Fuel Now Officially Cheaper In US Dollars Than Zimbabwe Dollars

Fuel Now Officially Cheaper In US Dollars Than Zimbabwe Dollars- iHarare

Fuel Now Officially Cheaper In US Dollars Than Zimbabwe Dollars

Govt Orders Businesses To Display Both Zimbabwe Dollar And Foreign Currency Prices- iHarare
Zimbabwe Forex exchange auction trading system

Fuel in Zimbabwe is now surprisingly cheaper in United States dollars compared to that priced in Zimbabwean dollars.

A litre of petrol is retailing at an average $97 against the domestic currency’s trading range of $81 to the United States dollar at the Reserve Bank of Zimbabwe (RBZ)’s weekly auctions and $90 on the black market.

A weighted or blended price of the commodity (at US$1,19 per unit) using the current rates means local cash fuel is “slightly expensive”, thus spawning a massive phenomenon where motorists prefer to use foreign currency to purchase fuel.

Besides the exchange rate considerations, the trend is probably being fueled by the fact that it has become so cumbersome to use the Zimbabwe dollar due to daily transaction limits or restrictions — and the pricing chatter has also arisen due to the scrapping of subsidies on the key product.

Zimbabwe Energy and Regulatory Authority acting chief executive Eddington Mazambani told The Finacial Gazette that they are doing their best to deliver a fairly-priced commodity for the sustenance of the economy and other long-term benefits such as low inflation.

He said:

When we announced prices on September 05, we considered the ruling exchange rate. If you check our notice (dealers with a) trading advantage can sell at a lower price, ours (the price) is just a cap, to say you cannot sell at a price higher than this.

RBZ advisor Eddie Cross however said the prices in foreign currency were way expensive compared to those being charged in the region despite the fact that John Mangudya’s auctions had already guaranteed a steady supply of currency.

Cross said:

We need a more market-driven system, with dealers buying their fuel with funds from the auction,” he said, adding he expected August and September’s inflation figures to be very low.It is sustainable (and achievable) if we maintain t he current policies… (and l can safely say) the informal sector rates now represents a minority of transactions, and neither dominant nor representative.

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    Golden Ratio in Stock Market Business: Does It, and How Does It Work?

    The Golden Ratio can only be described as a phenomenal one

    Golden Ratio in Stock Market Business: Does It, and How Does It Work?

    The Golden Ratio can only be described as a phenomenal one. Over the years, this natural phenomenon of proportion and symmetry that results from number patterns referred to as the Fibonacci sequence has been shown to be useful in describing just about anything ranging from nature to universal patterns. 

    What’s more? Its application doesn’t stop there, it extends on to the stock market. The stock market is a very volatile one that requires close study and careful analysis in order to make educated guesses.

    This implies that the stock market is predictable but can only be done with the right tools, and the Golden Ratio has been shown to have great practical application in doing just this. The market operates on the exact same mathematical base as the natural phenomena that the Golden Ratio is found to be applicable to.

     Now to the next big questions, does this Ratio actually work? And if it does, how exactly does it work?

    Does the Golden Ratio Work in Stock Market Business?

    Although there has been a measure of scepticism following the Fibonacci sequence and the Golden Ratio, years of the application shows us that there just might be some truth to it. Now, for sceptics, a great number believe that the pattern of finding the Golden Ratio in different aspects of nature are a mere coincidence. 

    Now, predicting the stock market is basically trying to pinpoint the future value of a particular company’s stock or any other financial instrument that is typically traded on an exchange. There is, therefore, no gainsaying that correct prediction of a stock’s future price could result in a very significant profit. 

    But would the Golden Ratio work for this? And if yes, why would it?

    The first aspect of this is the fact that the stock market is indeed predictable. And this would imply that there should definitely be ways of predicting it. Next is that the markets are said to be perfectly patterned indicating that the only changes would come as a result of human decisions. 

    Stock price changes typically occur as a result of human influence – particularly the higher-ups. This is usually as a result of diverse opinions, valuations, and expectations – all of which are human. A study carried out by mathematical psychologist Vladimir Lefebvre indicated humans distinctly showcased positive and negative opinion evaluation by a Ratio that is very close to phi – numerically 61.8% positive and 38 2% negative. 

