The Reserve Bank of Zimbabwe (RBZ) has registered Bard Santner Microfinance Bank Limited as a deposit-taking microfinance institution, with effect from 1 October 2026. The Harare-based Bard Santner group says it wants to build a digital bank for Zimbabweans and other Africans living abroad.

What the RBZ notice says

In a public notice quoted by ZiFM Stereo, the central bank said: "Notice is hereby given, in terms of the Microfinance Act (Chapter 24:30), as read with section 5 of the Microfinance (General) Regulations, 2025, (SI 85 of 2025), of the registration of Bard Santner Microfinance Bank Limited as a deposit-taking microfinance institution with effect from 1 October 2026."

The licence covers a list of permitted activities. They include taking savings deposits, consumer and mortgage credit, trade finance, bank guarantees, money transmission, buying and selling foreign currency subject to the Exchange Control Act, issuing payment instruments, portfolio management, leasing and credit reference services.

This is a microfinance bank licence, not a full commercial bank licence. ZimLive reports that managing director Ngonidzashe Chikowore said the group hopes to move up to a merchant or commercial banking licence in future.

Who is behind it

Bard Santner already sends money home through its remittance subsidiary, TX Money Transfer. The group has offices in Harare, Johannesburg and New York, according to ZimLive and The Observer Zim.

What the company says it plans

The products are plans, not services customers can use yet. According to the company, they will include multi-currency accounts, instant conversion of remittances into investments, diaspora-linked savings products and trade finance for small businesses trading across African markets.

"This is not the launch of just another start-up bank," Chikowore said. "Zimbabwe and Africa do not need another bank for the sake of a bank."

He said a nurse in Manchester or a restaurant worker in Johannesburg should be able to fund a business in Harare or Bulawayo as easily as paying a bill.

Group chief executive Senziwani Sikhosana called the licence "a transformative moment for millions of Zimbabweans and other global citizens who call more than one country home". "We will not just be moving money; we are bridging people and economies," he said.

The company says its rollout will be phased, with full banking operations expected to start "soon". It has not given a launch date, fees, or details of which countries customers will be able to open accounts from.

The size of the market

ZimLive and ZiFM Stereo, citing RBZ figures, report that diaspora remittances to Zimbabwe reached US$2.45 billion in 2025, up 14% on the year before and about 16.1% of the country's foreign currency earnings. Formal remittances reached US$1.62 billion in the first seven months of 2026, up 24% on the same period in 2025.

What to wait for

Until the bank announces a launch date, products and fees, there is nothing yet for people abroad to sign up to. Zimbo Grapevine will update this story when Bard Santner confirms when, where and how customers can open accounts.

This article is for information only and is not financial advice.

Sources: ZiFM Stereo (quotes the RBZ public notice), 14 Oct 2026: https://zifmstereo.co.zw/bard-santner-secures-deposit-taking-microfinance-banking-licence/ · ZimLive, 14 Oct 2026: https://www.zimlive.com/bard-santner-secures-rbz-licence-for-diaspora-focused-bank/ · The Observer Zim, 14 Oct 2026: https://theobserverzim.co.zw/2026/10/14/bard-santner-moves-to-harness-regional-diaspora-inflows-via-new-banking-licence/