Omo, wetin we dey see for Naija fuel market no be small matter! Digital payment don take over, as e dey account for 43 percent of all fuel transactions for the country. Na Moniepoint dem talk this one as dem drop their new case study wey dem title: ‘Fuelling the Nation: How Moniepoint Powers Nigeria’s Oil and Gas Industry’. E dey sweet make I hear!
The study show say point-of-sale terminals don become standard for petrol stations, as 90.9 percent of these stations dey rely on am to run dem daily waka. Na so e be for Naija where petrol stations na major players for energy and transport system, especially where alternative energy no dey. Over 90 percent of movement for Naija no dey use road, and these stations dey handle about 41 to 47 million litres of petrol each day! Na wah!
But no be only good news dey here o! Petrol station operators still dey face serious financial wahala. One main gist wey dey disturb dem na the ‘T+1’ settlement cycle wey mean say if you use card pay for fuel today, you go see your money tomorrow! E no go too jolly for dem because e dey cause fuel shortages wey we dey call ‘dead tanks’. No be small money dey waka for this business!
To make matter worse, the fintech company wey dey shine, Moniepoint, don introduce another solution wey go help dem access their funds same day. This one suppose help station owners collect money sharply, pay suppliers, and make sure say fuel dey flow. Research show say one out of three station owners dey complain about access to credit as their main problem. Na so serious e be!
Moniepoint no dey joke, as dem don drop plenty millions of naira as working capital for fuel retailers, and the repayment rate na 99.81 percent! Dem dey help petrol stations move from cash-based business wey dey work manually, to digital setup wey dey groove with payment infrastructure and capital for growth. E darasoku!
Babatunde Olofin, the Managing Director of Moniepoint Microfinance Bank, talk say the report fit help improve ways wey petrol stations dey do business. E talk say if dem fit access financial tools better, e go make sure fuel distribution dey sharp and energy system dey balanced.
This Moniepoint study no be the first o! Dem don release other reports wey touch family businesses, open markets, community pharmacies, women-led enterprises, and even agriculture for North-East. All dis reports na to show how digital payments dey change Naija economy for both formal and informal sectors.
The company dey manage to process billions of naira transactions every month. Dem dey provide payments, banking, credit, and business management solutions to plenty businesses across Nigeria, as dem dey make sure sey everyone fit enjoy our financial system well. Na good time to be part of Naija economy!
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