    This clearly points out a pattern and goes on to show that the Golden Ratio and Fibonacci series does work in the stock market business. So to the next big question.

     

    How Does the Golden Ratio Work in Stock Business?

    The Golden Ratio is gotten from a pattern of numbers referred to as the Fibonacci sequence. The Fibonacci sequence is such that the next number in its series is derived by summing the two preceding numbers. It therefore typically begins with a zero or a one. Therefore, you would always find two number ones starting every sequence. 

    A representation of the Fibonacci sequence goes like: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, etc. Therefore by summing the two preceding numbers e.g 5+8=13, you get the next value in the series. 

    Taking two successive numbers from the Fibonacci sequence and dividing the second number by the first results in a value that is very close to the Golden Ratio’s largest positive value of 1.618. 

    Furthermore, switching the division pattern and dividing the first number by the second number in the Fibonacci sequence would bring you very close to the Golden Ratio’s smallest positive value of .618.

    The Application

    Stock Market analysts apply the Golden Ratio in studying significant price movement trends for a particular stock or the market as a whole. They use it for analyzing resistance and support of stocks and this is referred to as Fibonacci Time Zones, Arcs, Fans and Retracements. When these numbers are plotted on a chart, analysts usually include a high number of 100% and a low number of 0%. The resistance is when the stock price should stop increasing and the support level is when the stock price should stop decreasing. 

    The theory that backs this application is that whenever a stock sees a noteworthy price decrease or increase, its support levels and resistance and would be exactly at or very close to the Golden Ratio values. 

    Given that the stock market movement can be predicted using the Golden Ratio, calculating the total expected return on any stock becomes a whole lot easier. This basically goes to show that the Golden Ratio is applicable in the stock market business as well as other forms of trading.

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    Zimbabwe Cotton Farmers Cry Foul After Being Paid In Groceries

    Zimbabwe Cotton Farmers Being Paid In Groceries

    Zimbabwe Cotton Farmers Being Paid In Groceries

     

    Cotton farmers in the country are crying foul and have threatened to stop growing cotton following the Cotton Company of Zimbabwe (Cottco)’s decision to pay them through groceries.

    The farmers are alleging that the move was unilateral and that the company is forcing them to accept groceries that they do not want or need. The farmers are also accusing the company of reneging on an earlier agreement to pay them using United States dollars and local currency.

    Noah Mashava, a young cotton farmer from Chinyamukwakwa, who spoke to The Manica Post said that he was shocked to receive a box of cooking oil as part of the payment for the cotton he delivered to Cottco.

    “I wanted to get married this year after receiving my payment, but now I can’t. Where do I get the money to pay lobola? I appeal to the relevant authorities to address this issue urgently.

    “I am contemplating switching to sesame because those who grew it are reaping good rewards,” said Mashava.

    Another farmer Mrs Eness Khosa from Machona Village who has been growing cotton since 1998 called for a reasonable pricing system.

    “Things have changed and I can no longer send my children to school. If we continue on this path, this will spell doom for the cotton industry. We just want a reasonable pricing regime.

    “No one was consulted before they sent groceries as payment for my cotton. I was given salt as payment and I don’t need it.

    “The receipt they gave me does not even indicate the number of kilogrammes of the cotton I delivered. They are short-changing us. My child has to go to college and this grocery payment is a serious setback,’’ she said.

    Zimbabwe Cotton Farmers Being Paid In Groceries
    Zimbabwe Cotton Farmers Being Paid In Groceries

     

    However, Cottco managing director, Pious Manamike, said that the groceries were not being forced on anyone. He blamed the current situation on liquidity issues and said that farmers were free to wait for the money. He did not give a timeline, however, of when the farmers should expect to get the money.

    “We have been paying some of the farmers using groceries. We are not reneging on the contracts we entered with the farmers, but we are giving them a choice of either receiving cash or groceries.

    “We had committed to pay the farmers in United States dollars, cash in local currency or through mobile transfers, but due to the liquidity crunch, we have been forced to opt for the groceries.

