Fuel-lite was formed as a solution to Nigeria’s over-dependence on cash for retail and People to Business transactions. In line with the current drive by the Central Bank to reduce cash transactions across different sectors of the economy, with a progressive migration to online, real time channels; Fuel-lite seeks to introduce and grow a cashless solution for retail payment in Nigeria’s largest do
wnstream sector: the petroleum sector. Fuel-lite will provide cashless payment solutions for buying Petrol and other petroleum products by integrating existing Payment Cards with PCI enabled pumps. This will allow consumers to pay for fuel with their Debit cards at the pump, without the use of an external device (example, POS), or cash. This process will be facilitated by all-inclusive Automated Fuel Dispensers that recognize Debit cards and are able to communicate with Payment Card Processing Companies (example Interswitch and Visacard). Therefore, fuel purchase will be reduced to three simple steps:
a. Insert Debit Card,
b. Input card PIN and purchase amount, and
c. Pump fuel into vehicle.
