BY MUNYARADZI BLESSING DOMA
Bard Santner Microfinance Bank has appointed a 13-member board comprising experienced banking professionals, financial regulators and corporate governance specialists as it seeks to establish itself in Zimbabwe’s diaspora-focused financial services market.
The appointments follow the institution’s launch last week, with the bank targeting the country’s multi-billion-dollar remittance market through a digital-first approach to financial services.
The board brings together executive, non-executive and independent directors from Zimbabwe, South Africa, Mauritius, India and the United Kingdom, combining local market knowledge with international financial expertise.
Its formation comes against the backdrop of Zimbabwe’s troubled banking history, which has seen depositors lose hundreds of millions of dollars amid mismanagement, corporate governance failures and economic instability.
The bank is seeking to place the protection of customers’ funds and sound corporate governance at the centre of its operations as it prepares to enter an increasingly digital financial services environment.
The board is chaired by Vinod Bussawah and includes independent directors Roger Bennett, Scott Trimble, Brad Shorkend, Peter Wood, Dr Roshan Boodhoo, Niazi Hoolash and Monika Bhatt.
Senziwani Sikhosana, Tatenda Hungwe and Lucia Chingwaru are the non-executive directors, while Ngonidzashe Chikowore and Givemore Gomo serve as managing director and finance director respectively.
The directors bring varied experience spanning banking, financial regulation, auditing, corporate law and governance.
Bussawah, a Fellow of the Association of Chartered Certified Accountants, has more than 30 years of experience in finance and governance. He also chairs audit committees at two listed companies.
Boodhoo previously served as chief executive of the Financial Services Commission of Mauritius and deputy chief executive of SBM Group, one of the island nation’s largest banking groups. He also sits on the board of a NASDAQ-listed company.
Trimble has spent 30 years in senior management and board-level positions at HSBC, HBOS, Grant Thornton, Moore Global and the Isle of Man financial regulator.
His professional recognition includes being named UK Anti-Money Laundering Advisor of the Year in 2022 and 2023.
Bennett brings four decades of experience in banking and trust services, having worked with institutions including Lloyds Bank, Canada Trust and CIBC. He also founded Fortress Management Services in the Isle of Man.
Hoolash, who previously worked as an associate director at KPMG and senior manager at PwC, has experience leading central bank-mandated restructurings of commercial banks.
Shorkend, an adjunct faculty member at the Gordon Institute of Business Science and Duke Corporate Education, advises leadership teams across Europe, the United States, Asia, the Middle East and Africa.
Bhatt specialises in corporate law and governance as a practising company secretary, while Wood brings local banking experience, having previously chaired BancABC Zimbabwe.
The board also includes the bank’s founding pioneers, Sikhosana, Hungwe and Chingwaru, who will provide strategic direction in their non-executive roles.
Chikowore and Gomo will oversee management and financial operations as the institution seeks to establish a sustainable and profitable business.
Sikhosana, who has extensive experience in Zimbabwe’s banking and financial services sector, also serves as chief executive of the group. He was recently named the 2026 Director of the Year by the Institute of Directors Zimbabwe.
Bussawah said the board’s primary responsibility was to safeguard customers’ money and uphold high standards in the running of the institution.
“Our job as a board is simple: to protect depositors’ money and to make sure the bank is run to international standards,” said Bussawah.
Chikowore said the bank was bringing together professionals with strong track records to establish a trusted financial institution focused on the diaspora market.
“Zimbabweans deserve a new fintech institution they can trust. That is why we brought together experts with great track records, locally, regionally and internationally, alongside people who know this market well, to build a new diaspora-focused institution from scratch.
“We want to lay a strong foundation, ensure corporate governance and protect depositors’ funds from the word go,” said Chikowore.
Sikhosana said confidence in financial institutions depended on trust, accountability and the consistent protection of customers’ interests.
“Banks are founded on trust.
Trust in banking is gradually earned through customer-centred, efficient and consistent service, security, and transparency.
Trust and the interplay of confidence and accountability become the nerve-centre of banking.
“This entails a deep responsibility to protect both depositors’ funds, confidentiality and data.
“When customers choose a bank, they are not just choosing a name or brand; they are entering a confidential relationship built on the legitimate expectation of safety of their funds, confidentiality of their information and ethical behaviour,” said Sikhosana.
The bank’s governance structure comes at a time when digital technology is reshaping financial services and creating new opportunities for institutions to reach customers beyond traditional banking networks.
Microfinance institutions and digital remittance platforms have often been regarded as alternatives to conventional commercial banks, with concerns sometimes raised about the strength of their governance systems.
Bard Santner’s decision to bring together directors with experience in financial regulation, corporate governance, legal matters and banking is intended to establish a framework that addresses these concerns.
The bank’s planned focus on cross-border financial connections makes regulatory compliance particularly important.
Its proposed model seeks to connect Zimbabweans and the wider African diaspora, especially those in South Africa, the United Kingdom and the United States, with local small-to-medium enterprises and investment funds.
Operating across borders presents compliance challenges, particularly in areas such as anti-money laundering and know-your-customer requirements.
The involvement of independent directors with international experience is expected to help the institution establish appropriate controls and meet relevant banking standards, which are important for maintaining relationships with foreign correspondent banks.
The separation of executive management from independent oversight also provides a mechanism for monitoring operations and strengthening accountability as the institution grows.
For a financial institution seeking to mobilise remittances and channel part of the funds into structured investment vehicles, governance will be an important component of its business model.
Bard Santner’s ability to combine effective oversight, customer protection and regulatory compliance will therefore be central to its efforts to build confidence in the market and establish a sustainable presence in Zimbabwe’s evolving financial services sector.