    “We are not forcing anyone to take the groceries. Farmers can either take the groceries or wait for cash,”

    A horticulture expert and Arex officer, Mrs Mary Kafesu, urged farmers to study contracts carefully to avoid being duped by merchants.

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    Air Zimbabwe Set To Resume Domestic And Regional Flights

    Air Zimbabwe Set To Resume Domestic And Regional Flights

    Air Zimbabwe Set To Resume Domestic And Regional Flights

    National airline Air Zimbabwe is set to resume domestic flights from next Wednesday while regional flights are scheduled for October 3, as nations open up the skies for domestic and international travel.

    The announcement follows a Cabinet decision to resume domestic and international flights, although all passengers have to be tested for Covid-19 within 48 hours before traveling.

    Air Zimbabwe had suspended all flights late March due to the COVID-19 pandemic, except a few international ones to repatriate Zimbabweans and other nationals who had been stranded abroad.

    In the past few weeks, Zimbabwe has been relaxing COVID-19 regulations, including re-opening the tourism sector for which the airline industry is a major player.

    In a statement on Wednesday, Air Zimbabwe spokesperson Ms. Firstme Vitori said domestic routes to be serviced are Harare, Bulawayo, and Victoria Falls morning schedule, and Harare/ Victoria Falls/ Bulawayo/Harare evening schedule every Monday, Wednesday, and Friday, with flights between Zimbabwe and Tanzania initially operating every Tuesday and Saturday with an additional frequency expected towards the end of the year.

    Air Zimbabwe said it still awaits confirmation of the opening of South African airspace and airports.

    Air Zimbabwe added that it would publish guidelines issued by the ministry of health, the World Health Organization, and IATA for air travel from time to time.

    Presently, the guidelines include personal masking up, sanitizing, washing hands, temperature checks, as well as disinfection of aircraft before boarding and after passengers, have disembarked.

    The national guidelines for aviation safety and security were developed by the Civil Aviation Authority of Zimbabwe.

    You can read the full statement by Air Zimbabwe below:

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    “Takatora Tsvimbo Ndokurova”: Mnangagwa Says EcoCash Was Sabotaging The Economy And Causing Runaway Inflation

    President Mnangagwa To Address The Nation On The Pastoral Letter

    Mnangagwa Says EcoCash Was Sabotaging The Economy

    Mnangagwa Says EcoCash Was Sabotaging The Economy

     

     

    President Emmerson Mnangagwa has attacked the country’s biggest mobile money company Ecocash, accusing it of sabotaging the economy and causing the country’s runaway inflation.

    According to the President, EcoCash was creating billions of dollars of phantom money, which was prompting the country’s inflation to skyrocket. He went on to assert that the government had decisively dealt with the alleged scourge by taking a knobkerrie and pummelling ‘them’ (takatora tsvimbo ndokurova) .

    The Sunday Mail reports that President Emmerson Mnangagwa said the remarks while addressing  ZANU PF Midlands Provincial Coordinating Committee (PCC) members in Gweru on Saturday.

    Said the President,

    “We realised that Ecocash was behind all this so we studied this thing and got to their server and found everything, every corruption and takatora tsvimbo ndokurova, it was painful to others but we said we only allow limited mobile money and it must reflect in the account.

    “We were all confused as to what was happening until we set up a committee and we discovered there was up to $8,4 billion circulating outside the banking system, which money in financial terms, is phantom money, which is some sort of ghost money whose source no one knows.

    “We also discovered that there were people on the streets, a lodger who does not own a house but in his or her mobile phone there is $86 million, which he or she is trading, not employed, no one complaining of losing money, it was confusing,”

    The president also said that his administration will leave no stone unturned in its efforts to fight corruption.

    In August, the Reserve Bank of Zimbabwe (RBZ) severely curtailed the impact and of reach of mobile money by banning all agent lines permanently. The move severely affected all mobile money companies, but EcoCash in particular, as the company’s market share was greater than 90 percent.

