The Government has suspended mobile money platforms EcoCash, One Money and Telecash among others as well as trading on the Zimbabwe Stock Exchange until further notice.Government said the move was to curtail what it claimed was economic sabotage perpetrated by the “wolves in sheep skins amongst our populations”.
Government has accused the mobile platforms of facilitating the skyrocketing of rates in the markets. In a statement seen by Nehanda Radio, government through the Information Ministry confirmed the development adding that the measures would subsist until the the mobile platforms are reformed.
“Government has with immediate effect undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetuated by the wolves in sheep skins amongst our population that his Excellency the President alluded to during his official address on the occasion of heroes burial of Cde Stanely Nleya (Gagisa) at the National Shrine.
“The measures include the suspension of all monetary transactions on phone-based mobile money platforms in order to facilitate intrusive investigations leading to the arrest and prosecution of offenders. Concurrently the measures will also include the suspension of all trading on the Zimbabwe Stock Exchange.
“These measures are to subsist until such time that the mobile money platforms have been reformed to their original purpose and all the phantom rate of exchange have converged into one genuine rate that is determined by the market forces under the Foreign Currency Auction System which was launched by the Reserve Bank of Zimbabwe of the 23rd June 2020,” read the statement.
Four days ago, the RBZ replaced the interbank market with weekly foreign exchange auctions to determine the Zimbabwe dollar exchange rate.
Government added that the operational modalities and details of the envisaged measures are going to be announced by the relevant monetary, regulatory and law enforcement authorities in the next few days.
“Government will concurrently ensure that prudent measures are also put in place to mitigate and prevent any collateral damage that these interventions may cause to the innocent transacting public who were using these platforms.
“Government is in possession of impeccable intelligence which constitutes a prima facie case whereby the phone-based mobile money systems of Zimbabwe are conspiring, with the help of the Zimbabwe Stock Exchange, either deliberately or inadvertently, in illicit activities that are sabotaging the economy.
These activities include: –
a) Illegal externalization of foreign currency through transfer mispricing;
b) Acting as banks outside the purpose for which they were originally licensed, as non-banking financial institutions. This includes, in the particular case of Ecocash, holding well in excess of ZWL$8 billion distributed across just over 501 000 agent/merchant lines as at 10 June 2020, which is not under the scrutiny of the Financial Intelligence Unit;
c) Fraudulently creating and issuing non-attributable and non-auditable agent cellphone lines/accounts;
d) Hiding irreconcilable accounts in suspense accounts which hold huge credit balances for unjustifiably long periods;
e) Ecocash, in particular, is acting as the centre pivot of the galloping black market foreign exchange rate and therefore, fuelling the incessant price hikes of goods and services that are bedevilling the economy and causing untold hardship to the people of Zimbabwe.
In this regard, it has been conspiring with big merchants to act as their conduit through which they transfer hundreds of millions of dollars per day to runners on the street who then buy US Dollars on their behalf;
f) Rampant, often arrogant, non-compliance with directives issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit;
g) Facilitating illicit trade in notes and coins, at contrived rates of between 30% and 50%, thus causing artificial shortages of the same within the banking system;
h) Criminally allowing agent lines that were banned by the RBZ to continue trading illegally;
i) Using bulk airtime sales at discounted prices which are cross rated to phantom USD exchange rates, which further distort the Zimbabwe market and deliberately mop up US Dollars from the black market, thus forcing up the rate of exchange in a manner that has hitherto been difficult to explain for
the monetary authorities;
j) Engaging in rampant unchecked tax evasion;
k) Failure to report suspicious transactions or to take action against them;
l) Creation of illegal transient and permanent money through airtime loans, unaccounted wallet-to-bank and bank-to-wallet transactions and other malpractices;
m) Maintaining auditable mobile phone lines or accounts which are being used by criminal syndicates, in connivance with insiders, to steal money from subscribers through such fraudulent practices as teeming and lading;
n) Acting as conduits for the circulation of counterfeit USD notes; and
o) Facilitating criminal activities through the non-enforcement of KYC requirements; and
“Ecocash, OneMoney, Telecash and MyCash Mobile Money platforms are all complicit in these illicit activities in varying degrees. Ecocash, however, which controls nearly 94% of all mobile money transactions, is the centre pivot of this problem and its resultant impact on Zimbabwe’s economy.
“The impact is exacerbated by the existence of fake counters on the Zimbabwe Stock Exchange, which is epitomized by the so-called Old Mutual Implied Exchange Rate (OMIR). This, in turn, results in four or more US: ZWL parallel market exchange rates operating in the market.
“At any time, therefore, there is the official rate, an Ecocash rate, an OneMoney rate, and the OMIR among others. As the RBZ Governor aptly observed recently, there are multiple contrived phantom exchange rates in use in the Zimbabwe Economy, which conspire to defeat fiscal policy, ” further read the statement.
Info News
Medicare Supplement Plans: How Medigap Helps Cover Out-of-Pocket Costs
Medicare Supplement plans, Medigap plans, Medicare Supplement insurance, Medigap coverage, Medicare Plan G, Medicare Plan N, Medicare supplement cost
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Medicare Supplement Plans: How Medigap Works
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Medicare Supplement Insurance, also called Medigap, helps pay certain out-of-pocket costs left by Original Medicare.
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For many people, Medigap is appealing because it can make health care costs more predictable.
