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Bard Santner's deposit-taking license: A bet on Zimbabwe's diaspora remittances. The new microfinance bank aims to convert significant diaspora inflows into a stable deposit base, but faces regulatory complexities and competition in a market dominated by established players. Ralph Mwendwa Senior Ecosystem Reporter · 21 Oct 2026 Zimbabwe's financial landscape saw a significant shift on October 1, 2026, as Bard Santner Microfinance Bank officially received its deposit-taking microfinance banking license from the Reserve Bank of Zimbabwe (RBZ). This regulatory approval allows the Harare-based institution to expand its offerings beyond traditional money transfer services into a full suite of financial products, including savings, lending, and investment services. The bank's stated focus is on leveraging the substantial diaspora remittances flowing into the country, a market segment it believes is currently underserved by existing financial institutions. The move comes as Zimbabwe's diaspora remittances continue to be a critical source of foreign currency. In 2025, these inflows reached US$2.45 billion, a 14% increase from the previous year, accounting for approximately 16.1% of the country's total foreign currency earnings. Formal remittances further surged to US$1.62 billion in the first seven months of 2026, a 24% increase compared to the same period in 2025. The Finance Minister, Mthuli Ncube, projects remittances to exceed US$3.2 billion this year, and reach US$3.4 billion by 2027. The diaspora playbook and market realities. Bard Santner Microfinance Bank's strategy is to capture a larger share of these flows by treating remittances not just as transactional income, but as capital for savings and investment. Managing Director Ngonidzashe Chikowore emphasized that the bank aims to be agile and technology-driven, prioritizing customer experience over asset size. This approach builds on the group's existing involvement in remittances through its subsidiary, TX Money Transfer. However, the path to converting remittance recipients into a stable deposit base is not without its challenges. While the bank is authorized for 15 categories of activities, including consumer and mortgage lending, trade finance, and foreign exchange operations, these remain subject to the Microfinance Act and the Exchange Control Act. The Zimbabwean microfinance sector is heavily regulated by the RBZ, requiring substantial capital, rigorous compliance, and a deep understanding of credit risk management. Deposit-taking microfinance institutions must meet a minimum capital equivalent to US$5 million. The competitive landscape in Zimbabwe's microfinance sector is also robust. While Bard Santner Microfinance Bank aims to differentiate itself with a diaspora focus, other established microfinance institutions like Platinum Microfinance (Pvt) Ltd, Hammer and Tongues Financial Services, and Yambukai Finance already offer various lending and savings products, often targeting underserved populations and small to medium enterprises. These players have spent years navigating local conditions, including regulatory shifts and the complexities of serving a diverse clientele. Governance and the unresolved question. To navigate these complexities, Bard Santner Microfinance Bank has appointed a 13-member board with a mix of executive, non-executive, and independent directors from Zimbabwe, South Africa, Mauritius, India, and the United Kingdom. The board includes individuals with extensive experience in international banking, auditing, and financial regulation, such as Scott Trimble, who has over 30 years of experience with institutions like HSBC and the Isle of Man financial regulator. Niazi Hoolash, a former associate director at KPMG and senior manager at PwC, has led central bank-mandated restructurings of commercial banks. This international expertise suggests a commitment to robust governance and compliance, critical for building trust in a market where institutional credibility is paramount. The optimistic case for Bard Santner Microfinance Bank rests on its ability to effectively tap into the growing pool of diaspora remittances and offer tailored financial products that resonate with this specific demographic. The skeptical case, however, questions whether the bank can truly convert these remittance flows into a sticky deposit base and profitable lending opportunities, especially when facing established local microfinance institutions and the inherent friction of operating within Zimbabwe's dynamic regulatory and economic environment. The unresolved question remains: can a digital-first, diaspora-focused bank genuinely re-engineer how remittances are utilized in Zimbabwe, or will it simply become another player in a crowded market, struggling to differentiate beyond its initial niche? Based on information available at time of publication. Trademarks and logos belong to their respective owners. Spot an error? Write to [email protected]. Editorial policy · Disclaimer. Bard Santner Microfinance Bank Zimbabwe · Fintech Ralph Mwendwa is AU-Startups' senior ecosystem reporter, covering founders, products and the operational realities of building across African markets. He's met more than 800 African founders in the last six years - first as a principal at an early-stage Pan-African fund, now as a journalist who still spends most of his weeks in product reviews and founder Zooms. His beat is the messy middle: the founder decisions, the product trade-offs, the unit-economics problems that don't make it into the announcement post. He won't write "founder-led" or "passionate team" because those phrases mean nothing. He will name the specific competitor a startup didn't acknowledge, the specific churn problem the metrics gloss over, and the specific operational lever that makes the difference between a story and a company. Ralph splits his time between Nairobi and Cape Town, with a soft spot for Lusophone Africa's underwritten ecosystems. Tip him on what's not getting covered: [email protected]. Related reading

