Flutterwave Collaborates with IATA to Streamline Airline Payments in Africa

Flutterwave, a leading fintech company, has joined forces with the International Air Transport Association (IATA) to facilitate efficient processing of payments for airlines operating in local African markets. This collaboration aims to address the challenge of delayed fund repatriation from flight tickets sold in African currencies.

The integration of Flutterwave’s payment technology into the IATA Financial Gateway (IFG) offers an enhanced payment platform designed for international airlines and travel agencies. By partnering with Flutterwave, African customers now have the convenience of paying their airline fees in their local currencies through a variety of payment channels, including cards, bank transfers, mobile money, and alternative payment methods available on the Flutterwave platform.

Notably, this partnership comes as a response to a situation that arose almost a year ago, when airlines in Nigeria began selling tickets directly to customers in dollars instead of the local currency. This shift occurred due to airlines facing difficulties in receiving the equivalent dollar funds for tickets sold in naira from the Central Bank of Nigeria (CBN). The collaboration with Flutterwave enables airlines to have full control over the payment and settlement process, alleviating the challenges associated with slow repatriation of funds accumulated from flight tickets sold in local African currencies.

Foreign airlines and travel agencies seeking to collect payments in local currencies through cards and indigenous payment methods will greatly benefit from this collaboration with Flutterwave. By providing a seamless payment experience, Flutterwave’s integration with the IATA platform empowers global airlines to expand their operations across Africa with confidence.

In a press release, Olugbenga “GB” Agboola, CEO and Founder of Flutterwave, emphasized the significance of this partnership, stating, “Africa is poised to become one of the fastest-growing aviation regions over the next 20 years, with an annual expansion rate of nearly 5%, according to the International Air Transport Association (IATA). How can we further accelerate this growth? One way is to ensure airlines can easily establish operations across the continent and seamlessly receive payments from their customers. This partnership with IATA addresses the payment challenges faced by global airlines venturing into Africa. We hope that this encourages more global airlines to expand their presence in Africa.”

By leveraging the capabilities of Flutterwave’s payment technology, the collaboration with IATA offers a promising solution to streamline and expedite airline payments, ultimately fostering the growth and development of the aviation industry in Africa.