Zimbabwe's Bard Santner targets diaspora billions with new banking licence

Zimbabwean financial services group Bard Santner is moving to establish a diaspora-focused banking platform after securing a deposit-taking microfinance licence from the Reserve Bank of Zimbabwe (RBZ), seeking to capture a greater share of the billions of dollars sent home by citizens living overseas.

The licence, effective from 1 October 2026, authorises Bard Santner Microfinance Bank Limited to accept deposits, provide credit and facilitate money transfers, among other regulated financial services.

The Harare-based company plans to use the approval to develop digital banking services connecting Zimbabweans and other Africans abroad with financial opportunities in their home markets.

Its strategy centres on helping customers move beyond conventional remittances towards savings, investment and financing for small and medium-sized enterprises (SMEs).

New licence opens the way for digital banking

The RBZ registered Bard Santner Microfinance Bank Limited under Zimbabwe's Microfinance Act and the Microfinance (General) Regulations of 2025.

The authorisation covers several activities, including consumer and mortgage lending, trade finance, payment services, financial leasing and certain foreign-exchange transactions, subject to applicable regulations.

The approval represents a move into deposit-taking banking for Bard Santner, which already operates in the remittance market through its subsidiary, TX Money Transfer.

However, the new institution is licensed as a deposit-taking microfinance bank, rather than a full commercial bank. The company has outlined wider banking ambitions, but any expansion requiring additional authorisation would remain subject to regulatory approval.

Bard Santner has offices in Harare, Johannesburg and New York, providing an existing international presence from which to pursue customers living and working outside Zimbabwe.

Managing director Ngonidzashe Chikowore said the company intends to build its services around digital payments and the needs of people who maintain financial connections across national borders.

The proposed model includes real-time payments, diaspora-linked savings products and financing for smaller businesses. Specific products will depend on the bank's operational rollout, and a licence alone does not establish that all services are already available to customers.

Money sent home from abroad reached approximately US$2.45 billion in 2025, an increase of 14% from the previous year, according to RBZ figures cited by the company.

Those remittances represented about 16.1% of Zimbabwe's total foreign-currency earnings.

Formal inflows reached US$1.62 billion during the first seven months of 2026, up 24% compared with the corresponding period in 2025.

For financial institutions, these flows represent more than a market for transferring funds between countries.

Remittances support household spending on food, education, healthcare and other essential needs. Bard Santner's business proposition is to offer additional financial services through which customers may choose to save or invest part of their income.

Chikowore has argued that diaspora funds could play a greater role in supporting entrepreneurship and economic development if financial institutions provide appropriate savings and investment channels.

The company estimates that remittances to Africa reached US$124.2 billion in 2025. That continent-wide figure is a company-cited estimate and should be distinguished from Zimbabwe's separately reported central-bank data.

Governance and customer confidence will be key

Bard Santner has also announced a 13-member board, bringing together executives and independent directors with experience in banking, accounting and financial regulation.

The board is chaired by Vinod Bussawah, while the institution's leadership includes managing director Chikowore and group chief executive Senziwani Sikhosana.

Board members come from Zimbabwe and several international markets, including South Africa, Mauritius, India and the United Kingdom.

The appointments, reported on 21 October, form part of the bank's efforts to establish governance arrangements as it develops its financial services offering.