Increase in Adoption of Fleets by the Organizations in the Country is Anticipated to Boost the Africa Fuel Card market During the Forecast Period 2021-2026. Africa Fuel Card Market Is Analysed to Grow at a CAGR of 5.1% During the Forecast 2021-2026 and Is Expected to Reach $1.2 Billion.
Fuel card offers benefits in terms of functionality and security compared to alternative fuel payment methods, such as small cash. Cards may be printed with the vehicle registration number or the name of the driver and the name of the company providing further protection against fraudulent use or refueling cards. In addition it is used for reducing costs of fuel by utilizing different offers provided by fuel card companies. As the number of fleets is increasing rapidly, the demand for fleet’s management has been increasing widely and hence fuel cards are set to prosper in the market. The industries such as Ride sharing and taxi service, Transportation and others are increasing the adoption of fleets and shifting towards online services owing to the ease of operation is further creating a positive impact in Africa. Hence these factors enhances the adoption of fuel card in the forecast period 2021-2026.
Fuel cards provide easy management of expenses to the fleet owners and allow them to adjust card payment limit as required. This helps the fleet owners to control the administrative expenses and to create budget accordingly each employee will have limit to use fleet card for the transaction. For instance Taxi services companies have their vehicles at different location which works on trip-to-trip basis and to have access to each vehicle fuel expenses fuel cards plays a major role in identifying each transaction made for refueling the vehicle. Hence the fleet owners have easy access to their fleet expenses. In addition the companies practicing reimbursement program find it is difficult to manage fuel reimbursement for each employee, fuel card provides the fuel invoice directly to company for each transaction which help the fleet owners to manage the reimbursement program. These factors enhance the growth of fuel cards.
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Africa fuel card Market Drivers
Efficient Fleet Administration with enhanced data capturing:
Fuel cards provide efficient fleet administration with enhanced data capturing through advanced technologies, thereby providing easy vehicle tracking and other benefits. It offers efficient paperless fuel tracking management system for small, medium as well as large fleets, thereby boosting the market growth rate. The fuel card management system provides month end fuel card invoice outlining the cost for each vehicle. This way fuel expenses are easy to keep track thereby reducing the paperwork and providing straightforward auditing and reporting. Thus the industries such as taxi service, logistics and transportation and others have increased the adoption of fuel cards for their effective fleet management.
Need for improved fuel management:
To monitor fuel purchases and to control fuel consumption, industries need better fuel management system. Fuel cards provide real time data on fuel purchases, helps to monitor individual vehicle and driver fuel economy, and implement effective strategies to improve performance. Adding to this, the significant growing of logistics sector in various countries of Africa is impacting the need for improved fuel management in the sector. Therefore a fuel card plays a crucial role in fuel management system. In September 2017, Evolis and Processing Services Ltd. Announced that they are joining forces to offer a fuel card payment solution to African petroleum retailers. The company has major customers in over 25 countries across the African continent and it includes Engen, Vivo Energy, Puma, and a number of national oil companies and so on.
In April 2018, Vivo Energy launched Shell fuel card which has a smart technology fuel payment option which gives fleet owners control over their spent. It has smart technology with chip and pin for security and control, Point of sale transaction, prepaid and post-paid options and possibility of multiple drivers per card.
The Major Players in this Market Include
The major companies in the Africa fuel card market include Engen Petroleum Ltd, Puma Energy, Total S.A, Standard Bank, World fuel service corporation, Exxon mobil corporation, Royal Dutch shell plc., BP plc., Oilibya (OLA energy), OMV. Puma energy have partnered with Uber which allows the Uber drivers to refuel the Uber vehicle by using Puma card at every Puma energy fuel station. It aims to grow the market by providing an easy way to pay for their fuel along with many benefits.
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