business Editor
GOVERNMENT’S thrust to position Zimbabwe as a safe destination for global capital is on track as the first-ever international banking sector Special Economic Zone, the Victoria Falls International Financial Centre, begins full-scale operations.
This Monday marked the licensing of 38 institutions as participants of the Victoria Falls International Financial Centre (VFIFC), which is the regulator of the foreign currency-denominated Victoria Falls Stock Exchange.
Interim Chief Executive Officer for the international financial hub based in Victoria Falls, Mr Justin Bgoni, described the latest development as the Government’s commitment to safeguarding the interests of international investors.
“The ceremony marks the first time Zimbabwe has formally welcomed participants into a dedicated international financial centre. The VFIFC is Zimbabwe’s first ever International Financial Services Special Economic Zone; it has been built to operate independently from Zimbabwe’s conventional commercial regulatory environment. We have not built the Centre in isolation; we have benchmarked against the world’s most successful international financial centres ( Dubai, Astana , Mauritius) to ensure that the VFIFC is competitive from day one.
“Today is the beginning of the real work and the real opportunity starts now. We will continue to attract quality applicants across banking, fintech, asset management and mining finance, deepen integration and promote the centre regionally and globally at investor conferences, in multilateral forums and through our SADC partnerships,” he said.
The Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, outlined the importance of the Victoria Falls International Financial Centre.
“The ceremony therefore signifies not merely the issuance of licences, but the successful implementation of a key Government policy initiative designed to position Zimbabwe as a competitive international financial services jurisdiction. This milestone demonstrates Government’s unwavering commitment to implementing structural reforms that enhance the country’s investment climate.
“It reflects our determination to provide investors with legal certainty, regulatory predictability and a governance framework that is consistent with internationally accepted standards. By way of background, the Government of Zimbabwe designated Victoria Falls as a Special Economic Zone, and established the Victoria Falls Stock Exchange in 2020 to attract foreign investment and promote capital raising within the Victoria Falls Special Economic Zone.”
The Victoria Falls International Financial Centre objectives also include attracting global investors, providing financial services in foreign currency and positioning Zimbabwe as a profitable global capital destination.
