HARARE – Bard Santner, a leading financial services firm specialising in asset management, corporate finance and wealth management, has launched a new money remittance platform TX Money Transfer, promising a new value proposition based on “reliability, transparency and efficiency.”
TX Money Transfer says it wants to improve reliability, transparency on charges to avoid hidden costs and promote collaboration to remove process chokeholds from the sector that have taken a toll on clients who find it easy to send money, but hard to receive due to bottlenecks at the end of the value chain.
In the transfer money sector, bottlenecks occur when a process is inefficient or time-consuming, causing delays in the key workflows and inconveniences to customers.
TX Money Transfer executive director Lucia Chingwaru, during the launch of the new remittance service at a hotel in Harare on Wednesday said her company is determined to offer quality and reliable service while building scale and presence across the country in collaboration with existing players.
Chingwaru said it was critical to let clients know charges and hidden costs involved in the remittance process to ensure transparency. TX Money Transfer users will pay a flat 3 percent of the transfer amount with no hidden costs for clients, she said.
“Today marks a momentous occasion as we introduce TX Money Transfer, a new business specifically designed to cater to the urgent financial needs of individuals and companies requiring swift fund transfers,” she said.
“Our main objective is to bridge existing gaps in the remittance sector by offering a reliable, transparent and integrated service. Reliability is key to us, just like transparency is. We also need to work with others in an integrated, not fragmented way.
“To start with, we need to study the current system with existing players to remove bottlenecks in the sector to ensure smooth and better service for our clients and good returns for business.
“To grasp their significance of this issue, we should delve into the nuances of bottlenecks, dissecting their anatomy, impact, and strategies for mitigation.”
Chingwaru said TX Money Transfer had identified a niche to merge infrastructure with existing players to create a hub to deliver “last mile” payment solutions in areas where there were problems of receiving money once it has been sent.
“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 the collection process is inefficient. The challenges faced at collection points can be summarised as reliability issues.
“TX Money Transfer directly addresses these concerns by focusing on the final stage of the value chain the collection points,” said Chingwaru.
