News
New Study Reveals How Moniepoint Powers Nigeria’s Downstream Oil Sector with Same-Day Settlements and Working Capital Boost
In a move to strengthen Nigeria’s downstream oil and gas sector, Africa’s all-in-one financial platform for businesses and their customers, Moniepoint Inc. says it is transforming how petrol stations across the country manage payments, access credit, and track inventory through innovative financial solutions.
As the largest distribution network for financial services in Nigeria, the leading banking and payments platform trusted by million in its latest case study titled, “Fueling the Nation: How Moniepoint Powers Nigeria’s Oil and Gas Industry”, reaffirmed its commitment to providing digital payment solutions and business management tools to improve operational efficiency in Nigeria’s downstream sector.
The study released recently examined how petrol stations play a crucial role as vital distribution points for fuel in Nigeria, especially in areas with limited access to alternative energy sources. Over 90 per cent of passenger and freight movement in Nigeria is by road, literally fueled by petrol stations that facilitate an average of 41 to 47 million litres of petrol every day.
The downstream oil and gas sector has been considered as the lifeblood of the Nigerian economy, however, for decades, petrol station operators have grappled with the “T+1” settlement cycle, where funds from card payments are only accessible the next day. In an industry with razor-thin margins and the need for immediate restocking, this delay often leads to “dead tanks” and lost revenue.
According to the case study, Moniepoint has bridged this gap by introducing same-day settlements, ensuring that station owners can access their funds instantly to pay suppliers and keep pumps running. The report further reveals that 90.9% of petrol stations now utilize POS terminals as standard infrastructure, with digital channels accounting for 43% of all fuel payments nationwide.
The Moniepoint case study on Nigeria’s downstream oil and gas sector provides very insightful commentary on critical aspects of running a petrol station, including payment systems, inventory management, and funding challenges.
Giving insight into the report and its relevance to the nation’s energy segment, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, noted that the study seeks to deepen policy engagement, provide actionable intelligence on critical success factors needed for the nation’s socio-economic growth across different verticals.
Olofin noted, “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. Reports like this move us in that direction, enabling us to support critical infrastructure that keeps the nation moving.
“Looking at the relevance, with data on their business transactions and our business management tools, petrol stations can effectively plan their inventory and availability, knowing exactly when to stock up and ensuring operations run smoothly to serve more customers.
“By providing fuel retailers with the financial tools they need, Moniepoint is creating a future where access to reliable fuel distribution is improved and represents more than a fundamental right for all in an equitable and efficient system.”
Some other Key insights from the report include: The Liquidity Gap: 1-in-3 station owners identify access to credit as their biggest recurring challenge.
Credit Success: Moniepoint has disbursed millions of Naira in working capital to the sector with a 99.81% repayment success rate.
These tools have enabled nearly three in five fuel stations nationwide to transition from cash-dependent, manually-operated businesses into digitally-enabled enterprises with reliable access to both payments’ infrastructure and growth capital.
This study by Moniepoint comes on the heels of others like the previous case studies on family-owned businesses, South-East’s Onitsha Market, community pharmacies, women-owned businesses, North-East agriculture and the definitive Informal Economy Report, which collectively demonstrated how digital payment solutions are transforming Nigeria’s commercial landscape across diverse sectors and market structures.
Moniepoint’s ongoing commitment to financial inclusion and economic development has positioned it as a catalyst for growth across Nigeria and beyond. The company processes billions in transactions monthly and continues to expand its reach, supporting millions of businesses with payments, banking, credit, and business management solutions.
Union Bank of Nigeria has secured certification under the Payment Card Industry Data Security Standard (PCI DSS) version 4.0.1, a global standard for protecting payment card data.
The certification took effect on August 11, 2026, confirming that the bank’s systems for storing, processing and transmitting customers’ credit and debit card information meet stringent international security requirements.
PCI DSS certification is designed to reduce the risk of payment card data breaches and financial fraud while strengthening customer confidence in electronic payment systems.
The assessment covered key areas of Union Bank’s operations, including network infrastructure, card issuance, ATM and POS transactions, payment processing, reconciliation, settlement, chargebacks, dispute resolution and retail banking.
Union Bank was assessed and certified under the Service Provider category.
The certification process lasted a full year and involved quarterly assessments, with support from departmental, business and functional heads across the bank. Digital security firm Digital Encode supported the process, while the final independent audit was conducted by CyberCube, an accredited Qualified Security Assessor.
Yetunde B. Oni, Managing Director and Chief Executive Officer of Union Bank, said the certification demonstrates the bank’s commitment to protecting customer information.
“The security of our customers’ information is central to everything we do at Union Bank. This certification reaffirms that our payment systems and processes meet a rigorous global standard, and it reflects the discipline of colleagues across the Bank who work every day to keep customer data safe.”
The renewal also ensures that Union Bank maintains continuous PCI DSS certification, in line with the Central Bank of Nigeria’s requirement for banks to sustain compliance without interruption.
New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.
In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
FG Seeks to Half Burkina Faso’s Internet Cost while Nigerians Pay more
Cyberthreat: New Malware, Turns Phones into Tools for Card Fraud- Report
SEC Clears Blockchain for Accelerated Regulatory Incubation Programme
Union Bank Secures Global Payment Data Security Certification
NLNG, NCDMB Boost Engineering Research with Innovation Centre
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
Glo Sponsored African Voices to Feature Netflix’s “The Polygamist” Stars
Access Bank Debunks Shutdown Report, Vows Action against Perpetrators
Telecom2 days agoAirtel Nigeria Adds Over 1,000Cell Sites in Nationwide Expansion to Surpasses 17,000
E-Financial2 days agoMastercard, TeamApt Collaborate to Expand Digital Payments Across Africa
E-Business2 days agoMacOS Users Report More Cyber Threats than Windows Users – Survey Reveals
News2 days agoAccess Holdings Sets New Benchmark in Nigeria’s Finance Talent Pipeline
Telecom2 days agoNigerian Startup Act: NITDA Calls for Stronger Inter-Agency Collaboration
E-Financial2 days agoSEC Orders Immediate Freeze of Assets Linked to Six Terrorism Financiers, Three Entities
General News2 days agoAnambra Seeks Digital Inclusion in Rural Communities
Broadcasting2 days agoESUT Workers Get N82,000 Minimum Wage as Enugu Approves Fresh Salary Increase