BARD SANTNER TAKES BANKING AMBITIONS TO RBZ GOVERNOR

Bard Santner executives are engaging regional and national financial leaders as the newly licensed institution advances its diaspora-focused banking ambitions.

By Southerton Business Times | Harare

Executives of newly licensed Bard Santner Microfinance Bank on Friday met Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu to outline the institution’s vision and discuss its plans to establish a digital-first financial services platform targeting Zimbabwe’s diaspora market.

The meeting comes weeks after the central bank registered Bard Santner Microfinance Bank Limited as a deposit-taking microfinance institution, effective October 1, 2026. The delegation, led by board chairperson Vinod Bussawah, included Senziwani Sikhosana, Tatenda Hungwe, Lucia Chingwaru and Ngonidzashe Chikowore.

The executives reportedly used the engagement to thank the central bank for granting the licence and outline their plans as the institution moves towards building its digital banking model.

Bard Santner is targeting Zimbabwe’s multi-billion-dollar diaspora remittance market, with ambitions to move beyond conventional money transfers and connect funds sent home by Zimbabweans abroad with savings, investment and financing opportunities. The institution intends to use digital technology to facilitate cross-border payments and provide financial services to Zimbabweans and other Africans living and working outside their home countries.

The RBZ licence authorises the institution to receive savings deposits, extend consumer and mortgage credit, provide money transmission services, facilitate commercial transactions and undertake other approved financial activities. The bank’s entry into the market builds on Bard Santner’s existing involvement in remittances through its subsidiary, TX Money Transfer.

Friday’s engagement with Mushayavanhu follows a high-level visit by Bard Santner executives to Mauritius, where they met President Dharambeer Gokhool at State House in Port Louis on October 28. The delegation, also led by Bussawah, included Sikhosana, Hungwe, Chingwaru and Chikowore.

According to information released following the Mauritius engagement, discussions centred on investment management, cross-border financial services and possible collaboration with Mauritian stakeholders. The group is seeking to establish a financial footprint in Mauritius and explore opportunities to use the island nation as a gateway for investment into Africa.

The regional engagements form part of Bard Santner’s wider ambition to expand its financial services presence beyond Zimbabwe. The company has also been involved in high-profile investment initiatives linked to Nigerian industrialist Aliko Dangote.

Bard Santner Investors, a subsidiary of the group, reportedly facilitated access for Zimbabwean investors to Dangote Petroleum Refinery’s US$1.6 billion initial public offering (IPO). The group has also been associated with proposed investments exceeding US$1 billion in Zimbabwe involving Dangote, although the proposed projects should be distinguished from the refinery share offer.

Bard Santner’s immediate challenge will be to translate its regional ambitions into accessible, reliable and secure financial services while meeting regulatory requirements and building public confidence. Its focus on diaspora finance places it in a market where remittances remain an important source of foreign currency and household support for Zimbabwe.

Bard Santner Microfinance Bank