Why local businesses will face brutal competition, as 15 multi-billion shilling global giants aggressively target the Nairobi market.

The Nairobi International Financial Centre has certified 15 new companies expected to mobilise about Sh25.8 billion in investments and create more than 1,000 jobs, as Kenya pushes to position Nairobi as a leading financial hub in Africa.

The newly admitted firms are expected to set up physical offices in Kenya and use the country as a base for their East African operations. They will also access State backed incentives, including lower corporate tax rates for qualifying businesses.
NIFC chief executive Daniel Mainda said the move is aimed at attracting capital into productive sectors, creating quality jobs, commercialising innovation and strengthening Kenya’s position as a gateway for investors looking at Africa.

The certified firms operate across financial services, fintech, artificial intelligence, healthcare, climate finance, investment management, digital payments, private equity, venture capital and capital markets innovation. Some are involved in digital assets, tokenised securities, cross-border payment platforms, stablecoin infrastructure and AI-powered financial services, while others are focused on carbon credits, bioenergy and afforestation projects.

The firms include Bupa Global Insurance Limited, Etica Capital Limited, Giraffe Bioenergy Limited, Valor Capital Limited, ReportsAI Limited, Afrex Technologies Limited, Onfon Mobile Limited, JPH Investments Limited, Nairobi Pesa City, Mzizi Court Limited, Uhuru Heights Limited, Zurit Consulting, Assnture Afrique Limited, BoC Technologies Limited and Africa First Exchange.
The additions bring the number of firms under the NIFC framework to 41, with more expected before the end of the year. The centre was established in 2022 but had a slow start, attracting only two firms in its first three years.

Momentum has picked up after new incentives were introduced. Under the framework, qualifying firms can pay corporate tax at 15% for the first 10 years and 20% for the next 10 years, instead of the standard 30%. To benefit, a firm must be a holding company, set up its regional headquarters in Kenya, invest at least Sh3 billion in the economy, and ensure that Kenyans make up at least 70 percent of its senior management.