KIFC–DTOS partnership strengthening Africa’s fund administration ecosystem

In September 2024, DTOS Group became the first company to receive a Fund Administrator Licence in Rwanda under the aegis of Kigali International Financial Centre (KIFC), authorising it to provide fund administration services in the country. After three years of operating in Rwanda, both DTOS and KIFC state their collaboration reflects the country’s growing ambition to position itself as a credible destination for fund domiciliation and cross-border investment in Africa. DTOS explains why it chose Kigali as its next hub for expanding operations in Africa DTOS, a Mauritius-based fund services, management company, that has operated in the financial services industry for three decades, stressed its expansion into Kigali was driven by Rwanda’s economic growth, policy stability, and the country’s long-term financial sector vision. Victor Lagesse, Manager of Partnerships and Market Development at DTOS, acknowledged Rwanda increasingly stood out because authorities and KIFC had created an ecosystem aligned with international investor expectations. “The ambition of KIFC to be a financial centre in Africa and by Africans strongly resonated with DTOS,” he reckons. “Hence, being in Kigali allows us to better connect global capital from Europe, Asia, and the Middle East with African opportunities.” How Rwanda built an investor-friendly ecosystem According to DTOS, Rwanda’s regulatory reforms and institutional harmonisation have helped create a structured and predictable investment environment. Victor Lagesse said the framework established by KIFC, which complies with international market standards, enabled DTOS to establish operations in Rwanda with relative ease. As the country’s first licensed fund administrator, DTOS provides services across the fund lifecycle, including setup and structuring, Net Asset Value (NAV) calculation, reporting, and compliance support. The company stated its technology-driven and multi-jurisdictional operating model allows clients to benefit from easier cross-border structuring while ensuring global standards are maintained within the local environment. “What stands out is the balance between credibility and efficiency an essential combination for institutional investors,” Victor Lagesse added. Why is KIFC gaining international recognition? Jean Marie Kananura, Chief Investment Officer at KIFC, said Rwanda’s progress reflects deliberate efforts to establish the country as a credible jurisdiction for fund domiciliation and investment structuring. He mentioned Rwanda’s financial ecosystem is increasingly attracting interest from institutional investors looking for efficient and transparent jurisdictions through which to channel investments into Africa. “The presence of international partners such as DTOS further reinforces this momentum, strengthening the depth of fund administration and investor services in the market,” Kananura said. According to him, KIFC’s approach combines credibility with operational efficiency, enabling investors to operate within a trusted and streamlined environment while supporting scalable investment structures across the continent. What makes Rwanda attractive for fund managers? Industry players point to Rwanda’s stable macroeconomic environment, regulatory predictability, and cost-efficient operating framework as key attractions for fund managers. DTOS agrees that the country’s regulatory framework is designed with international investors in mind, offering governance and compliance standards familiar to global markets while allowing flexibility in investment structures. For DTOS, proximity to African investment activity also improves responsiveness and oversight. “Taken together, these factors position Rwanda as a credible platform for channelling capital into Africa,” Victor Lagesse said. How is fund administration evolving in Rwanda? DTOS believes fund administration is becoming increasingly important as investors place greater emphasis on transparency, efficiency, and accountability. In Rwanda, the firm confirmed it is witnessing a strong momentum, pointing out that its focus is to support fund managers across the lifecycle of their structures, while expanding into areas such as new investment platforms, diversified vehicles—including holding structures—and emerging segments like fintech and Environmental, Social and Governance (ESG). For Victor Lagesse, demand for high-quality and locally rooted administration services is expected to grow as Rwanda’s financial ecosystem matures. “Rwanda is well positioned to establish itself as a regional hub,” he said. Why does regulatory engagement matter? Both DTOS and KIFC underscored Rwanda’s regulatory environment as one of the country’s strongest advantages. They recognise the accessibility and responsiveness of regulators have helped create a practical and collaborative environment for industry players. “There is real dialogue within the industry, allowing frameworks to evolve in a practical way,” they observed, adding that such engagement builds confidence among international investors assessing Rwanda as an investment jurisdiction. Kananura stated predictable regulation, clear frameworks, consistent enforcement, and efficient engagement are critical in building investor trust. “Rwanda has prioritised these elements, ensuring that regulation evolves in close coordination with industry needs while maintaining alignment with global best practices,” he said. Where is KIFC heading next? KIFC stresses it is now entering a phase focused on consolidation and scale, with ambitions to deepen its role in fund domiciliation, administration, and cross-border investment structuring. According to Kananura, Africa still has a significant share of Africa-focused funds domiciled outside the continent, highlighting the need to strengthen local investment platforms. “Strengthening local domiciliation is critical to unlocking both international and domestic capital and ensuring that investment structures are more closely aligned with African markets,” he said. He added that while investor interest in Africa remains strong, investors are increasingly prioritising resilience, efficiency, and long-term value creation. In this context, KIFC aims to position Rwanda at the centre of Africa’s evolving financial architecture by facilitating cross-border investment flows, encouraging shared ownership of capital, and contributing to deeper and more integrated African capital markets.

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KIFC–DTOS partnership strengthening Africa’s fund administration ecosystem