A financial services group offering asset management, corporate finance, wealth management and money transfer services, Bard Santner, is looking to turn Zimbabwe’s growing diaspora remittances into a broader banking business.
The company is targeting a market that received $2.45 billion in remittances last year. With a newly licensed deposit-taking microfinance bank, Bard Santner plans to move beyond money transfers into lending, savings and wealth management, allowing it to earn revenue from more than just cross-border payments.
The move reflects a wider challenge for remittance companies. Money transfers can attract customers, but competition on fees and exchange rates leaves limited room to grow profits. By offering savings and credit products to people who already use its transfer services, Bard Santner hopes to build longer-term relationships with customers and generate additional income.
However, Zimbabwe’s large remittance market does not guarantee that customers will adopt its banking services. The company must contend with established money transfer operators, growing competition from digital banks and regulatory restrictions that complicate cross-border banking.
South Africa’s digital banking market offers a glimpse of the competition ahead. A PwC analysis of major banks found that digitally active customers increased to 27.6 million in the second half of 2025, up from 21 million in the first half of the year. As more customers embrace digital financial services, banks and fintech companies are competing to offer cheaper transactions and more convenient ways to manage money.
Digital banks such as GoTyme Bank, Bank Zero and Discovery Bank compete for customers through their digital offerings, while remittance providers including Mukuru, Mama Money and Hello Paisa have established networks serving migrant communities. Bard Santner’s challenge is to combine the reach of a money transfer business with the services of a bank.
Its existing remittance customers could give it an advantage. People who regularly send money to Zimbabwe are already familiar with the company, potentially reducing the cost of attracting them to savings and lending products. But converting those users into banking customers will depend on whether the new services offer clear benefits and work reliably across borders.
The opportunity is substantial. Formal diaspora remittances reached $1.62 billion in the first seven months of 2026, a 24% increase from the same period a year earlier, according to figures from the Reserve Bank of Zimbabwe.
Still, the amount of money sent home does not necessarily reflect how much can be captured as bank deposits or investments. Many recipients continue to favour cash, while concerns about currency stability can discourage people from keeping money in formal financial institutions. Bard Santner will need to offer competitive savings products, clear terms and reliable access to funds if it wants customers to leave more of their money within the banking system.
The company operates across Harare, Johannesburg and New York, with its subsidiary TX Money Transfer serving as a key channel for reaching customers. Its proposed services include multi-currency accounts, financing for small businesses involved in cross-border trade and credit products linked to diaspora activity.
The group’s deposit-taking microfinance banking licence, granted by the Reserve Bank of Zimbabwe, took effect on October 1, 2026. The approval gives it a regulatory basis to accept deposits and provide loans in Zimbabwe, but it does not automatically authorise the company to offer the same banking services in other countries.
That distinction matters because a cross-border banking business must operate within different regulatory systems. A Zimbabwean licence does not, on its own, allow Bard Santner to accept deposits or provide regulated banking services in South Africa. The company may need appropriate local authorisation or partnerships to expand its banking offering there.
This could make it more difficult to deliver a seamless service to customers who earn money in South Africa and send it to relatives in Zimbabwe. The company will need to manage the transfer process and its banking operations in line with the rules governing each market.
Pricing will also be important. Customers sending money home are sensitive to transfer fees, exchange rates and processing times, all of which affect how much recipients ultimately receive. Any additional savings or lending services will need to provide enough value to persuade customers to stay with the company rather than use competing providers.
Lending presents another challenge. Bard Santner will need to assess borrowers carefully, manage defaults and ensure that its products remain affordable. Multi-currency accounts and loans will also require clear terms on exchange-rate risks and access to funds.
The company has yet to publicly establish how many existing transfer customers it expects to convert into banking clients, how much it plans to lend or what level of defaults it anticipates. Those figures will be important in assessing whether its remittance network can support a sustainable banking business.
Zimbabwe’s diaspora remittances offer Bard Santner a significant starting point, but the real test will be turning money transfers into lasting financial relationships. Its success will depend on whether customers see enough value in its savings and lending products to make the company part of their everyday financial lives, while it navigates competition, currency concerns and the regulatory demands of operating across borders.