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Michael Tome

Business Reporter

FINANCIAL intermediary firm, Bard Santner Incorporated, yesterday launched TX Money Transfer, a money remittance service that facilitates the secure movement of funds across Zimbabwe.

The service seeks to bridge the financial inclusion gap in the population and provide a platform where clients can instantly send and receive their funds reliably with nominal charges, driven by a value proposition based on “ transparency and efficiency”.

This is part of the group’s plans to enhance financial inclusion in the country, as it moves to bridge existing gaps in the remittance sector by offering a reliable, integrated service.

According to TX, a flat 3 percent charge is levied on the sender while there is zero charge on the receiver, providing clients with a clear and predictable cost structure.

Only an identification card is required to send or receive money using TX.

Currently, TX Money Transfer services are available at six main branches in Harare, Bulawayo, Zvishavane, Victoria Falls, and Hwange.

The firm’s services are also available in selected Edgars and Jet Stores nationwide with plans afoot to expand the network of agents and partners going forward.

The remittance business is fast expanding in Zimbabwe’s financial services sector, generating billions in local, regional, and international transfers.

This comes as fintechs continue to grow, helping companies, businesses, and individuals to better manage their financial operations with improved and efficient payment solutions.

Speaking at the launch, TX Money Transfer executive director Lucia Chingwaru said the new money transfer service would improve reliability and transparency on charges to avoid hidden costs and remove process chokeholds.

She said different challenges were taking a toll on clients who find it easy to send money, but hard to receive due to bottlenecks at the end of the value chain.

“Today marks a momentous occasion as we introduce TX Money Transfer, a new business specifically designed to cater to the urgent financial needs of individuals and companies requiring swift fund transfers.

“Our company is determined to offer quality and reliable service while building scale and presence across the country in collaboration with existing players.

“Our brand commitment revolves around reliability and differentiation, setting us apart in a market characterised by inconsistencies and undisclosed fees. We are dedicated to upholding these principles because clients are willing to pay for a service they can trust,” said Ms Chingwaru.

She said customers would enjoy quick turnaround and ready cash availability through its branch network nationwide.

Bard Santner executive director, Mr Tatenda Hungwe, said the launch would go a long way in enhancing the country’s financial inclusion drive.

“This event signifies a momentous achievement in our evolution as a financial services entity, the launch of TX Money Transfer underscores our unwavering dedication to financial inclusivity and our support for Zimbabwe’s Vision 2030,” said Mr Hungwe.

Bard Santner Investors (Pvt) Ltd, which was established on the first of February 2022 is an asset manager licensed by the Securities and Exchange Commission of Zimbabwe (SECZIM) under the Management Act of 2004 and has registered the gold coin unit trust in terms of the collective investment schemes act of 2004 as amended in 2013.

It specialises in advisory, asset management, wealth management, treasury services, and remittances and its reach extends to locations like Mauritius, the United Kingdom, and the United States.