CO-OP contracts with "i-Finance" to produce smart fuel cards for government agencies

Published on : 2020-05-03

The financial facilities operating company, "i-Finance", has signed a three-year contract with the CO-OP Company to supply prepaid smart cards intended to spend fuel shares to state agencies instead of traditional bonuses.

According to the contract signed between the two parties, i-Finance will develop, manage, and operate an integrated electronic system that organizes and monitors the exchange and distribution of fuel to the fleets of cars belonging to the entities that work with the cooperation company to market petroleum products through gas stations affiliated with the use of smart cards.

The system enables the detection of any possible fraud by monitoring the actual consumption of fleets of cars and determining whether there is fraud in the share of the vehicle or changing its usual route, for example, in addition to reducing the time and effort required by the cooperation company to conduct settlement operations with the stations through the system’s settlement reports , Reducing the time and effort required to purchase and allocate fuel quotas.

Ibrahim Sarhan, CEO of i-Finance, said that the contract aims to ensure fuel exchange operations and access to those who are entitled to it only using smart cards intended for their users, whether they are vehicles or people, and the ease of allocating and distributing the shares of petroleum products with the possibility of redistributing the fuel shares between cars through the system’s screens directly When needed, without the need to retrieve the bonuses from one driver to give them to another driver.

Sarhan pointed out that "i-Finance" has very great experience in the field of smart cards devoted to spending fuel, as it had the honor to implement the most important project in this regard in Egypt when it ended years before implementing a smart system for distributing fuel throughout Egypt, controlling the control of freight Transferring and distributing petroleum products from oil depots to distribution points such as fuel stations and distribution brokers.

For his part, the accountant, Adel Ayad, Chairman of CO-OP, affirmed his company’s keenness to keep abreast of the latest international systems to provide services to its customers, and to adopt modern technologies that preserve the company’s capabilities, raise the value of its assets and improve the efficiency of its business flow. 

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