Flutterwave, IATA to Ease Travel Payments in Nigeria, Others

Image

By Adedapo Adesanya

Flutterwave has joined the International Air Transport Association’s (IATA) payment orchestration platform to facilitate travel-related payments easily to sub-Saharan Africa.

With this integration, airlines worldwide can process customer payments through cards, bank transfers, mobile money, alternative payment methods and other payment modes available on Flutterwave.

IATA Financial Gateway (IFG) is an omnichannel payment orchestration and management platform fully dedicated to the airline industry. It has been designed to allow airlines to receive local payments from local markets through all their distribution channels.

IATA has some 290 international airlines; this partnership enables them to easily expand their operations in Africa while receiving bookings and payments from customers in Africa using local and international payment methods.

Airlines and travel agencies can use Flutterwave via IFG to accept many forms of payment from customers when booking airline tickets.

Instead of managing multiple complex connections to payment service providers in Africa, IFG offers a single global connection, with full end-to-end control of payment and settlement processes and seamless integration with ticketing systems and distribution channels.

Global airlines looking to collect local currencies through cards and indigenous methods of payments will find this integration useful, as it makes payments seamless for their millions of customers in Africa and other markets where Flutterwave operates.

Speaking on this, Mr Olugbenga Agboola, Flutterwave CEO & Founder, said, “According to the International Air Transport Association (IATA), Africa is set to become one of the fastest-growing aviation regions in the next 20 years with an annual expansion of nearly 5 per cent.

“How can we further accelerate this growth? One way is to ensure airlines can easily set up operations across the continent and seamlessly receive payments from their customers.

“This partnership with IATA solves the problem of payments for global airlines venturing into Africa. We hope that this encourages more global airlines to expand into Africa.”

On his part, Mr Muhammad Albakri, IATA’s Senior VP of Financial Settlement and Distribution Services, said, “The IATA Financial Gateway supports the availability of new payment options in many markets.

“We welcome Flutterwave’s participation to bring secure and innovative payment methods to airlines, travel resellers and the travelling public in Africa.”

Share
Related Stories
Image
13-September-2023

Trapped Foreign Airlines’ Funds in Nigeria Upset Keyamo

By Bliss Okperan The Minister of Aviation and Aerospace Management, Mr Festus Keyamo, has expressed displeasure over the inability of foreign airlines to take their funds away from Nigeria to their home countries. According to the International Air Transport Association (IATA), as of June 2023, the total amount of foreign airlines’ trapped funds in Nigeria has risen to $812.2 million. Airline operators have been unable to repatriate their money because of the foreign exchange (forex) issues Nigeria is experiencing due to a decline in FX earnings. Speaking at the 7th Aviation Africa Summit in Abuja on Wednesday, the Minister said

Image
14-August-2023

NCAA Warns Airlines Operating Without Adequate Insurance

By Adedapo Adesanya The Nigeria Civil Aviation Authority (NCAA) has urged airlines and other service providers in the subsector to comply with the Nigerian Civil Aviation Regulations (Nig. CARs) 2022 on insurance cover. This was disclosed by NCAA Director-General, Mr Musa Nuhu, in a directive contained in an all operators letter, referenced NCAA/DG/AIR/11/16/369 signed August 11, 2023, was addressed to all airlines and allied aviation service providers. According to the NCAA DG, the need for compliance is a sequel to the coming into force of Nig. CARs 2022 on 10th July, 2023 which makes it mandatory for all airlines to

Image
31-August-2023

FG Suspends Nigeria Air Project, Airports Concession

By Modupe Gbadeyanka The Nigeria Air project of the immediate past administration of President Muhammadu Buhari has been suspended by the current government of Mr Bola Tinubu. The suspension of the national carrier project was carried out by the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, who served in the previous administration as the Minister of State for Labour and Productivity. Speaking during a tour of the Murtala Muhammed International Airport (MMIA) in Lagos, Mr Keyamo also announced the suspension of the concession of the airports. He said both the suspension of the Nigeria Air project and the

More Stories
Image
28-October-2017

Our $400m Convertible Bond Issue Successful—Ecobank

By Dipo Olowookere Pan-African financial group, Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, has announced the successful raising of $400 million convertible debt placement from existing shareholders. In a statement issued on Friday by the firm, the lender explained that the convertible debt was structured in three tranches. The first, a convertible loan facility of $250 million, according to the bank, was arranged through the Public Investment Corporation (PIC) of South Africa, an institutional shareholder. It said the second tranche consisting of $140 million convertible notes was fully subscribed to by Qatar National Bank (QNB), also an institutional

Image
08-January-2021

Digital Inclusion: What Does Equal Access to Education Mean in the Digital Age?

