Fuelintellisense: Nigerian Startup Builds Solution to Block Leakages in Oil Sector
Nigeria’s oil industry is set to receive a boost with the introduction of a tech innovation called Fuelintellisense, for solving the problem of financial leakages in the downstream oil retail sector.
Fuelintellisense is one of the nine indigenous tech startups sponsored by the National Information Technology Development Agency to participate in the global tech event, GITEX 2021 held in Dubai, the United Arab Emirates.
The Founder and CEO of Fuelintellisense, Kufirre Ebong, in an exclusive interview with TechDigest, said his innovation would help operators in the fuel retail sector to maximize their returns by eliminating theft, discrepancies in volumes stored, and all forms of human errors in their filling station businesses.
Ebong explained that Fuelintellisense offers players in the oil retail sector opportunity to increase their profits through automated monitoring, logging and tracking system, added that transport and logistics businesses also stand to enjoy similar benefits.
“Sometime in August 2019, one of our clients, shared a problem of not maximizing returns from his oil retail business, due to theft, human errors and discrepancies in report of volumes stored, dispensed and the value generated. This led to the development of our product to solving the problem of financial leakages in the oil retail sector.
“In addition to solving this challenge, we expanded our solution to be beneficial to the fuel consumers as well. Hence we developed our product to enable an electronic payment system for purchase of fuel from the filling stations using RFID vehicle identification system.
“Fuel consumers such as transport companies, logistic companies, fleet management organizations and the likes, can have maximum returns, align their fuel consumption index with their business strategic goals through fuel optimization together with a seamless purchase of fuel from our partner filling stations, ‘’ he said.
Although Fuelintellisense is not currently involved in any partnership, Ebong said his team has opened discussions with top organisations like Technocard, Technotrade, Oando, AA Rano and others in preparation for the development of the Application Programming Interface (API) Protocols for filling stations and its pilot project.
Ebong, who said his team’s participation at GITEX 2021 was “a great experience’’, expressed gratitude to NITDA for giving Fuelintellisense the opportunity to be a part of the global tech event.
“GITEX 2021 was a great experience for my team, thanks to NITDA and the Minister of Communications and Digital Economy for the opportunity. Through our exhibition at the event, we were able to meet with prospective investors and partners who we are in much talks with currently, and very much optimistic of some business relationship with them, ‘’Ebong concluded.
The Fuelintellisense team leader, however, called on relevant stakeholders to create the enabling environment that would drive the successful nurturing, development, and integration of startups into the market segment through adequate funding, and access to mentorship and strategic partnerships.
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Report By: PRNigeria.com