BARD Santner Incorporated, a prominent player in asset management, corporate finance, and wealth management, has unveiled a groundbreaking money remittance platform named TX Money Transfer.
At the launch event held at in Harare, TX Money Transfer’s Executive Director, Lucia Chingwaru, highlighted the company’s commitment to tackling the persistent bottlenecks that plague the sector. “Today marks a momentous occasion as we introduce TX Money Transfer, a business specifically designed to cater to the urgent financial needs of individuals and companies requiring swift fund transfers,” said Chingwaru.
Bottlenecks in the remittance process have long been a thorn in the side of clients, who often find sending money easy but receiving it fraught with delays and hidden costs. Chingwaru emphasized the platform’s dedication to transparency, ensuring clients are fully informed about charges and hidden costs involved in the remittance process.
“To start with, we need to study the current system with existing players to remove bottlenecks in the sector to ensure smooth and better service for our clients and good returns for business,” Chingwaru stated. This involves a deep dive into the intricacies of bottlenecks, understanding their anatomy, impact, and devising effective mitigation strategies.
TX Money Transfer is poised to collaborate with existing players to create a hub that delivers “last mile” payment solutions in areas where money reception has been problematic. By leveraging technology such as automation and artificial intelligence, the platform aims to increase capacity, reduce lead time, and improve efficiency.
The launch event, which also featured a roadshow at Africa Unity Square in Harare, will extend to Bulawayo and other major cities across Zimbabwe. As part of its engagement and marketing drive, TX will offer gold coin prizes worth US$100,000 through raffle draws until the end of the year.
The remittance business in Zimbabwe’s competitive financial services sector is expanding rapidly, driven by the growth of fintechs that facilitate efficient financial operations and payment solutions. However, the industry is characterized by physical cash outflows and challenges at collection points, including system failures, insufficient funds, and undisclosed charges.
“TX Money Transfer directly addresses these concerns by focusing on the final stage of the value chain – the collection points,” Chingwaru explained. The platform guarantees the availability of funds for disbursement and a transparent fee structure with a flat 3% charge, ensuring no hidden costs for clients.
Chingwaru also pointed out the fragmentation in the remittance market, which leads to redundant efforts and increased transaction costs. TX Money Transfer plans to mitigate these issues through partnerships with other remittance providers, facilitating economies of scale and streamlined processes. Currently, TX is collaborating with InnBucks and finalizing agreements with other key players in the market.
“Our brand commitment revolves around reliability and differentiation, setting us apart in a market characterized by inconsistencies and undisclosed fees. We are dedicated to upholding these principles,” Chingwaru asserted.