    The RBZ claimed that the agent lines were being used for illicit financial transactions, primarily illegal foreign currency exchange transactions. The central bank has also alleged that EcoCash was running an elaborate Ponzi scheme which was accelerating the black market exchange rate and devaluing the Zimbabwe Dollar.


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    Dubai Expo Postponed To 2021 Due To Covid-19

    Dubai Expo Postponed To 2021 Due To Covid-19

    The multi-billion-dollar innovation fair, the Dubai Expo 2020 has been postponed to October 2021 due to the global coronavirus pandemic.

    The expo was scheduled to run from October this year to April 2021 in the United Arab Emirates however due to Covid-19, it has been postponed by a year to October 2021.

    This development comes as a disappointment to Zimbabwe, as the country was geared up to promote “Brand Zimbabwe” and unpack Vision 2030 at the Dubai Expo 2020.

    Speaking about the postponement,  Zimbabwe’s Commissioner General for the Expo ambassador Mary Mubi said;

    “Expo 2020 was moved from October 2020 to 1 October 2021-31 March 2022.   Companies for content programming have been contracted and have started work.”

    “There are about 14 Zimbabwean companies working on Expo programme.  There was a virtual meeting for Expo 2020 International Participants Meeting on the way forward and availing of a lot of opportunities for participating countries,  the meeting was on 24 to 27 August.”

    Despite, the global pandemic Covid-19 stalling progress, Zimbabwe seems to be safely navigating the impact of COVID-19 and putting in the work behind the scenes.

    Mubi revealed that Zimbabwe is among countries that have contributed to a children’s storybook named  ‘Children’s tales from around the world’.

    “This is the very first time that a folkstory from Zimbabwe has been exhibited on such an important platform complete with visual illustrations and amongst folkstories from several other nations. It is indeed an achievement and a source of great pride to the people of Zimbabwe,” she said.

    The digital book is readily available and free of charge in Portable Document Format, PDF, on the Explain 2020 Dubai School Program website and is also set to be accessible on several media platforms.


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    Local Insurance Company Comes Through For Senior Citizens

    Moovah Insurance Senior Citizens

    Local Insurance Company Moovah Comes Through For Senior Citizens

    Moovah Insurance Senior Citizens

    Local insurance,  Moovah has come through for senior citizens above the age of 55 with a one of a kind short-term insurance product which offers a 30% discount for their motor vehicle, legal, personal effects, home, and household insurance.

    This is a tremendous advancement worth celebration amid coronavirus induced hardships the country is reeling under – especially to the unemployed and the elderly.

    Moovah is targeting senior citizens due to their risk profile being substantially low (some of us may even assert that it’s inessential as compared to economically active individuals or even the modern-day millennial. Hence, they are more deserving of such a favourable treat. Taking into consideration often times their cars are parked, or when they drive, they are very cautious on the road.  Millennials are able to cover their beloved elderly parents.

    Moovah is a hassle-free, user-friendly, and convenient go-to short-term insurance brand that allows you to buy or renew insurance for your vehicles, properties, household contents, and other assets from the comfort of your home or office via a mobile phone. Picture that…not only do you skip the tedious process of filling in a novel of forms but you’re a few clicks away from insuring your valuables? Also, with Moovah after renewing your insurance, the discs are delivered for FREE wherever you are.

    The new product does not only offer unparalleled convenience but there are other value-added benefits including Free MARS Emergency Services in the event of an accident, a 10% accident-free driving discount on your premiums if you do not claim per year, plus roadside assistance services from Automobile Association Of Zimbabwe (AAZ). Interestingly, you are also GUARANTEED to earn extra income when you refer someone to renew on this amazing product.

    To buy or renew your insurance with Moovah, all you need is to dial *901# or email underwritting@cassavasmartech.co.zw, get a quote and pay.

    .For more information on the Moovah Senior Citizens Insurance, you may visit the website,  https://www.moovah.co.zw/senior-citizen-insurance-cover.


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    Bad News For Consumers As ZESA Seeks Huge Tariffs Increase

    ZESA tariffs

    Bad News For Consumers As ZESA Seeks Huge Tariffs Increase

    ZESA load shedding

    Zesa Holdings is seeking permission to raise tariffs arguing that the current tariffs are now sub-economic.

