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BARD Santner Inc has secured a deposit-taking microfinance banking licence from the Reserve Bank of Zimbabwe (RBZ), paving the way for the establishment of a diaspora-focused banking and investment platform targeting Zimbabweans and other Africans living abroad.
In a notice, the RBZ said Bard Santner Microfinance Bank Limited was registered as a deposit-taking microfinance institution with effect from October 1, 2026, in terms of the Microfinance Act (Chapter 24:30) and the Microfinance (General) Regulations, 2025.
The licence authorises the bank to accept savings deposits, extend consumer and mortgage credit, provide money transmission services, facilitate commercial transactions, undertake structured finance, offer financial leasing and issue and administer payment instruments, among other activities.
Bard Santner Bank managing director Mr Ngonidzashe Chikowore said the institution would provide a wide range of banking services, with a particular focus on diaspora remittances, building on the group’s existing involvement in the sector through its subsidiary, TX Money Transfer.
“Bard Santner Bank will operate as a cross-border financial connector, engineered around real-time payments and a banking architecture purpose-built for diaspora flows and SME trade,” he said.
Mr Chikowore said the licence lays the foundation for the Bard Santner Group’s long-term banking ambitions as it seeks to establish a diaspora-focused institution with operations extending beyond Zimbabwe’s borders. The group has offices in Harare, Johannesburg (South Africa), and New York (United States).
He said the bank’s strategy was based on delivering accessible, technology-driven financial services rather than competing solely on size.
“This is not the launch of just another start-up bank. Zimbabwe and Africa do not need another bank for the sake of a bank. What our people need — at home and abroad — is an institution, no matter how small to start with, that meets them where they live, earn, transact and aspire,” he said.
Mr Chikowore said smaller, digitally driven financial institutions could compete effectively with established banks by prioritising agility, innovation and customer experience.
While larger banks benefit from substantial balance sheets and economies of scale, he said, technology-enabled institutions could differentiate themselves through faster services and more personalised solutions.
Bard Santner Bank intends to operate within Zimbabwe’s regulatory framework while providing services designed to facilitate international payments and investment.
“A nurse in Manchester, UK, or doctor in Melbourne, Australia, a restaurant worker in Johannesburg, South Africa, should be able to send money home or fund a business in Harare or Bulawayo as easily as he or she pays an electricity bill electronically, order an Uber or pizza digitally,” Mr Chikowore said.
He added that the platform would also seek to make cross-border investment more efficient, enabling businesses to transact across African markets without unnecessary settlement delays.
Bard Santner Group chief executive Mr Senziwani Sikhosana said the licence represented a significant milestone in the group’s ambition to build a next-generation financial institution serving the global diaspora.
“Securing this deposit-taking microfinance bank licence is a transformative moment for millions of Zimbabweans and other global citizens who call more than one country home. We will not just be moving money; we are bridging people and economies,” he said.
Mr Sikhosana said the institution would provide a platform through which diaspora communities could save, invest and build wealth while contributing to economic development in their home countries.
The bank’s strategy comes amid the continued importance of diaspora remittances to Zimbabwe’s economy.
Mr Chikowore said Zimbabwe’s diaspora remittances reached US$2.45 billion in 2025, representing a 14 percent increase from the previous year and approximately 16.1 percent of total foreign currency earnings.
He added that formal remittances amounted to US$1.62 billion in the first seven months of 2026, a 24 percent increase compared with the same period in 2025, citing RBZ figures.
Beyond Zimbabwe, Mr Chikowore said diaspora remittances remained a major source of financial flows across Africa, creating opportunities to channel more resources into productive investment.
“African diaspora remittances reached an estimated US$124.2 billion in 2025, surpassing foreign direct investment and official development assistance across the continent,” he said.
He noted that Africa had an estimated combined gross domestic product of US$3.4 trillion and a population of approximately 1.5 billion people, presenting significant opportunities for cross-border financial services.
Despite the scale of these flows, he said, remittances had largely been viewed as money for household consumption rather than a potential source of investment capital.
He added that Bard Santner Bank aims to change that approach by connecting diaspora savings and remittances with business financing, investment and broader economic development.
Mr Chikowore said the institution’s success will depend on its ability to translate its digital-first strategy into accessible, reliable and competitive services for customers across borders, while maintaining compliance with applicable financial regulations.
