Bard Santner Secures Deposit-Taking Microfinance Licence In Zimbabwe, Aims To Channel Diaspora Capital
Bard Santner Microfinance Bank Limited has received official approval from the Reserve Bank of Zimbabwe (RBZ) to operate as a deposit-taking microfinance bank, effective October 1, 2026.
The licence authorizes the institution to accept savings deposits, extend consumer and mortgage credit, provide money transmission services, facilitate commercial transactions, and offer financial leasing and payment services.
Officials describe the bank as a digital-first, cross-border financial connector designed to capture and optimize African diaspora capital.
The new bank will build on the existing remittance operations of the Bard Santner Group’s TX Money Transfer service. Plans include integrating cross-border payments with diaspora savings accounts and investment financing.
Bard Santner Microfinance Bank Managing Director Ngonidzashe Chikowore said the institution will rely on digital banking infrastructure to serve individuals and small businesses conducting transactions between Zimbabwe and international markets.
Chikowore pointed to a rapidly expanding remittance market, valuing it at $2.45 billion in 2025, a 14% increase from the previous year and equivalent to roughly 16.1% of Zimbabwe’s foreign currency earnings. Formal remittances reached $1.62 billion in the first seven months of 2026, representing 24% year-on-year growth.
Bard Santner Group maintains offices in Harare, Johannesburg and New York. The company intends to link remittance flows to savings products, business lending and investment opportunities.
Any cross-border services will remain subject to applicable exchange-control rules and regulatory requirements in the markets where it operates.
Core strategic priorities
Bard Santner Microfinance Bank is positioning itself to serve Zimbabweans and other Africans living abroad, which is a segment that has traditionally been limited to basic remittance channels rather than fuller banking relationships.
It plans to integrate closely with TX Money Transfer to leverage the large and growing remittance market. Leadership under Chikowore aims to shift a portion of these flows away from pure consumption toward longer-term savings, capital accumulation and localized African investments.
Scope of authorized activities
The RBZ approval covers a broad range of activities that bridge traditional microfinance and commercial banking services. These include:
- Accepting retail savings and interest-bearing deposits from local and international clients
- Extending consumer credit, asset leasing, hire-purchase arrangements and structured mortgage financing
- Providing factoring, trade finance, bank guarantees and commercial transactional services aimed at small and medium-sized enterprises
- Operating money transmission networks, digital payment instruments and related treasury functions
By using mobile-first digital infrastructure, Bard Santner Microfinance Bank says it intends to reduce cross-border transaction costs and enable diaspora clients to fund business ventures, secure mortgages or build investment portfolios in Zimbabwe more seamlessly.