    This was said by the acting managing director for  Zimbabwe Electricity Transmission and Distribution Company (ZETDC) Mr. Lovemore Chinaka when he appeared before the Parliamentary Portfolio Committee on Energy and Power Development.

    He said the existing rate was approximately 2.3 US cents per kilowatt-hour instead of 10 US cents per kWh, which will allow the power utility to break-even.

    He said the changes in the foreign currency exchange rate since the last increase had made electricity prices sub-economic and threatened Zesa viability.

    Chinaka said:

    The long-term impact would be that we will be unable to fix the grid from a maintenance point if we have natural failures of transformers or lines that are down due to age. You find that our capacity to respond quickly has been eroded.

    Under the current tariff band, the first 50 units cost 52c per kWh, 51 to 200 units cost $1,14 per kWh while 201 to 300 units were reduced to $3,12 per kWh from $4,88 per kWh. If one wants to purchase the premium band which consists of units in excess of 300 units they have to pay $4,88 per kWh.

    ZESA tariffs were last increased in June this year.

    Turning to vandalism, Mr. Chinaka said Zesa has failed to electrify 75 000 households due to rampant vandalism and thefts resulting in resources being re-directed to replace stolen equipment.

    In 2017, Zesa registered 736 cases of thefts and vandalism, but this rose in 2018 to 766 and last year shot up to 1 178 cases. As of July this year, 498 cases had been recorded.

    Mr. Chinaka said the cases were high at the beginning of the year but dropped during the initial phases of lockdown that was introduced in March.

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    6 Best Forex Brokers in Zimbabwe

    Best forex brokers in zimbabwe

    6 Best Forex Brokers in Zimbabwe

     

    Forex trading in Zimbabwe is not only legal, but Zimbabwean traders, regardless of whether they are experts or beginners, have a variety of options where Forex brokers are concerned.

    There are numerous well-regulated and popular Forex brokers who welcome Zimbabwean traders, and who offer some of the best trading conditions in the industry in addition to superb customer support, trading tools, education, and research sources.

    As Forex trading in Africa continues to expand and become popular, more brokers will be open to welcoming traders from this continent.

    1. XM
    Established in 2009, XM is a strictly regulated ECN and STP online trading broker which offers Zimbabwean traders with competitive trading conditions.

    For a minimum deposit of as little as $5 when registering a live account, Zimbabwean traders have access to numerous Forex pairs, spreads from 0.0 pips, low commissions, and access to leverage up to 1:888.

    2. AvaTrade
    Multi-regulated and an award-winning broker, AvaTrade offers Zimbabwean the opportunity to trade in over 250 financial instruments from as little as $100 when registering a live account.

    AvaTrade’s competitive conditions include leverage up to 1:400, tight and fixed spreads from 0.9 pips, commission-free trading, and the use of advanced, user-friendly trading platforms.

    3. HotForex
    As a multi-regulated and multi-asset broker which is based in Cyprus, Zimbabwean traders can register a live trading account from as little as $5 to gain access to various Forex pairs when using HotForex to facilitate trades.

    HotForex offers Zimbabwean traders with a choice between five dynamic accounts, leverage up to 1:1000, spreads from 0.0 pips, and low commissions from $3 on FX majors.
    When trading Forex through HotForex, traders have a choice between using either MetaTrader 4 or MetaTrader 5 through which trades can be executed.

    4. Plus500
    Established in 2008, Plus500 is a popular and multi-regulated broker which offers competitive trading conditions from as little as $100.

    Zimbabwean traders are offered with leverage up to 1:300, spreads from as little as 0.6 pips on EUR/USD, and zero commission charges when trading.

    5. Exness
    Exness has been operating since 2008 in providing traders from around the world with competitive trading conditions from as little as $1 when registering a live trading account.
    When using Exness to facilitate the trade in Forex, traders can expect leverage up to 1:2000, spreads from 0.0 pips and low commissions from $3.5 per lot per side.

