This market is segmented based on vehicle tonnage and enterprise size. On the basis of vehicle tonnage, the vehicles below 3.5 tons segment are projected to grow at a higher CAGR during the forecast period. The growth of this segment is attributed to the increase in demand for fuel cards by small commercial vehicles, small tourist transport, and private drivers.
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On the basis of enterprise size, the small and medium enterprise segment is projected to grow at a higher CAGR during the forecast period. The rising awareness of fuel cards has led most of the companies to target small and medium enterprise to offer their rechargeable cards for quick and convenient access with limited cash limit.
Countries such as Kenya and Senegal have been showing large interest towards mobile payments. Although many companies have partnered with telecom companies such as AirTel and Vodafone to facilitate mobile payments in this region, several parts of Africa still lack in terms of demand and usage of these mobile payments.
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Customers are keen towards cashless payment mainly because it is a more manageable and controlled mode of payment, helps to increase the vehicle fuel efficiency, manage fleet cost, and also to minimize issues related to fraud and robbery. Fleet owners expect better management of cash with the availability of customized data on every transactions. Further, these fleet owners are provided additional benefits on investing on cards for refueling, repairing, and with customized report on transactions. This also helps them in managing expenditures through constant monitoring. Debit and credit cards includes credit facility. This facility includes an agreement provided by the credit providers to pay certain amount on behalf of the users, which is payable periodically. This mode of payment is widely gaining momentum in Africa.
