Moniepoint revolutionizes Nigeria’s downstream oil sector with digital payments, credit solutions

Moniepoint Inc., Africa’s all-in-one financial platform for businesses and their customers, has announced a transformative approach to managing payments, credit, and inventory for petrol stations across Nigeria, aiming to strengthen the country’s downstream oil and gas sector.

In a recent case study titled “Fueling the Nation: How Moniepoint Powers Nigeria’s Oil and Gas Industry”, the company highlighted its role in providing digital payment solutions and business management tools to enhance operational efficiency for fuel retailers nationwide.

As the largest financial distribution network in Nigeria, Moniepoint processes billions of transactions monthly and serves millions of businesses.

The study underscores the critical role petrol stations play as distribution hubs for fuel, particularly in regions with limited access to alternative energy.

With over 90 per cent of passenger and freight movement in Nigeria occurring by road, these stations facilitate an average of 41 to 47 million litres of petrol daily, forming a vital part of the nation’s economy.

For decades, station operators have struggled with the “T+1” settlement cycle, in which card payments are only accessible the following day. This delay, coupled with razor-thin profit margins, often results in “dead tanks” and lost revenue.

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Moniepoint has addressed this challenge by introducing same-day settlements, allowing station owners to access funds instantly, pay suppliers promptly, and maintain uninterrupted fuel supply.

The report also highlights that 90.9% of petrol stations now utilize POS terminals as standard infrastructure, with digital channels accounting for 43% of fuel payments nationwide.

Additionally, Moniepoint’s financial tools and business management solutions have enabled nearly 60% of fuel stations to transition from cash-dependent operations to digitally-enabled enterprises.

Commenting on the study, Babatunde Olofin, Managing Director of Moniepoint Microfinance Bank, said:

“We are pleased to release this comprehensive report on Nigeria’s downstream sector. Moniepoint’s reason for being is to create financial happiness and power dreams. With data-driven insights and our business management tools, petrol stations can effectively plan inventory, maintain operations, and serve more customers efficiently. By providing fuel retailers with the right financial tools, we are improving access to reliable fuel distribution and supporting critical infrastructure that keeps the nation moving.”

The study comes as part of Moniepoint’s ongoing research initiatives, following previous reports on family-owned businesses, Onitsha Market, community pharmacies, women-owned businesses, North-East agriculture, and the Informal Economy Report.

Collectively, these studies demonstrate the company’s commitment to advancing financial inclusion, digital adoption, and economic growth across Nigeria.

By providing immediate access to funds, digital payment infrastructure, and growth capital, Moniepoint is positioning petrol stations—and the downstream oil and gas sector at large—for enhanced efficiency, profitability, and resilience, while supporting the country’s broader economic development objectives.