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Johan Rupert Surpasses Aliko Dangote as Africa’s Richest After $1 Billion Loss

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South African billionaire Johan Rupert has reclaimed his position as Africa’s richest man, overtaking Nigerian industrialist Aliko Dangote.

Johan Rupert Surpasses Aliko Dangote as Africa’s Richest After $1 Billion Loss, According to the Bloomberg Billionaires Index, Rupert’s net worth now stands at $14.3 billion, surpassing Dangote’s $13.4 billion.

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Rupert, the chairman of Richemont, a global luxury goods conglomerate, has gained $1.87 billion this year, while Dangote has suffered a $1.69 billion loss.

The significant drop in Dangote’s net worth is primarily attributed to Nigeria’s challenging macroeconomic conditions. His conglomerate, the Dangote Group, has been particularly affected by the depreciation of the Nigerian naira, which has lost over 43% of its value this year.

Currency turmoil knocks Dangote down


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“Dangote Industries Limited (DIL) reported a substantial foreign exchange loss of $1.07 billion in 2023,” a company spokesperson revealed, highlighting the challenges faced by the group.

Additionally, production delays at Dangote’s refinery and a downgrade by Fitch Ratings have compounded the company’s difficulties.

Despite these setbacks, Dangote remains optimistic about the future. He outlined a strategic pivot to reduce the group’s reliance on the Central Bank of Nigeria for currency supply and diversify revenue streams.

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“By 2025, we aim for 90% of our revenue to come from foreign exchange earnings,” Dangote stated, emphasizing the group’s commitment to international expansion.

As Rupert reclaims the top spot, Dangote’s focus on foreign exchange earnings could be crucial in navigating Nigeria’s ongoing economic volatility.

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5 Insights on leveraging Fintech to reduce banking fees in Nigeria

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Traditional banks often impose high charges that burden individuals and businesses alike. Fintech companies offer cost‐effective alternatives through digital platforms and streamlined processes.

By harnessing technology, these firms provide transparent, efficient, and affordable financial services that cut transaction costs and improve access. Fintech not only eases the financial load on users but also intensifies competition within the sector, fostering innovation and better services.

Below are 5 key insights on how leveraging fintech can reduce banking fees and create a more efficient financial ecosystem in Nigeria.

ALSO READ: 7 Nigerian banks with increased e-banking income

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  1. Digital Wallets and Mobile Payments

    Digital wallets and mobile payment systems empower users by facilitating seamless, low-cost transactions. These platforms eliminate the need for physical bank visits and significantly reduce transaction fees compared to traditional methods. They offer real-time transfers, secure payment processing, and a user-friendly experience that collectively result in substantial cost savings and enhanced convenience.

  2. Peer-to-Peer Payment Platforms

    Peer-to-peer payment platforms enable direct fund transfers between individuals, effectively bypassing intermediaries that add extra costs. By streamlining the exchange process, these systems minimise processing fees and give users greater control over their finances. This direct approach simplifies tracking transactions and fosters a more efficient, cost-effective financial management system.

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  3. Automation and AI-Driven Services

    Fintech companies are integrating automation and artificial intelligence to streamline operations and customer interactions. These technologies reduce reliance on manual processes, cutting operational costs and enabling faster service delivery. The resulting efficiency leads to lower banking fees for users while simultaneously improving risk assessment and fraud detection for a more secure financial environment.

  4. Transparent Fee Structures

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    Many fintech platforms prioritize clear and straightforward fee structures, eliminating the hidden charges common in traditional banking. By openly displaying all fees, these companies build trust and allow users to make informed financial decisions. This transparency encourages healthy market competition, driving overall reductions in service costs and fostering fairer pricing practices.

  5. Integration of Multiple Financial Services

    By combining banking, investing, and payment services into a single digital ecosystem, fintech platforms reduce the need for multiple transactions across different providers. This integration not only simplifies the user experience but also minimises cumulative fees, resulting in overall cost savings. A unified approach to financial services promotes a more interconnected and efficient system for managing money.

EXPLORE: 8 Common reasons banks reject small business loan applications

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These insights show that leveraging fintech solutions can effectively lower banking fees and improve financial access in Nigeria. As digital platforms gain ground, consumers benefit from reduced costs, enhanced transparency, and faster services.

Embracing these strategies paves the way for a more efficient and user-friendly financial ecosystem that meets the evolving needs of Nigerians.

RECOMMENDED: Top 10 most influential tech entrepreneurs in Nigeria – only 1 woman is on this list


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Saving the Senate

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Akpabio and Natasha

The Nigerian Senate, a crucial pillar of democracy, stands at a crossroads. The ongoing crisis culminating in the suspension of

read more Saving the Senate


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Title: Dollar Investment: Your Money, Your Global Playground

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Invest in dollars! You’ve probably heard this advice a thousand times but honestly, not everyone knows how to do it or has access to make it happen. That’s about to change because BaigeWallet is bringing dollar investment opportunities right to your fingertips.

In a world where inflation is constantly eating into the value of money, keeping all your savings in Naira is like leaving ice cream out in the sun. The Naira depreciated by over 50% in 2023 alone, making it clear that if you want to protect your money, you need to start thinking globally.

With BaigeWallet’s upcoming dollar investment feature, you’ll be able to invest in stable, high-yield dollar assets without needing a foreign bank account or millions in capital. This means your money won’t just sit idle, it will grow in value, helping you beat inflation and secure your financial future.

We’re making dollar investments accessible to everyday Nigerians. Looking to build wealth? Save for a big goal? Just trying to protect your hard-earned money? You’ll have the right tools at your disposal. It’s time to make smarter money moves. Download BaigeWallet now on the Play Store and App Store, and follow us on Instagram, Twitter, TikTok, and Facebook to stay updated on all the exciting new features.

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Download BaigeWallet on:

AppStore: https://apps.apple.com/us/app/baigewallet/id1658484814

Play store: https://play.google.com/store/apps/details?id=com.baige.wallet&hl=en

Visit the website:

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