On 30th September 2021, KEPSA Public Finance Sector Board leadership – Mr. Ashif Kassam – Chair, Ms. Eva Warigia – Vice-Chair and Ms. Rose Mwaura – Vice-Chair, held a meeting with the Nairobi International Financial Centre Authority (NIFCA) led by the Acting CEO Mr. Oscar Njuguna at NIFCA offices in Nairobi. The meeting discussed areas of partnership between KEPSA and NIFCA that would enhance the country’s attractiveness to investors.
Speaking during the meeting, Mr. Njuguna highlighted that the Authority was focusing on the creation of an enabling environment for business, improving the legal framework under which businesses operate in and designing incentives while offering the much-needed predictability to the business environment.
It emerged that the incentives framework and the adoption of revenue enhancing or reducing proposals needed to be guided by hard data. The data would assist the government when formulating taxation policies to look beyond taxes as the value that companies bring into Kenya. Re-defining the value would be key in ensuring that government understands businesses more besides being revenue/tax generators.
NIFCA’s priority areas are as follows;
The meeting agreed that going forward, KEPSA and NIFCA would have frequent engagements to ensure the actualization of Nairobi as an international financial hub. Further, NIFCA committed to share an incentive framework for business with KEPSA for review. The Authority also agreed to share an MOU it signed with Citi in London to sensitize private sector members in the fintech space on the available opportunities in the agreement.