In a notice, the Nairobi International Financial Centre (NIFC) said the regulations will provide operational and administrative guidelines of the financial hub which was established in 2017. This was after President Uhuru Kenyatta signed the Nairobi International Financial Centre Act, providing the legal framework to facilitate the development of an efficient and globally competitive financial services sector in Kenya. Last year, Kenya's financial sector was ranked among the most secretive globally, according to a report by Tax Justice Network. According to the Global Financial Centres Index published by Z/Yen, Casablanca is currently Africa’s leading financial centre, holding 53rd place globally. An International Financial Centre is a concentration of a wide variety of international financial businesses and transactions in one location.

Source: The Star July 07, 2021 07:07 UTC