Prudential, an insurance brand listed in London with operations across Asia and Africa has applied to join the newly established Nairobi International Financial Centre (NIFC).

The insurer submitted a Letter of Intent at a high-level roundtable at The Mansion House in the City of London, attended by H. E. President Uhuru Kenyatta and the UK Foreign Secretary Dominic Raab.

Other officials present included Kenyan Treasury Cabinet Secretary Hon. Amb. Ukur Yatani, UK Minister of State for Africa James Duddridge and the UK Economic Secretary to the Treasury John Glen. The Lord Mayor of the City of London William Russell, and Chairs and CEOs of leading UK financial institutions were also present.

Speaking at high-level meeting, Shriti Vadera, Chair, Prudential said, “Africa is an important part of our long term growth strategy. I am delighted that the UK and Kenya are collaborating on financial services, where there are many opportunities for innovation. Prudential is proud to be working with both countries on this initiative. We believe that deepening the financial sector across the continent is key to building and driving economic resilience, development and growth in a region of great promise and opportunity.”

The NIFC offers a progressive legal and regulatory framework, competitive financial and economic incentives and a vibrant financial ecosystem. It was developed through collaboration with key stakeholders in the public and private sectors with financial and technical assistance from the UK government, including through Financial Sector Deepening (FSD) Africa and Financial Sector Deepening (FSD) Kenya.

Prudential’s application was submitted alongside the signing of a Memorandum of Understanding (MoU) between TheCityUK and the NIFC, which builds on the UK-Kenya Strategic Partnership signed in 2020.

TheCityUK is an industry body representing UK-based financial and related professional services and described by Reuters as Britain’s most powerful financial lobby group.

“Kenya is well placed to develop Nairobi as a strong financial centre. The MoU presents a great opportunity for the UK to partner with the NIFC to support the delivery of their ambitious plans,” says Miles Celic, CEO, TheCityUK.