LOCAL financial services firm, Bard Santner Incorporated has launched a new money remittance platform called TX Money Transfer to tap into the over US$1 billion diaspora remittances received in Zimbabwe annually.
Due to Zimbabwe’s large diaspora community, more than US$1 billion in remittances is received into the market annually from outside the country.
Speaking at the launch of the new remittance service in Harare yesterday, TX Money Transfer executive director Lucia Chingwaru said the group was committed to offering a reliable service while building scale and presence across the country.
“Today marks a pivotal moment as we introduce TX Money Transfer, specially designed to cater for the urgent financial needs of individuals requiring swift fund transfers,” she said.
“Our main objective is to bridge the existing gaps in the remittance sector by offering a reliable and transparent service.”
Chingwaru said the remittance business in Zimbabwe’s competitive financial services sector was fast expanding, generating billions in local, regional and international transfers.
“The remittance industry in Zimbabwe is currently characterised by the physical cash outflow of sent funds. The necessity of cash transactions poses several challenges at the point of collection,” she said.
“Receivers often encounter obstacles such as system failures, insufficient funds at collection points, long waiting time and undisclosed charges that become apparent only upon collection.
- New money transfer service launched
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“The challenges faced at the collection points can be summarised as reliability issues. At TX Money Transfer, we assure the availability of funds for disbursements and guarantee no hidden fees. Our fee structure is a flat 3%, providing clear and predictable costs for our clients.”
She highlighted that the group will collaborate with other players to enable it to offer services more efficiently and reliably to its customers.
