Harare-based financial services group Bard Santner Inc has secured a deposit-taking microfinance banking licence from the Reserve Bank of Zimbabwe (RBZ), paving the way for the company to expand into digital banking and financial services targeting Zimbabweans living abroad.
The licence, effective October 1, 2026, was announced by the central bank under the Microfinance Act (Chapter 24:30), read together with the Microfinance (General) Regulations, 2025.
The development is a key step in Bard Santner’s ambition to establish a banking platform connecting Zimbabweans and other Africans across international markets, with services covering remittances, savings, lending and investment.
The group has operations in Harare and Johannesburg, South Africa, as well as a presence in New York in the United States.
Under the new licence, Bard Santner Microfinance Bank Limited is authorised to accept savings deposits, extend consumer and mortgage loans, provide bank guarantees, facilitate trade finance and offer money transfer services.
Its permitted activities also include foreign currency transactions, subject to exchange control regulations, payment services, financial leasing, money broking, portfolio management and credit reference services.
The bank plans to build on the group’s existing presence in the remittance market through TX Money Transfer, a Bard Santner subsidiary involved in transferring money across borders.
Zimbabwe’s diaspora market presents a significant opportunity for financial institutions seeking to attract foreign currency and develop investment products for customers living outside the country.
Diaspora remittances reached US$2.45 billion in 2025, representing a 14% increase from the previous year and approximately 16.1% of Zimbabwe’s total foreign currency earnings.
Figures cited by the group show that formal remittances amounted to US$1.62 billion in the first seven months of 2026, a 24% increase compared with the same period in 2025.
Bard Santner Bank managing director Ngonidzashe Chikowore said the institution was being established to address the financial challenges faced by people who live and work across different countries.
“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, no matter how small to start with, that meets them where they live, earn, transact and aspire.”
Chikowore said the bank would place technology, flexibility and customer experience at the centre of its operations, rather than relying on the traditional branch-based banking model.
The proposed platform is expected to offer multi-currency accounts, diaspora savings products, remittance-linked investment opportunities and financing solutions for small and medium-sized businesses.
The group also wants to make it easier for individuals abroad to channel money into business ventures and investment opportunities in Zimbabwe and other African markets.
“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, orders an Uber or pizza digitally,” Chikowore said.
He added that businesses operating across African markets should be able to invest in other countries without facing lengthy settlement delays.
Bard Santner’s strategy is to establish a digital-first financial institution specifically designed around cross-border transactions, rather than simply adding digital services to a conventional banking model.
The company believes this approach could help transform diaspora remittances from money primarily used for household consumption into a more structured source of savings, business funding and long-term investment.
Group chief executive Senziwani Sikhosana described the licence as a major milestone in the company’s plans to build a financial institution serving customers whose personal and business interests extend beyond national 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 platform would provide diaspora customers with opportunities to save, invest and grow their wealth while contributing to economic development in their countries of origin.
The group has indicated that the bank’s rollout will be phased, with its operations expected to develop within Zimbabwe’s regulatory framework.
The licence places Bard Santner Microfinance Bank within the regulated deposit-taking microfinance sector, subject to applicable capital requirements, governance standards and ongoing regulatory supervision.
Bard Santner has also expressed ambitions to expand its regulatory standing in the future, including pursuing a merchant or commercial banking licence as the business grows.
Chikowore acknowledged that regulatory approval alone would not guarantee success, saying the institution would need to build customer confidence through sound financial management and responsible governance.
“The licence is not merely a vote of confidence in Bard Santner, but also a responsibility,” he said. “Durable institutions are not built on speed alone. They are built on capital, corporate governance and trust.”
The bank’s entry comes as digital financial services gain traction across Africa, where technology-driven institutions are seeking to make payments more accessible and improve the delivery of financial services to individuals and businesses.
For Zimbabwe, where remittances remain a major source of foreign currency, Bard Santner’s proposed model seeks to create a more direct link between the diaspora, domestic savings and investment opportunities.
The institution’s long-term prospects will depend on how effectively it translates its digital banking ambitions into accessible services, competitive pricing and a trusted platform for customers at home and abroad.
