Zimbabwe has plans to set up an offshore financial centre (OFC) in Victoria Falls. It hopes to compete with OFCs like Dubai, Mauritius, and the Isle of Man.
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An offshore financial centre is a country of jurisdiction ‘that provides financial services to non-residents.’
The Victoria Falls Stock Exchange (VFSE) was opened in October 2022 and has experienced a listing boom, reports MoneyWeb. ‘The trigger [for the announcement of the OFC] is the success of the VFSE,’ said Financial Minister Mthuli Ncube in an interview. They ‘want to compete with any offshore financial centre in the world.’
News24 reports that ‘Marc Holtzman, a US veteran banker with 35 years experience in emerging markets has been appointed board chairman of the centre.’
The OFC will be based on the US dollar, making it a hard currency zone (a currency issued by developed countries, globally traded, and seen as politically and economically stable). Land has also been made available for global banks to establish their offices in Victoria Falls, Zimbabwe.
The VFSE already has eight traded businesses with ‘two more companies… coming and two more are seeking approval,’ said the chief executive officer at VFSE, Justin Bgoni.
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