Report - Realising and Facilitating pan-African investment.



KIFC Values

  • K: KNOWLEDGE is our superpower:

    We offer unrivalled understanding of trade across Africa and we apply it for positive outcomes,

  • I: We are rooted in INTEGRITY:

    A trusted employer, partner and advisor, we value strong, honest relationships, always,

  • F: We are FUTURE-FOCUSED:

    Continually looking for the next ambitious opportunity on behalf of those who work with us,

  • C: We are COLLABORATIVE:

    Working together, with our clients and with our partners towards an exciting future for Rwanda and for Africa and beyond.



About Rwanda Finance Limited

Rwanda Finance Limited (RFL) is a company promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.

Rwanda Finance Limited works with key stakeholders to develop and promote Kigali International Financial Centre through investment promotion, policy advocacy and sector upskilling. It also works to establish the regulatory framework for Kigali International Financial Centre to become a leading international financial centre.

Frequently Asked Questions

What is the difference between Rwanda Finance and Kigali International Financial Centre?

Rwanda Finance Limited (RFL) is a company promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.

Kigali International Financial Centre is an ecosystem of financial actors that will transform Rwanda into an international financial destination for investors seeking opportunities across the African continent.

What is the difference between Rwanda Finance Limited and Rwanda Development Board?

Rwanda Finance Limited (RFL) and Rwanda Development Board (RDB) are very complementary. Rwanda Finance Limited key mandate is to promote and develop Rwanda as a leading financial destination for international investment and cross-border transactions in Africa, whereas Rwanda Development Board is contributing to making Rwanda very attractive for investments but also marketing investment opportunities in Rwanda more generally in all sectors.

By creating Kigali International Financial Centre, is Rwanda creating a ‘’Tax Haven’’ Jurisdiction?

What Rwanda is doing is developing an international financial centre with a clear proposition to investors: direct access to multiple African markets and a centralized, holding presence for investors to locate all their financial activities across Africa, within a safe, fully compliant, transparent environment underpinned by the rule of law and serviced by Rwanda’s fast growing, high quality financial services industry.

Under the Investment Promotion and Facilitation Law number 006/2021 dated 5 February 2021, KIFC Members have been granted tax incentives.

The common theme for KIFC incentives is that for investors to access them, they have to fulfill both minimum economic substance requirements and also demonstrate that management and control resides in Rwanda. The new positioning of Rwanda at regional and Pan African levels requires Rwanda to comply with international standards from the EU and OECD, in particular the assessments of preferential tax regimes conducted by the Forum on Harmful Tax Practices (FHTP), comprising more than 130 member jurisdictions of the Inclusive Framework.

In line with the new compliance standards on harmful tax activities, Rwanda’s new investment law has been designed with the following key principles and objectives:

  • No competition on aggressive tax incentives that will be detrimental to the reputation of Rwanda,
  • No (minimum) erosion of the existing tax revenue and
  • Full compliance with international tax standards with the development of incentives requiring minimum economic substance.

For an investor to qualify for certain incentives under KIFC, they must demonstrate minimum economic substance and also show that the governance, management and control of the investment resides in Rwanda. Regarding management and control, for example, investors will need to demonstrate that:

  • At least (minimum quorum) one director or twenty-five percent of directors reside in Rwanda,
  • 50% of board members should be in Rwanda for board meetings. Virtual meetings are acceptable,
  • Board meetings for strategic decisions should occur in Rwanda,
  • Board resolutions should be in Rwanda for safe keeping,
  • The Board must include at least two professional or qualified Rwandan residents,
  • A physical office of the company in Rwanda,
  • At least 30% of the professional staff are Rwandan,
  • Threshold set for minimum annual expenditure in Rwanda and
  • Threshold set for total assets to be consolidated in Rwanda.
What are the incentives that KIFC Members can benefit from?

KIFC is intended to position Rwanda as a preferred financial jurisdiction for investments into Africa, as well as reforming the domestic industry. KIFC is the first of its kind in Africa, in that it is not offering a building, an economic free zone or a specific category of company registration.

Instead, KIFC provides a conducive ecosystem for financial actors to operate and invest in Rwanda as a gateway to the rest of Africa. KIFC’s legal framework is intended to nurture domestic and foreign talent, support leading technologies that drive value and inspire trust amongst investors, regulators and other stakeholders.

Investors under the KIFC are granted a preferential corporate income rate and exemption from withholding tax on dividends, interest and royalty payments. Refer to the Investment Promotion and Facilitation Law for the detailed KIFC investments package. The law also details the economic substance requirements to qualify for these incentives.