Bard Santner launches TX Money Transfer
HARARE – Bard Santner Incorporated, a financial intermediary firm specialising in asset management, corporate finance, and wealth management, has launched a new money remittance platform, TX Money Transfer, with the goal of bridging existing gaps in the remittance sector by providing “a transparent service”.
The remittance industry in Zimbabwe is currently characterized by the physical cash outflow of sent funds, and the necessity of cash transactions poses several challenges at the point of collection, but TX Money Transfer will address these challenges by focusing on the final stage of the value chain, which is the collection points.
TX Money Transfer executive director Lucia Chingwaru said at the launch that “the main objective is to bridge existing gaps in the remittance sector by offering a reliable, transparent, and integrated service, and by utilizing TX Money Transfer, we assure the availability of funds for disbursement and guarantee no hidden fees.”
The fee structure is a flat 3%, providing a clear and predictable cost to its clients.
She added that the remittance market is fragmented, resulting in redundant efforts. For example, multiple remittance services frequently deliver funds to the same direction, resulting in inefficiencies and increased transaction costs. However, with the introduction of TX Money, these challenges will be mitigated through partnerships with other remittance providers, assisting in their disbursements as part of the value chain.
“These collaborations will facilitate economies of scale, streamline processes, and consolidate efforts. This approach will enable other remittance providers to offer services more efficiently and reliably to their customers. We are currently offering this service to InnBucks and finalizing similar agreements with other players in the market. This strategy not only reduces costs but also ensures timely and secure fund transfers for customers,” she added.
In terms of partnerships, TX Money Transfer is in partnership with Edgars and Jet stores nationwide.
Managing Director at Club Plus Microfinance (a subsidiary of Edgars Stores Zimbabwe), Pathiso Ncube, told FinX that the microfinance handles cash out and cash in for TX at every Edgars and Jet branch.
Bard Santner’s reach goes beyond Zimbabwe to neighbouring countries like Botswana, South Africa, and Zambia, as well as faraway regions like Mauritius, the United Kingdom, and the United States.-finx
