Bard Santner secures microfinance bank licence

Harare-based financial services group Bard Santner Inc has secured a deposit-taking microfinance bank licence from the Reserve Bank of Zimbabwe (RBZ), paving the way for the establishment of a diaspora-focused banking platform targeting Zimbabweans and other Africans living abroad.

The RBZ announced the licensing and approval of Bard Santner Microfinance Bank, marking a significant step in the group's ambitions to build a financial institution connecting diaspora communities with opportunities in their home countries.

Bard Santner, which has offices in Harare, Johannesburg and New York, plans to build on its existing presence in the remittance market through its subsidiary, TX Money Transfer.

The move comes as diaspora remittances remain a major source of foreign currency for Zimbabwe. Remittances reached US$2.45 billion in 2025, representing a 14% increase from the previous year and accounting for 16.1% of the country's foreign currency earnings.

According to the RBZ, formal remittances amounted to US$1.62 billion in the first seven months of 2026, up 24% from the corresponding period in 2025.

Bard Santner Group chief executive Senziwani Sikhosana said the new licence would enable the group to develop a financial institution designed to serve the needs of people living and working across borders.

"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," Sikhosana said.

"We will not just be moving money; we are bridging people and economies."

He said the bank would provide a platform through which diaspora communities could save, invest and build wealth while contributing to economic development in their home countries.

Bard Santner Bank managing director Ngonidzashe Chikowore said the institution would prioritise accessibility, customer experience and technological innovation rather than competing with established banks on size alone.

"This is not the launch of just another start-up bank," Chikowore said.

"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 that meets them where they live, earn, transact and aspire."

Chikowore said the group had longer-term ambitions to obtain a merchant or commercial banking licence, but its immediate priority was to deliver efficient and accessible financial services within the existing regulatory framework.

He added that technology-driven banking models could allow smaller institutions to compete by integrating financial services into customers' everyday activities rather than relying primarily on physical branches.

"A nurse in Manchester, UK, or doctor in Melbourne, Australia, or restaurant worker in Johannesburg, South Africa, should be able to send money home or fund a business in Harare or Bulawayo as easily as paying an electricity bill electronically or ordering a pizza digitally," he said.

The bank's operating model is expected to draw lessons from South African fintech institutions such as GoTyme Bank and Bank Zero.

South Africa's fintech sector has developed rapidly, supported by widespread smartphone use and regulatory initiatives, providing regional examples of how digital technology can expand access to financial services.

Bard Santner's entry into deposit-taking banking could broaden its role beyond remittances, potentially creating additional opportunities for diaspora customers to save, invest and support businesses in Zimbabwe.

The bank's progress will depend on its ability to translate its digital ambitions into accessible services while meeting regulatory requirements and building customer confidence in an increasingly competitive financial services market.