DT Correspondent
The financial intermediary firm Bard Santner has launched the TX Money Transfer which is designed to cater to the urgent financial needs of individuals requiring swift funds transfers.
Speaking during the launch in the capital today, TX Money Transfer executive director Lucia Chingwaru said the institution’s main objective was to bridge the existing gaps in the remittance sector by offering a reliable and transparent service.
“The remittance industry in Zimbabwe is currently characterized by the physical cash outflow of sent funds. The necessity of cash transactions poses several challenges at the point of collection. Receivers often encounter obstacles such as system failures, insufficient funds at collection points, long waiting times, and undisclosed charges that become apparent only upon collection.
“When analyzing the entire value chain, it becomes evident that sending money is efficient, but the collection process is inefficient. The challenges faced at collection points can be summarized as reliability issues. TX Money Transfer directly addresses these concerns by focusing on the final stage of the value chain: the collection points. Our commitment is to identify the root causes of these challenges and work towards resolving them to ensure reliability and transparency. By utilizing TX Money Transfer, we assure the availability of funds for disbursement and guarantee no hidden fees. Our fee structure is a flat three percent, providing clear and predictable costs for our clients” Chingwaru said.
Chingwaru further highlighted that the remittance market was fragmented, resulting in redundant efforts.
“For instance, multiple remittance services often deliver funds to the same destination, leading to Inefficiencies and increased transaction costs. TX Money Transfer is addressing this issue by concentrating on the challenges faced by receivers throughout the value chain.
“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 key players in the market. This strategy not only reduces costs but also ensures timely and secure fund transfers for customers”.
In February this year, the company opened an office on the 85th floor of One World Trade Center in New York which seeks to tap into huge capital, investment and transaction opportunities on the global markets.
It has banking relationships with J.P. Morgan and Citibank. In 2023, the company became the first financial institution to register and set up in the Victoria Falls Offshore Centre as it seeks to tap into the growth potential of the market.
The company currently has a presence in neighbouring countries including Botswana, Zambia, Mauritius and South Africa, and is chaired by Mauritius-based Vino Bussawah, with four local directors.
