In line with Central Bank of Nigeria, (CBN) TO MAKE Nigeria a cashless economy in the knowledge economy, EasyFuel Limited, a new Nigerian company engaged in the provision of e_payment solutions in the downstream Oil & Gas sector, has formally introduced its new range of products in that sector.
The integrated e_payment solutions, which have the potential of revolutionizing payment system in the sector, were unveiled at a media briefing in Lagos last week.
The new solution, according to the initiators is expected eliminate the use of cash in buying petroleum products at filling stations across the country.
Speaking at the company’s inaugural press conference, the Managing Director, EasyFuel Limited, Mr. Tayo Olajide, told IT Journalists that the company’s initiative was in line with the global trend which is increasingly shifting towards cashless solutions.
“Our belief at EasyFuel is that Nigeria cannot be an exception in adopting global standards. All around the world, there is a gradual shift towards cashless payment systems because of the various challenges that go with cash transactions
“With these new solutions, what a customer needs to purchase fuel is nothing but a bank card or any of EasyFuel’s proprietary e_payment products which may be installed in the vehicle or issued as contactless fobs” he explained.
These solutions, which are backed by a state_of_the_art technology, according to him will include three products _ eGO Card, Sprint and Speedpass. The EasyFuel system also accepts bank_issued ATM Debit and Credit cards thereby enabling customers to pay for their fuel electronically from their current/checking bank accounts.
For those who cannot entrust their drivers with their ATM cards, Speedpass, he said, comes in handy. Speedpass is a contactless device that is waved in front of a contactless reader at the pump at the filling station to initiate a transaction.
“With the Speedpass, customers can set pre_determined limits on how much a vehicle can refuel, how often and on what kinds of products and services, during what period of time etc.
The Sprint product offers the highest level of control and accountability for fleet managers. The Sprint is a smart RFID device, which is installed in a vehicle. Sprint works by identifying the vehicle to the EasyFuel system.