Online Reporter
Ivan Zhakata
Herald Correspondent
THE newly launched Victoria Falls International Financial Centre (VFIFC) has the potential to become Southern Africa’s leading financial hub, leveraging the country’s strategic location to attract regional and international investment.
ZimWorX managing partner Mr James Wade Oliver Jr said the establishment of the first international financial centre was a milestone in Zimbabwe’s efforts to position itself as a regional financial services destination.
“The launch of VFIFC, the country’s first-ever financial centre, may well be the first step towards Victoria Falls becoming a regional financial hub,” said Mr Oliver.
“VFIFC is in a country that is a natural gateway between major markets in the region.”
Zimbabwe’s geographical position, bordering South Africa, Zambia, Botswana and Mozambique, while maintaining strong commercial links with Namibia, Malawi, Angola and the Democratic Republic of Congo, gives it a competitive advantage in serving businesses operating across SADC, Mr Oliver added.
He also said Zimbabwe’s location along major regional transport corridors makes it an ideal base for companies coordinating operations in several countries.
Already, the country possesses the professional expertise required to support an international financial centre, including legal, accounting, auditing and tax advisory services.
“Regional financial centres normally provide easy access to professionals like lawyers, auditors and tax specialists. These are in abundance in Zimbabwe,” he said.
Mr Oliver said while the focus was on the successful launch of the VFIFC, the centre’s long-term potential extended beyond Zimbabwe”s borders.
“When something is launched, it is not always easy to envision what it can become in the fullness of time,” he said.
“VFIFC might be serving Zimbabwe today, but in the future, I see it serving the entire region. This will result in more foreign direct investment, growth of professional services and financial innovation.”
Mr Oliver said ZimWorX was honoured to be among the first companies licensed to operate under the VFIFC framework and described the licence as a recognition of the company’s contribution to employment creation and economic development.
“I believe this is a testament to the hard work we have put into creating jobs and engaging in activities that are beneficial to the economy,” said Mr Oliver.
ZimWorX employs close to 1 800 remote and virtual workers.
Mr Oliver said operating within the VFIFC offered businesses several strategic advantages, including a competitive tax framework, investor-friendly legislation and enhanced access to regional and international markets.
“Great financial centres are not built overnight. Victoria Falls has the opportunity to become the financial gateway to Southern Africa. The recent launch of VFIFC is only the beginning,” he said.
