HARARE – Zimbabwe could receive more than US$3.5 billion in diaspora remittances this year, but financial services executive Senziwani Sikhosana says the country needs to find ways of turning a greater share of that money into productive investment rather than household consumption.
Formal diaspora remittances reached US$2.45 billion in 2025, while inflows in the first seven months of this year had already reached US$1.62 billion.
For Bard Santner CEO Sikhosana, the rising flows represent more than a source of foreign currency for Zimbabwean families. They are an opportunity to mobilise diaspora money as productive capital for businesses, property, financial markets and other investments.
“We need to develop products that ensure some of those flows are used not just for consumption, but for productive purposes,” Sikhosana said in an interview on The Chief Koti Show podcast.
“We’re talking about US$3.5 billion or more coming into the country, and that figure continues to grow. It’s about time we started developing products specifically for the diaspora because we believe there is a real opportunity there.”
Remittances are an important lifeline for thousands of Zimbabwean households, helping to pay for education, healthcare, food, housing and other basic needs.
But once the money is spent, its capacity to generate further economic value is largely exhausted.
Sikhosana believes financial institutions can help change that by developing products that allow Zimbabweans abroad to continue supporting their families while also building assets and investing in productive activities.
A portion of the money currently directed towards household consumption could instead be channelled into businesses, property, capital markets and other long-term investments.
That, he argues, could give businesses access to additional capital, support entrepreneurship and create opportunities for employment and wealth accumulation.
Sikhosana also challenged Zimbabwe’s financial institutions to be more ambitious about the products they offer to customers abroad.
“Why can’t a bank from Zimbabwe deliver an international-standard product?” he asked.
Zimbabweans living abroad are exposed to increasingly sophisticated financial services and investment opportunities in the countries where they live. For local institutions to attract a greater share of their capital, Sikhosana said, they need products that are competitive, transparent, accessible and capable of inspiring confidence.
But he sees the role of financial institutions as extending beyond moving money or selling financial products.
Institutions, he said, should also help translate economic policy into practical opportunities that people and businesses can understand and use.
“What’s really important to us is that someone in Beitbridge, Bulawayo, Hwange or Mutare may not necessarily understand what a policy means in practical terms,” he said.
“They’re waiting for an institution to translate that policy into something tangible and visible.”
That, Sikhosana said, should be part of the responsibility of institutions operating in the financial services sector.
“We want to be that kind of institution, one that people can rely on to lead in actioning policy and translating it into something they can see, understand and relate to.”
Bard Santner, where Sikhosana serves as group chief executive, operates across asset management, corporate finance, wealth management and remittances, including its TX Money Transfer business.
Sikhosana said financial institutions should not be content simply to receive and transfer money.
“We don’t want to be an institution that simply receives and sends money. We want to be an institution that helps turn policy into action and creates tangible value for the communities we serve.”
The broader issue, however, extends beyond any single financial institution.
Zimbabwe has a substantial diaspora that is already financially connected to the domestic economy. The challenge is to create the products, investment opportunities and confidence needed to deepen that relationship.
“If even a fraction of the billions of dollars entering the country annually can be redirected into productive investment, the potential economic impact could be considerable,” Sikhosana said.
“Businesses could gain access to additional capital, entrepreneurs could finance expansion, property and other assets could generate longer-term returns, and families could begin building wealth beyond immediate consumption.
“The opportunity, therefore, is not simply to increase the amount of money coming into Zimbabwe. It is to increase the amount of diaspora money that stays, circulates and creates additional economic value.”
