Kenya's push to evolve into a financial hub of repute globally has received a boost after the World Alliance of International Financial Centres (WAIFC), formally elected the Nairobi International Financial Centre (NIFC) as a full member of the World Alliance.

The election of the NIFC goes a long way in expanding WAIFC’s membership, taking the total members roll to 21 full members including: Dubai International Financial Centre, Casablanca Finance City, Busan Finance Centre, and Abu Dhabi Global Market among others.

WAIFC is a global platform of international financial centres, and acts as a catalyst for collaboration, fostering financial innovation, and cooperating with international organisations.

Speaking from Frankfurt, Germany, where he is attending the WAIFC Annual Meeting, Nairobi International Financial Centre (NIFC) CEO, Mr Daniel Mainda, confirmed the full member election, further describing it as a major milestone.

NIFC is a leading financial hub in East Africa, providing an efficient gateway for investors and businesses to access 54 African countries, 1.3 billion people and a combined GDP of $3.4 trillion. 

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.”

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 percent corporate income tax rate for the first 10 years and 20 percent thereafter, aligning with the government’s Vision 2030 and Bottom-Up Economic Transformation Agenda (BETA).

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.