• Wednesday, May 29, 2024
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BusinessDay

Interswitch unveils tech for Nigeria’s energy security

Africa ranks second on global payments innovation index

Interswitch, one of Africa’s leading digital payment and commerce companies, has unveiled two innovative solutions to securing and maintaining oil and gas infrastructures in Nigeria.

The company launched Forecourt Operations and Wet Stock management solutions, two new products designed to address prevailing issues within the Energy sector, enhance business development, and drive growth.

Read also: Interswitch mulls telecom operations, gets MVNO license

According to the Energy arm of the company, it is pertinent for oil and gas businesses to leverage digital solutions to drive the growth and sustainability of the energy sector.

This was made known at the first edition of the Interswitch Energy Summit themed “Harnessing Digital Transformation in the Energy Sector’, held in Lagos.

Delivering her opening remark, Chinyere Don-Okhuofu, Managing Director, Industry Ecosystems (Interswitch Indeco), said, “For decades, the Interswitch Group has been a beacon of innovation, spearheading digital transformation initiatives across the African continent.

“Interswitch Energy stands as a testament to our unwavering commitment to driving positive change and fostering prosperity on a nationwide scale.”

She added, “With the introduction of our groundbreaking Forecourt Automation & Wet Stock Management solutions, we not only unveil products but usher in a new era of transformative growth.

“These innovations are more than mere tools; they are enablers of change, empowering enterprises within the energy sector with unprecedented capabilities to navigate the complexities of the modern energy landscape with agility and foresight.”

Forecourt Automation and Wet Stock Management products focus on automating and optimising wet stock operations, empowering oil and gas companies with enhanced capabilities for inventory management, sales tracking, and payment processing.

Read also: Nigeria needs collaboration to fix energy sector challenges- SPE

The products will allow fuel station management to expand its network of retail stations and establish strategic partnerships with Oil Majors, thereby driving operational efficiency and profitability.

Meanwhile, Joseph Ezigbo, Managing Director of Falcon Corporation Ltd, in his Keynote address, emphasised the need for energy companies to allocate resources for digitization initiatives accordingly to drive innovation and efficiency in the sector.