BY MUNYARADZI BLESSING DOMA
Reliability, transparency and efficiency, were the major value propositions made as Bard Santner Incorporated launched a new money remittance platform, TX Money Transfer in Harare on Wednesday.
The event which started with a press briefing, then a launch at Africa Unity Square, saw the company painting the central business district red, white and blue, in a marketing drive which will remain etched on many of those who witnessed.
The company’s model is built on partnerships, through strategic collaborations; providing a platform for other remittance providers to deliver services to their clients.
Lucia Chingwaru, Executive Director of TX Money Transfer, said they were coming in to give solutions to some of the challenges which members of the public were facing in remittances.
“The launch marks a pivotal moment as we introduce TX Money Transfer, specifically designed to cater for the urgent financial needs of individuals requiring swift fund transfers.
“Our main objective is 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 collection process is inefficient,” said Chingwaru.
She added: “the challenges faced at collection points can be summarized as reliability issues.
“TX Money Transfer, we assure the availability of funds for disbursement and guarantee no hidden fees. “Our fee structure is a flat 3 percent, providing clear and predictable costs for our clients.
“Moreover, the remittance market is fragmented, resulting in redundant efforts. For instance, multiple remittance services often deliver funds to the same destination, leading 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.”
She further revealed that they are currently offering this service to InnBucks and finalizing similar agreements with other key players in the market and their service is currently in Edgars Stores.
“This strategy not only reduces costs but also ensures timely and secure fund transfers for customers,” added Chingwaru.
Also speaking at the same launch, Tatenda Hungwe, also a TX Money Transfer Executive Director, said their launch underscores their unwavering dedication to financial inclusivity and our support for Zimbabwe’s Vision 2030.
“We understand the importance of ensuring that financial services are accessible to all, including the hardworking individuals contributing tirelessly to infrastructure projects within our nation.
“At TX Money Transfer, we establishing a robust and dependable hub that other remittance providers can count on.
“By emphasizing reliability in cash disbursements and customer service, this hub will serve as reliable foundation for providers to deliver steadfast and trustworthy services to their clients,” he added.
The launch at Africa Unity Square saw three lucky members of the public going home US$2 400 richer after they won in draws which were conducted. Award winning artiste Killer T, was the headline act at the launch.
TX Money Transfer is set to launch in Bulawayo this Friday and they will move other cities.
The service is currently being offered in Harare, Bulawayo, Zvishavane and Victoria Falls.
Bard Santner Incorporated, a leading financial intermediary firm specialising in asset management, corporate finance and wealth management, was established in Zimbabwe on February 1, 2022, and their reach has extends to Botswana, South Africa, Zambia, Mauritius, United Kingdom and the United States of America.
