Brands/Products
Enyo Introduces Velox for Fuel Management
As part of its efforts towards bolstering customer experience, Enyo Retail and Supply, leading fuels retailing company in Nigeria has introduced its secure, automated fleet & fuel management solution – Velox.
The product which offers customers the ability to control their fuel and energy purchases is in line with the company’s objective of leveraging technology to revolutionize Nigeria’s downstream sector.
Velox is a wallet-based payment solution accessible to corporates and individuals through a dedicated card or sticker and is specifically designed to bring ease, transparency and control of purchases within Enyo’s products and services portfolio.
Tailored to fit each customer’s requirements, Velox offers customizable solutions including when and how payments are made, ability to set consumption & credit limit, as well as monitoring consumption.
Featuring a “Do It Yourself” portal on the ENYO website, customers can request for Velox by filling a registration form with Bio-Data, Vehicle Details, and Payment Details. Customers then select the nearest ENYO station from where they would like to pick up their card which will be available within 24hrs.
Commenting on Velox, Mr Abayomi Awobokun, Chief Executive Officer, ENYO Retail and Supply, said, “ENYO Retail was established in 2017 as a technology focused fuels retailing company to meet the growing energy needs of Nigeria. We have a goal of utilizing technology to transform the downstream petroleum network in Nigeria and this was the logic behind Velox”.
“We want our customers to be in control of the fuel purchasing process and their expenses as simplifying the customer experience is at the heart of our efforts. At ENYO, we will seek channels to improve upon and constantly innovate to ensure overall convenience and satisfaction for our customers across Nigeria”, said Mr Abayomi.
Also commenting, Olabanjo Alimi, Corporate Development Lead, ENYO Retail and Supply said, “Velox was conceived out of the need to create a gateway to the ENYO ecosystem of products and services by leveraging a convenient and controlled technological solution.
“Last year, our pilot scheme which was launched successfully demonstrated the pertinence of this solution and its prospective value to customers. Velox has proven to be a safe, simple and convenient way of managing not only one’s fuel expenses but also purchasing other products and services provided by Enyo fuel stations across Nigeria”.
Assuring a safe experience for customers, Velox is secured with data encryption technology to protect customers’ information and funds from unauthorized access. This is in addition to customer’s PIN to deliver an extra layer of protection.
The Velox system also allows automatic communication between customer’s Velox account & card, the Velox POS as well as the dispensing pump for very minimal human intervention in the fueling process hereby reducing human error and theft.
With Velox, Enyo’s customers can now experience a simpler and smoother process with access to all their transactional information along with frequent invoicing and monthly statements either on the Velox platform or emailed to them.
In addition, they’re supplied with a comprehensive transaction history that details vehicles fuel consumption and route costs. This details information such as the service station used, date, time of purchase and odometer reading. Most importantly, it provides alerts to any purchases that customers have not pre-approved in their customized selection.
Furthermore, customers can select their preferred payment option for Velox wallet funding including Bank Transfer, USSD, Debit Card and Internet Banking. In addition to the benefits of Velox, customers are able to earn ENYOThankU loyalty points whenever a purchase of Enyo’s product or service is made online or physically.
Velox is currently available at designated Enyo Service Stations across 12 states including Lagos, FCT, Ogun, Oyo, Rivers, Benue, Cross River, Delta, Enugu, Imo, Kaduna, Niger – and as part of its expansion plans, the company aims to deploy Velox across all its service stations in Nigeria.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
By Adedapo Adesanya
FoodCourt, a Nigerian cloud kitchen startup backed by Y Combinator, has suspended operations after months of unpaid salaries and mounting debts to vendors triggered a staff strike and forced the company to halt customer orders, according to a report by TechCabal.
The publication reported that customers first noticed on March 4 that they could no longer place orders through the FoodCourt app after the company disabled ordering as kitchen workers, delivery personnel and branch staff embarked on strike over unpaid wages. The company also owed outstanding payments to vendors.
By April 19, FoodCourt had temporarily shut its last operating branch after suspending activities across its Lagos and Abuja locations while seeking fresh funding and restructuring the business, according to the report.
The company’s chief executive, Mr Henry Nneji, said the decision to pause operations was not caused by a single issue but by a combination of operational, organisational and working-capital challenges.
“It’s important to clarify that the decision to pause operations wasn’t driven by one single issue. We reached a point where it became clear that continuing to patch those issues while operating wasn’t the right long-term decision,” he said.
“The objective is to build a stronger business than the one that existed before the suspension. We fully intend to bring FoodCourt back,” he added in an emailed response.
The company acknowledged outstanding obligations to employees, vendors, riders and service providers, but declined to disclose the number of affected workers or the total amount owed. It said efforts were underway to resolve the liabilities as part of its restructuring process.
It was also reported that the startup’s financial difficulties worsened after expansion into additional locations increased operating costs, while its cloud kitchen model came under pressure from rising labour, logistics, food and marketing expenses.
Despite the shutdown, Mr Nneji said FoodCourt intends to relaunch after completing its restructuring, adding that the company believes demand for its products remains strong.
Founded in 2021 by Henry Nneji and Paul Adokiye Iruene, FoodCourt operates cloud kitchens under multiple virtual restaurant brands through its consumer app. According to TechCabal, the startup had previously disclosed raising $1.7 million, delivering more than one million meals and reaching $4.3 million in annual recurring revenue by the end of 2024.
