Moniepoint study shows digital fuel payments now make up 43% of transactions as petrol stations adopt POS and same-day settlements

Digital channels now account for 43 per cent of fuel purchases in Nigeria, according to a Moniepoint case study highlighting the rapid rise of digital fuel payments across the downstream oil and gas sector.

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The report, titled Fuelling the Nation: How Moniepoint Powers Nigeria’s Oil and Gas Industry, examined payment systems, access to credit and inventory practices among petrol station operators nationwide.

The study found that point-of-sale terminals have become standard infrastructure, with 90.9 per cent of stations relying on them for daily transactions as the sector steadily moves away from cash.

Petrol stations remain central to Nigeria’s transport and energy ecosystem, particularly in areas with limited alternative energy access.

With more than 90 per cent of passenger and freight movement by road, stations facilitate an estimated 41 to 47 million litres of petrol daily.

Despite their importance, operators face persistent financial constraints. A major challenge is the “T+1” settlement cycle, where card payments are only accessible the following day.

In a business with tight margins and urgent restocking needs, this delay often results in fuel shortages, commonly known as “dead tanks”, and lost revenue.

Moniepoint said its same-day settlement solution is helping to bridge the liquidity gap by enabling station owners to access funds immediately, pay suppliers on time and maintain consistent fuel availability.

The report indicated that one in three station owners identified access to credit as their most recurring challenge.

Moniepoint disclosed that it had disbursed millions of naira in working capital to fuel retailers and recorded a 99.81 per cent repayment rate.

These interventions have enabled nearly three in five petrol stations to transition from cash-dependent operations to digitally enabled businesses with access to payment infrastructure and growth capital.

Managing Director of Moniepoint Microfinance Bank, Babatunde Olofin, said the study was designed to deepen policy engagement and provide data-driven insights into Nigeria’s socio-economic development.

“With data from business transactions and our management tools, petrol stations can plan inventory more effectively, know when to restock and ensure operations run smoothly to serve more customers,” Babatunde Olofin said.

The case study follows earlier Moniepoint sector reports covering family-owned businesses, open markets, community pharmacies, women-led enterprises and agriculture in the North-East, examining how digital payments and financial services are reshaping Nigeria’s economy.

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Moniepoint processes billions of naira in monthly transactions and provides payments, banking, credit and business management solutions to millions of businesses nationwide.