    6. IC Markets
    IC Markets is a well-regulated Australian and Seychelles-based ECN broker which offers the trade in numerous Forex pairs for a minimum deposit of $200 when registering a live account.

    Zimbabwean traders have access to leverage up to 1:500, spreads from 0.0 pips and commissions that start from as little as $3 when using IC Markets to facilitate the trade of Forex.

    Where Forex in Zimbabwe is concerned, Zimbabwean traders will find that there is no shortage in legit, reputable, and well-established Forex brokers who welcome Zimbabwean traders despite their level of skills, knowledge, and experience.


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    Mastercard, Zimswitch Partnership Set To Drive Digital Transformation Of The Payments Sector In Zimbabwe

    Mastercard, Zimswitch partnership

    Mastercard, Zimswitch partnership set to drive digital transformation of the payments sector in Zimbabwe

    Mastercard, Zimswitch partnership

    Harare, Zimbabwe – Mastercard and Zimswitch, Zimbabwe’s national payment switch, have announced a partnership agreement to enable the modernization of Zimbabwe’s payment infrastructure, using Mastercard’s technology, products and services.

    This partnership will further support the Reserve Bank of Zimbabwe’s vision of a modernized and interoperable payment system that supports inclusive economic growth and boosts the digital economy.

    Dr John Mangudya, Governor of the Reserve Bank of Zimbabwe, says: “We see this partnership as a positive development that will help us achieve our long-standing vision and our strategic plan to modernise payments systems and infrastructure, and build an inclusive financial sector that supports the socio-economic development of the country.”

    Utilising Mastercard’s global network, Zimswitch will launch a co-branded contactless card programme that features EMV technology to enable safer, smarter and more secure transactions. The payment switch will also introduce Mastercard’s digital payment solutions, a loyalty platform and a national fraud and risk management solution to protect consumers, financial institutions and merchants against criminal activity.

    From an e-commerce platform perspective, Zimswitch will leverage Mastercard Payments Gateway Services to support small businesses, as well as the private and public sectors. The platform will process all payments from all major international card schemes, enabling international visitors and locals to book and pay for their travel, visas and government services online.

    “Zimbabwe has witnessed a significant shift in growth of electronic payments over the last few years and we are delighted by Mastercard’s commitment to driving Zimbabwe’s digital agenda, which demonstrates confidence in our market. The ultimate aim of this partnership is to unlock best-in-class payment solutions that will position Zimbabwe at the forefront of the global financial system. This will further help us to boost investment, while making it easier for people, and businesses to transact,” says Wonder Nyabereka, the Zimswitch Board Chairman.

    Mastercard’s commitment to financial inclusion means the company is actively leveraging the latest technology to simplify and reduce the cost of transacting. This is even more critical in the wake of the COVID-19 pandemic, where many vulnerable populations have been disproportionately impacted by economic challenges.

    Mark Elliott, division president of Mastercard Southern Africa, says: “Our strategy remains focused on enabling digital transformation for our partners so that their customers enjoy seamless access to payments and a superior experience when transacting across different platforms. We are very excited to partner with Zimswitch to lead the transition to a more inclusive digital payments system –and to do it in a way that helps society at large. This marks a significant step towards greater consistency, security and speed for processing everyday payments while laying the groundwork for future innovation.”

     

    About Mastercard

    Mastercard (NYSE:MA) is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

     

    About Zimswitch

    Zimswitch is the national electronic funds switch for Zimbabwe and a leading payments technology company in the country. We create customer value through providing a frictionless payment experience by offering convenient, secure and efficient payment service solutions that dissect across markets. Our state of the art switching system connects financial institutions, merchants, third-party payment providers, businesses and consumers in Zimbabwe to the world of electronic payments. Through our business ethos which inculcates a culture of innovation, customer-centricity and agility, our services continue to evolve to meet the ever-changing dynamics in the payments market. The future is digital, and digital payments transformation has become our business agenda. www.zimswitch.co.zw

                  

    Communications contacts:

    Mastercard: Birgit Deibele, Birgit.Deibele@mastercard.com

    Zimswitch: Sharon Marira, info@zimswitch.co.zw


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