Victoria Falls — Zimbabwe took a major step towards establishing Victoria Falls as an international financial centre on Monday after Government officially licensed the first 38 participants under the Victoria Falls International Financial Services Centre (VFIFC).
The launch, presided over by the Minister of Finance, Economic Development and Investment Promotion, Prof. Mthuli Ncube, is expected to strengthen the country’s efforts to attract international investment, increase capital flows and diversify Zimbabwe’s financial services sector.
Speaking at the ceremony in Victoria Falls, Prof. Ncube described the occasion as a milestone in Zimbabwe’s economic transformation agenda.
“This is, without doubt, a landmark day for Zimbabwe, for our financial sector, and for our broader ambition to position Victoria Falls as a world-class international financial hub,” he said.
The first batch of licensed entities includes securities dealers, investment advisers, fund managers, custodians, consultancies and other financial service providers that will operate within the special financial services framework established in Victoria Falls.
Government has positioned the resort city as a gateway for international investment, taking advantage of its global tourism profile, strategic location and special economic incentives designed to attract foreign capital.
Prof. Ncube said the financial centre was designed as a complete ecosystem that would provide opportunities for investors, financial institutions and businesses seeking to operate in a competitive international environment.
“What makes the VFIFC distinct is the deliberateness of its design. Applicants are not merely joining a financial centre; they are joining an ecosystem,” he said.
Economic analysts say the success of the VFIFC will depend on investor confidence, policy consistency and the country’s ability to maintain international standards of financial governance and transparency.
The Finance Minister urged the newly licensed participants to uphold high standards of corporate governance and accountability.
“Participation in the VFIFC is a privilege that carries corresponding responsibilities. We expect the highest standards of corporate governance and financial transparency,” he said.
The launch comes as Zimbabwe continues to pursue reforms aimed at improving the ease of doing business and attracting long-term investment under the Second Republic.
Prof. Ncube also announced that Zimbabwe has formally applied to join the BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), moves aimed at broadening the country’s access to development finance.
Membership of the two institutions could potentially provide Zimbabwe with additional funding options for infrastructure development, energy projects and other strategic investments at a time when the country is seeking new sources of capital.
The establishment of the VFIFC is expected to complement Victoria Falls’ growing status as a tourism, trade and investment destination, with authorities hoping the city will evolve into a regional financial services centre capable of attracting both local and international investors.
However, analysts note that the long-term success of the initiative will depend on sustained investor confidence, regulatory stability and continued economic reforms.