PwC revenue tops $60bn despite sluggish figures in Europe and Middle East. News Reporter Big Four giant PwC's global revenue topped $60bn (£45bn) for the year, with growth across all regions and service lines, despite sluggish results in the Middle East and Europe due to geopolitical fallout. On Monday, the consulting and accounting giant reported a 3.5 per cent increase in global revenue for the year to June 30, reaching $60.2bn, up from $5.9bn in 2025, when revenue rose 2.7 per cent. PwC's Europe, Middle East, and Africa region posted a more sluggish 0.7 per cent revenue growth after the fallout from the Iran conflict. Elsewhere in the Middle East, PwC was also hit with a temporary ban on consultancy work in Saudi Arabia in February 2025 after a fallout the firm had with Saudi's Public Investment Fund (PIF). PwC global chairman Mohamed Kande said: "We achieved robust growth, even in the face of geopolitical and economic uncertainty. As a network, we will continue to invest in new ways of delivering value to our clients as we transform today to build the PwC of tomorrow." Stay in the know Three daily briefings with the key market moves and top business and political stories. Asia-Pacific, the firm's smallest region, covering China, Hong Kong, Australia, and New Zealand, reported the highest revenue growth at 7.7 per cent. Across all regions, the Big Four giants' service lines grew, with tax and legal services recording the highest growth as like-for-like revenues increased by 6.3 per cent, while advisory revenues increased by 3 per cent, followed by assurance revenues at 2.6 per cent. PwC said its various firms invested $3bn across the network "to expand capabilities in key areas, particularly AI and technology." The results follow Big Four rivals Deloitte's $74.5bn and EY's $57bn, both of which reported year-on-year growth, as PwC trailed both with slightly slower reported growth. Middle East arm revenues hit by Iran conflict. The firm reported a decline in revenues for PwC UK's consolidated group in September, the legal entity that includes its UK and Middle Eastern businesses. For the year ended 30 June 2026, PwC's UK business revenue grew to £4.4bn, up two per cent on the previous year. But the firm's overall risk and consulting practices across the group faced tougher market conditions, with consulting revenues down 9.8 per cent and risk down 8.9 per cent. Marco Amitrano, senior partner at PwC UK and PwC Middle East alliance, said that despite UK revenue growth increasing "a solid two per cent", it was partly offset by "a more difficult trading environment in the Middle East."

EY ex-managing partner Max Loh appointed chair of Singapore Institute of Directors. He succeeds former PwC Singapore executive chairman Yeoh Oon Jin Published Thu, Oct 15, 2026 · 08:13 PM * Max Loh (left) has served on the SID Governing Council since 2019; Yeoh Oon Jin is stepping down after three years as chair. PHOTOS: SID [SINGAPORE] Former EY managing partner Max Loh has been appointed chair of the Singapore Institute of Directors' (SID) Governing Council. He succeeds Yeoh Oon Jin, who is stepping down after three years. The appointment was announced at SID's 28th annual general meeting on Thursday (Oct 15), as the institute unveiled a broader renewal of its Governing Council. Loh has served on the council since 2019 and was previously its treasurer and second vice-chair. He was formerly EY's managing partner for Asean, Singapore and Brunei, before retiring in July 2022. He is chairman of the Competition and Consumer Commission of Singapore and deputy chairman of the Building and Construction Authority. Loh also sits on the boards of the Communicable Diseases Agency, CapitaLand Ascott Trust, Samudera Shipping and SPH Media, which publishes The Business Times. The Business Times turns 50. Five decades of milestones and moments that shaped Singapore's success story - told through our headlines. Explore BT50" Yeoh, 65, retired as executive chairman of PwC Singapore after 38 years at the firm. He is currently chairman of Singapore Pools and sits on the boards of the Singapore Exchange, Singapore Airlines and Trust Bank Singapore. During Yeoh's tenure, SID launched the SID Chairpersons Guild and SID Board Academy, as well as guides on cybersecurity and artificial intelligence. SID's individual membership grew by more than 50 per cent to 5,634 in 2026, from 3,640 in 2023, while more than 2,000 directors now hold SID accreditation. Established in 1998, SID is Singapore's national association for company directors. As part of the Governing Council's renewal, Neil Parekh and Justin Ang stepped down, while Kevin Lai joined as a new member. Joy Tan and June Sim were elected to the council, while Adrian Chan was appointed vice-chair.