Kora has officially joined the International Air Transport Association’s (IATA) Financial Gateway (IFG). This partnership aims to streamline airline payments in Africa by providing a unified infrastructure for global airlines.
Kora Joins IATA Network to Enhance Airline Payments in Africa
The IATA Financial Gateway is a sophisticated platform designed specifically for the airline industry. It enables payment orchestration and management, connecting international airlines to Africa’s diverse payment ecosystem seamlessly.
Benefits of the Partnership
This collaboration will allow airlines and travel agencies to accept various payment methods across Africa. Options include:
- Credit and debit cards
- Bank transfers
- Mobile money
- Local alternative payment methods
The integration significantly reduces the complexity of navigating Africa’s fragmented payment landscape. Airlines no longer need to manage multiple integrations independently.
A Growing Market
Africa is recognized as one of the fastest-growing aviation markets globally, projected to welcome over 300 million new passengers by 2050. However, international airlines have encountered challenges such as:
- Fragmented local payment systems
- Foreign exchange complexities
- Disparate settlement processes
- Managing various payment service providers
Kora’s integration with IFG alleviates these issues. A single connection allows airlines to access a comprehensive African payment infrastructure while ensuring compliance and reliable settlements.
Quotes from Leadership
Dickson Nsofor, CEO of Kora, emphasizes the significance of this partnership. He stated, “Africa is not a market to figure out later. It is a growth opportunity that demands serious infrastructure today.” This collaboration greatly simplifies the expansion of global airlines into African markets.
Kamil Al-Awadhi, IATA’s Regional Vice President for Africa and the Middle East, noted, “Kora’s participation strengthens our ability to serve airlines operating in or expanding across African markets.”
About Kora and IATA
Kora operates as a payment infrastructure platform focused on facilitating pay-ins, payouts, and settlements throughout Africa. In contrast, IATA represents over 370 airlines worldwide, accounting for approximately 85% of global air traffic.
This partnership marks a crucial step toward maximizing payment acceptance for global airlines in Africa. As the aviation sector in the continent continues to expand, efficient payment systems will become increasingly essential for success.