By Zohra Yermeche The COVID-19 crisis and the impact, which it has had on learning across the world, has highlighted many of the digital disparities which exist in today’s world. At a time when many of the world’s students shifted from physical to digital, we were also faced with the hard truth that today there are still 3.6 billion people in the world who are unconnected. For students in the connected half of the world, the story is much different. While 1.2 billion children were affected by school closures across much of the world, our recent Consumer COVID-19 report found that students were able

Image
03-October-2019

Market Capitalisation Loses N153bn After Independence Day Break

By Dipo Olowookere The first trading session after Nigeria celebrated its 59th Independence Day on Tuesday ended on a negative note as investors maintained their resolve to continue to take profit amid developments in the country as well as on the global scene. The stock market finished 1.14 percent lower on Wednesday with the All-Share Index (ASI) going down by 315.69 points to close at 27,314.87 points and the market capitalisation depreciating by N153 billion to settle at N13.297 trillion. Also not spared in the reddish mode was the level of activity as the volume of shares transacted by investors

Image
26-September-2019

Nigeria Gets Nod to Appeal UK Debt Judgment

The request by Federal Government of Nigeria to appeal a judgement against it some days ago has been granted by the United Kingdom Commercial Court. Nigeria’s Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami, was in court on Thursday in the UK alongside other senior government official to request for the appeal. The African nation wants the UK Court of Appeal to upturn a ruling in favour of Process and Industrial Developments Limited (P&ID) to the tune of $9.6 billion. Hearing the matter today, the UK Commercial Court granted Nigeria’s request for leave to appeal, enabling

Image
14-February-2017

Boris Johnson Visits Ghana, Gambia

By Dipo Olowookere United Kingdom’s Foreign Secretary, Mr Boris Johnson, will meet with President Barrow and President Akufo-Addo on a two-day trip to West Africa. The Foreign Secretary will visit The Gambia and Ghana this week on 14-15 February 2017. This is the first recorded visit to The Gambia by a Foreign Secretary. He will meet President Barrow of The Gambia and President Akufo-Addo of Ghana to discuss the key opportunities and challenges facing each country. The Foreign Secretary will say Global Britain and its partnerships are growing, not shrinking, around the world as demonstrated by the Commonwealth’s strength. In

Image
13-January-2021

Stanbic IBTC Subsidiary Drops Bureaux De Change Licence

By Dipo Olowookere The Bureaux De Change (BDC) arm of Stanbic IBTC Holdings Plc, Stanbic IBTC Bureau De Change Limited, has relinquished its operating licence. The financial services giant disclosed in a notice on Wednesday that its child company dropped the licence from January 1, 2020, due to the new policy of the Central Bank of Nigeria (CBN) on diaspora remittances. The CBN had last month said banks in the country were free to pay beneficiaries of payments from abroad in the currency of the sender’s country. As a result, Stanbic IBTC said there was no need to continue to

Image
13-September-2019

FG Eyes 40,000 Jobs from $17bn NLNG Train 7 Project

By Modupe Gbadeyanka No fewer than 40,000 direct and indirect jobs are expected to be created from the execution of the Nigeria Liquefied Natural Gas (NLNG) Train 7 project worth $17 billion. Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr Simbi Wabote, who made this disclosure, said this development will go a long way to boost the nation’s economy. The NCDMB boss said further that, “The NLNG Train-7 will deliver 100 percent engineering of all non-cryogenic areas in-country. The total in-country engineering man-hours is set at 55 percent which exceeds the minimum level stipulated in the

Image
01-July-2020

Carbon Grows Revenue by 68.8% to N6.3bn

By Adedapo Adesanya Top Nigerian digital financial platform, Carbon, has revealed that its revenue for the year 2019 grew by 68.8 percent to N6.3 billion from N3.73 billion that it published in the preceding 2018. This was contained in its recently released 2019 financial statements, where the firm also said the increase was as a result of its loan disbursement, which rose by 76.9 percent to N23.1 billion from N13 billion disbursed in 2018. Carbon noted that its high growth was driven by its expansion into East African market of Kenya, adding that the added exposure gave it access to

Ad
Ad
Recent Stories
Image
09-December-2023

Moody’s Upgrades Nigeria’s Outlook to Positive After Economic Reforms

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Image
09-December-2023

Value of Nigeria’s Unlisted Stock Exchange Reaches N1.2trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

Image
09-December-2023

Naira Crashes to N1,099.05/$1 at Official Market

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

Image
09-December-2023

Nigerian Exchange Rises 0.12% Amid Weak Investor Sentiment

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

Image
08-December-2023

New Survey: Some Nigerian Bank Adverts Are Misleading—Customers

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Image
08-December-2023

Delta State Proposed Budget 2024 and Critical Concerns

By Jerome-Mario Utomi It is common knowledge that Delta State Governor, Sheriff Oborevwori, recently, presented a N714.4 billion Appropriation Bill tagged ‘Budget of Hope and Optimism,’ for the 2024 fiscal year to the state House of Assembly. What is, however, uncertain to Deltans and the watching world is whose interest the bill, if passed, is meant to serve or protect. There is also the concern as to whether it will herald into the political geography called Delta state, a just or an unjust law. As we are now, a just law is ‘a man-made code that squares with moral laws