Online Reporter
Oliver Kazunga
Senior Reporter
ZIMBABWE yesterday launched the Victoria Falls International Financial Centre, licensing 38 inaugural institutions in a landmark move to position the country as a competitive global financial services and investment destination.
The official launch marks the operationalisation of the Victoria Falls International Financial Centre (VFIFC), bringing into force a comprehensive legal and regulatory framework designed to attract international capital, deepen Zimbabwe’s financial markets and support long-term economic transformation.
Officially launching the centre in Harare yesterday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube described the occasion as a landmark in the country’s economic development, saying it signified the successful implementation of a key policy initiative that positions Zimbabwe among competitive international financial services jurisdictions.
“Today’s (yesterday) ceremony signifies not merely the issuance of licences, but the successful implementation of a key policy initiative designed to position Zimbabwe as a competitive international financial services jurisdiction,” he said.
“Accordingly, the institutions receiving licences today, become more than regulated entities.
“They become strategic partners of Government in building a credible, resilient, and internationally competitive financial centre that contribute meaningfully to Zimbabwe’s long-term economic development and strengthen the country’s position with in the global financial system.”
The centre’s 38 inaugural participants include the securities dealers, investment advisors, collective investment scheme fund managers, custodians, business consultancy services and a central securities depository.
The Victoria Falls Stock Exchange (VFEX) also received its licence under the new framework, reinforcing its role as the anchor exchange within the International Financial Services Centre.
Prof Ncube said the launch demonstrated the Government’s commitment to implementing structural reforms that enhance Zimbabwe’s investment climate by providing investors with legal certainty, regulatory predictability and governance systems aligned with internationally accepted standards.
The establishment of the financial centre follows years of policy reforms that began with the designation of Victoria Falls as a Special Economic Zone, the establishment of the Victoria Falls Stock Exchange in 2020, and the declaration of the city as an International Financial Services Centre in 2022.
Prof Ncube said operationalisation of the VFIFC reached a major milestone following the gazetting in March this year of an extensive legal and regulatory framework comprising 11 legal instruments based on English law and benchmarked against international best practice.
The framework is expected to provide a transparent and predictable operating environment for international investors while supporting the country’s ambition to become a regional financial services hub.
In his remarks, VFEX group chief executive Mr Justin Bgoni said the centre represented years of deliberate policy formulation, regulatory reforms and institutional development aimed at creating a globally competitive financial services jurisdiction.
“This ceremony marks the first time Zimbabwe is formally welcomed as a dedicated international financial centre.
“The VFIFC is Zimbabwe’s first-ever international financial centre and today’s applicants are not just joining the centre, they are founding it.
“Their presence shapes its reputation and culture,” he said.
Mr Bgoni said the VFIFC had been purpose-built to provide an independent commercial and regulatory environment aligned with international best practice, offering investors transparency, regulatory certainty and a predictable operating framework.
He said the legal and regulatory architecture had been benchmarked against some of the world’s leading international financial centres, including Dubai, Astana and Mauritius, to ensure VFIFC was globally competitive from inception.
