By Edward Makuzva
Harare, Zimbabwe – TX Money Transfer, a new money remittance platform, has launched in Zimbabwe, promising to revolutionize the way people send and receive money.
The platform, launched by BARD Santner Incorporated, aims to address the challenges faced by clients in the remittance sector, including reliability issues, hidden costs, and process chokeholds.
Speaking at the launch event, in the capital TX Money Transfer Executive Director Lucia Chingwaru said, “Our main objective is to bridge existing gaps in the remittance sector by offering a reliable, transparent, and integrated service. We want to ensure that our clients have a seamless experience when sending and receiving money.”
Chingwaru added that the new remittance service is determined to offer quality and reliable service while building scale and presence across the country in collaboration with existing players.
She highlighted that the importance of collaboration in the remittance sector, saying, “We need to work with other players in the industry to remove bottlenecks and ensure smooth and better service for our clients.”
The remittance business in Zimbabwe’s competitive financial services sector is fast expanding, generating billions in local, regional and international transfers, as fintechs grow to help companies, businesses and individuals better manage their financial operations, processes and lives with improved and efficient payment solutions.
Chingwaru added:
“The remittance industry in Zimbabwe is currently characterised by the physical cash outflow of sent funds.
“The flow of cash transactions comes with challenges at focal 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 analysing the entire value chain, it becomes evident that sending money is efficient, yet 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 utilising TX Money Transfer, we assure the availability of funds for disbursement and guarantee no hidden fees. Our fee structure is a flat 3%, providing clear and predictable costs for our clients with no hidden costs.”
Chingwaru says the remittance market is fragmented, resulting in redundant efforts. For instance, she added in her speech, multiple remittance services often deliver funds to the same destination, leading to inefficiencies and increased transaction costs.
“These challenges can be mitigated through partnerships with other remittance providers, assisting in their disbursements as part of the value chain. Collaborations will facilitate economies of scale, streamline processes, and consolidate efforts,” she said.
The launch event was attended by stakeholders in the financial services sector, and TX Money Transfer has announced plans to expand its services to other cities in Zimbabwe.
As part of its engagement and marketing drive, TX Money Transfer will be offering gold coin prizes worth US$100,000 through raffle draws until the end of the year.
The remittance industry in Zimbabwe is fast expanding, generating billions in local, regional, and international transfers.
TX Money Transfer’s entry into the market is expected to increase competition and improve services for clients.
