Nairobi onboards blue-chip firms in race for financial hub status

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Kenya has certified 15 new firms under the Nairobi International Financial Centre (NIFC) as the government intensifies efforts to transform the capital into Africa’s premier financial gateway, challenging established hubs from Dubai to Hong Kong.

The newly certified cohort includes Bupa Global Insurance, Etica Capital, Giraffe Bioenergy, Valor Capital, ReportsAI, Afrex Technologies, Onfon Mobile, and Africa First Exchange (A1X), among others. Collectively, the firms are expected to mobilise over $200 million (Sh26 billion) in investment and create more than 1,000 direct and indirect jobs.

NIFC Chief Executive Officer Daniel Mainda said, in a statement, the certifications reflect growing international confidence in Kenya's regulatory environment. "Every firm we certify is making a deliberate vote of confidence in Kenya's future," Mainda said.

The Ruto government has been stepping up efforts to attract global capital. President William Ruto recently allocated two acres of prime land in Upper Hill, Nairobi, valued at approximately Sh1 billion, for the construction of a permanent headquarters for the African Trade & Investment Development Insurance (ATIDI). Kenya also announced it would increase its investment in ATIDI from $25 million to $65 million.

The NIFC has expanded international partnerships through cooperation agreements with the Qatar Financial Centre, the Astana International Financial Centre, and Casablanca Finance City. This follows Cabinet approval for Kenya to host the Secretariat of the Alliance of African Multilateral Financial Institutions (AAMFI).

Nairobi has long sought major financial hub status to rival Dubai, London, and Hong Kong. While the city ranked 105th globally in the latest Global Financial Centres Index — behind regional rivals Casablanca, Mauritius, and Kigali — officials say the new certifications mark significant progress.