Entrants like new Shell Fuel Card crucial for development of retail payments system
Edgar Brandt Windhoek Vivo Energy Namibia’s launch of its Shell Fuel Card last week Thursday comes at a time the local financial sector is witnessing a wave of innovation and newcomers from various sectors of industry, particularly in the payments landscape. This move by Vivo Energy has been particularly welcomed by the Bank of Namibia, which says it encourages innovation as it enhances efficiency and promotes competition and has the ability to propel the payments industry towards achieving its vision of becoming a world-class and internationally reputable national payment system. The Deputy Minister of Mines and Energy, Kornelia Shilunga, officially launched the Bank of Namibia approved card in the presence of Bank of Namibia and Payment Association of Namibia (PAN) representatives. According to Barbara Dreyer-Omoregie, director of the Payment and Settlement Systems Department at Bank of Namibia, and who officiated at the event, innovative payment service offerings such as the Shell Fuel Card are important in the development of the retail payments market, which is already experiencing a steady increase in card based and other electronic retail payment transactions. “In approaching the bank for authorisation, Vivo had the intention of providing a payments solution aimed at offering a wide range of benefits to fleet management companies, corporates and individuals across Namibia. Today’s launch is testament to that intent,” said Dreyer-Omoregie at the launch. She added that given the complexity behind fleet card operations, initiatives such as the VIVO Energy Fuel Card are greatly welcomed as they contribute to the ever growing dynamism in the payments landscape in Namibia. “New entrants to the payments ecosystem provide much-needed competition too which can lead to more cost-effective and efficient payment services at reasonable prices to the consumer. The latter is key to the bank in its efforts to ensure that fees and charges for payment services offered are in the public interest while promoting competition and cost effectiveness,” she added. Johan Grobbelaar, Vivo Energy Namibia MD, said at the launch. “Vivo Energy Namibia strives to innovate and bring solutions to our customers. As such, I am proud to bring to you the Shell Fuel Card in Namibia. We are excited to announce that we are the first fuel company to launch a card that’s approved by Bank of Namibia.” The Shell Fuel Card is a smart technology fuel payment option that gives fleet owners control over their fuel spent. The card was approved as a payment instrument by Bank of Namibia in September 2017. The card is an optimal fleet management tool which provides more control and less effort. It also boosts driver security, as no cash needs to be carried for fuel. Another benefit to fleet owners is the ease of fleet or vehicle performance tracking; efficient administrative and financial operations; and reduced fuel-related fraud.
2018-04-09 10:04:55 5 months ago