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Medicare says Medigap is extra insurance sold by private companies to help pay your share of costs in Original Medicare, such as copayments, coinsurance, and deductibles.
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Who Can Buy a Medigap Policy?
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Generally, you need Original Medicare Part A and Part B to buy a Medigap policy.
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Medigap works with Original Medicare. It is not the same as Medicare Advantage.
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This matters because you generally cannot use Medigap to pay Medicare Advantage plan costs.
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What Does Medigap Cover?
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Medigap policies may help with costs such as:
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Part A coinsurance
rnPart B coinsurance or copayments
rnBlood costs
rnSkilled nursing facility coinsurance
rnPart A deductible
rnForeign travel emergency coverage, depending on plan
rnOut-of-pocket gaps in Original Medicare
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Coverage depends on the specific plan letter.
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Medicare provides a comparison chart showing what different Medigap plan letters cover.
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Medigap Plan Letters
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Medigap plans are standardized by letter in most states.
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Common plan letters include:
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Plan A
rnPlan B
rnPlan D
rnPlan G
rnPlan K
rnPlan L
rnPlan M
rnPlan N
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The benefits for a plan letter are standardized, but prices can differ by insurance company.
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For example, Plan G benefits are generally the same standard benefits regardless of company, but premium pricing and service may vary.
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Medigap vs. Medicare Advantage
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This is a major decision.
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Medigap Works With Original Medicare
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You keep Original Medicare and add Medigap to help with out-of-pocket costs. You may also buy a separate Part D plan for prescriptions.
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Medicare Advantage Replaces How You Receive Medicare Benefits
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Medicare Advantage plans are private plans that provide Part A and Part B benefits as an alternative to Original Medicare.
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The choice affects doctor access, network rules, drug coverage, monthly premiums, and out-of-pocket costs.
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When Is the Best Time to Buy Medigap?
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Medicare says your federal Medigap Open Enrollment Period lasts 6 months and starts the first month you have Medicare Part B and are 65 or older. During this period, you have important rights when buying Medigap.
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If you apply later, medical underwriting may apply in many situations, depending on your state and circumstances.
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Medigap Pros
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Potential advantages include:
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Predictable out-of-pocket costs
rnWorks with Original Medicare
rnNo Medicare Advantage network rules
rnHelpful for frequent travelers
rnStandardized benefits
rnCan reduce surprise medical bills
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Medigap Cons
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Potential disadvantages include:
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Monthly premium
rnUsually requires separate Part D drug plan
rnDoes not usually include dental, vision, or hearing extras
rnPricing can increase over time
rnMay be harder to buy later depending on rules
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How to Compare Medigap Plans
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Compare:
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Plan letter benefits
rnMonthly premium
rnRate increase history
rnCompany reputation
rnHousehold discounts
rnEnrollment timing
rnCustomer service
rnAvailability in your state
rnWhether you need Part D separately
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Do not choose only by brand name. Since benefits are standardized by plan letter, price and service matter.
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Who May Like Medigap?
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Medigap may be a strong fit for people who:
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Want provider flexibility
rnTravel often
rnPrefer Original Medicare
rnWant predictable costs
rnSee specialists frequently
rnDo not want network restrictions
rnCan afford a monthly premium
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Final Thoughts
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Medicare Supplement plans can help reduce the financial gaps in Original Medicare.
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If you want flexibility, predictable cost-sharing, and fewer network concerns, Medigap may be worth comparing. But timing matters, and premiums vary.
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Before buying, compare plan letters, prices, Part D needs, and long-term affordability.
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Cloud Backup Solutions for Small Business: Protect Your Data Before Disaster Strikes
Every small business depends on data. Customer records, invoices, payroll files, email, contracts, website files, and accounting records are all critical. If that data is lost because of ransomware, hardware failure, accidental deletion, fire, theft, or natural disaster, the business may face serious downtime.
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Cloud backup solutions help protect important files by copying data to secure off-site storage. Unlike a simple external hard drive, cloud backup can provide automated protection and recovery options from almost anywhere.
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A good backup strategy should include more than one copy of important data. Many businesses follow the 3-2-1 backup rule: keep three copies of data, use two different storage types, and store one copy off-site. Cloud backup helps with the off-site part of this strategy.
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Automation is one of the biggest benefits. Employees may forget to manually copy files, but automated backup software can run on a schedule. This reduces the risk of missing important data.
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Ransomware protection is another key feature. Some backup services offer version history, which allows a business to restore files from a point before the attack. This can be extremely important if files are encrypted or corrupted.
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When comparing cloud backup providers, look at storage limits, backup frequency, recovery speed, encryption, compliance features, customer support, and pricing. Some providers charge by storage amount, while others charge per device or user.
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Recovery testing is just as important as backup. A backup is only useful if you can restore it when needed. Small businesses should periodically test file recovery and document the process.
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Business continuity should also be considered. If a server fails, how quickly can operations continue? Some advanced backup solutions offer disaster recovery features that allow systems to be restored to virtual environments.
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Security matters because backup data may include sensitive customer and financial information. Look for services that offer encryption during transfer and storage, multi-factor authentication, access controls, and activity logs.
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Cloud backup is not only for large companies. Small businesses are often more vulnerable because they may not have dedicated IT staff. A reliable backup solution can reduce risk, protect customer trust, and help the business recover faster after a problem.
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The best time to create a backup plan is before something goes wrong.
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