Carviva’s platform hits $1m in transaction value

Auto-Tech company Carviva has announced the achievement of $1m in fuel token transaction value over a two-year trial period on its Fuel Wallet platform.

According to a statement from the firm on Monday, this reflected the increasing trust and adoption of the innovative solution by fleet organisations, corporates, small businesses and individuals.

Fuel Wallet is an advanced cardless fuel management platform built for logistics, schools, haulage, transportation and fleet organisations in Nigeria. The cardless feature is a first and a key differentiator in the market. With the use of fuel tokens and digital wallets, real-time fuel usage data is collected at the fuel pump, which enables organisations to track usage history and fuel consumption per vehicle whilst also gaining smart insights, operational efficiency and cost savings.

Announcing this milestone, the founder/chief executive officer of Carviva Technologies, Mr Ayodeji Subair, said the achievement underscores Carviva’s fuel wallet’s growth potential and its pivotal role in driving cashless payment; the empowerment of fleet organisations and other businesses across Nigeria; as well as its commitment to providing seamless, secure, and accessible fuel payment services.

He said Carviva’s Fuel Wallet journey to the $1m transaction value milestone is a reflection of the company’s ability to address critical pain points for transport, logistics and haulage businesses and car owners in Nigeria’s dynamic fuel market.

“By offering reliable fuel payment processing, fuel management tools, and fuel anti-theft solutions, Carviva’s Fuel Wallet has become a trusted partner for many businesses, enabling them to boost operational efficiency across Nigeria,” he explained.

Fuel is one of the largest operational expenses for many businesses in Nigeria. Inefficient fuel management often leads to significant financial losses.

In addition, Nigeria is experiencing a growing demand for digital fuel payments, as the traditional cash-based methods and the use of regular debit cards often fail to meet the stringent fuelling needs of fleet organisations, businesses, and car owners. This makes Carviva’s Fuel Wallet solution’s user-friendly platform and cardless approach handy for businesses and individuals seeking to participate in the evolving digitised fuel market.

“Achieving $1m in fuel token transaction value is a significant milestone for Carviva and a reflection of the trust our customers have placed in us,” Subair said, adding, “This achievement is not just about numbers; it’s about the trust and impact that we make daily in driving the seamless operations for logistics & haulage companies, schools and many other businesses across Nigeria. We remain dedicated to promoting efficiency and outstanding business performance for our clients.”