eBusiness Weekly
Business Writer
International remittances service provider Kuvacash has partnered Bard Santner to bolster its reach across the country.
Bard is a new Harare-based banking and finance advisory firm founded last year by a consortium of local and regional financial players.
It boasts of an expansive network across Zimbabwe which includes branches in Harare, Bulawayo, Hwange and Victoria Falls.
In a statement announcing the deal on Tuesday, Bard Santner executive director Lucia Chingwaru, said the partnership would bring more convenience to customers and eventually
lower the costs of money transfer services.
“Such partnerships like this one allow us to stay ahead of the curve. Furthermore, establishing partnerships between remittance-service providers and other existing networks
helps expand remittance services without requiring large, fixed investments to develop payment networks.
“These cost savings can then be passed on to customers,” Chingwaru said.
Diaspora remittances in Zimbabwe continue to play a critical role surging from $1 billion in 2020 to $1,4 billion last year.
This mirrors the continent-wide significance of contributions by diaspora Africans to national development and sustaining family and friends back home.
World Bank data shows that remittance inflows to sub-Saharan Africa grew in 2021 by 6,2 percent to US$45 billion against a projected 5,5 percent this year due to economic recovery in US and Europe.
Kuva Cash is licensed by the Reserve Bank of Zimbabwe as an Authorised Dealer with Limited Authorities which allows it to undertake cash-to-cash money transfers, international
wire transfers, international mobile transfers and international Automated Clearing House (ACH) transactions, and mobile companion prepaid card transfers.
