Moniepoint Report: Digital Payments Dominate 43% of Fuel Transactions in Nigeria

A Moniepoint report titled "Fueling the Nation: Moniepoint Powers Nigeria's Oil & Gas" reveals that digital payment channels now constitute 43% of fuel transactions in Nigeria, showcasing a significant move towards cashless transactions in the downstream oil and gas industry. The study examined payment systems, access to credit, and inventory management practices among petrol station operators nationwide.

It found that 90.9% of petrol stations rely on point of sale (POS) terminals for daily operations, making digital payments a standard part of the sector. Despite challenges such as financial constraints and delayed settlements, Moniepoint disbursed millions in working capital loans to fuel retailers with a remarkable 99.81% repayment rate.

Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, emphasized the importance of digital tools in enhancing financial inclusion and efficiency in the fuel retail sector. The report aims to support policy discussions by providing data-backed insights into Nigeria's downstream oil and gas industry, promoting financial access for fuel retailers, and strengthening distribution networks.