The International Air Transport Association (IATA) announced today that the Billing and Settlement Plan (BSP) has been launched in Sierra Leone, effective August 1, 2023.
The BSP is a global system that facilitates the financial transactions between airlines and travel agencies and it is designed to simplify and secure the selling, reporting, and remitting procedures of IATA-accredited travel agents.
The launch of the BSP in Sierra Leone is a significant milestone for the country’s aviation industry as it will help to improve the efficiency and transparency of air travel transactions, and also provide a more secure and reliable payment system for airlines and travel agents. It will also contribute towards the growth of aviation and the economy.
Speaking on the development, Kamil Alawadhi, Regional Vice President Africa and Middle East remarked: “Accelerating the implementation of secure, effective, and cost-efficient financial services is a key pillar of IATA’s Focus Africa initiative. The launch of the BSP in Sierra Leone is a testament to our commitment to supporting the growth and modernization of aviation across Africa”.
The BSP is a global system with operations in some 180 countries and territories, over 40 of which are in Africa and Middle East.
The system currently serves more than 57,000 travel agencies and 344 participating airlines with an on-time settlement rate of 99.9%. In 2022, IATA’s BSP processed $157.58 billion globally.
“The launch of the BSP in Sierra Leone is a win-win for the country’s aviation industry, It will benefit airlines, travel agents, and passengers alike,” said Alawadhi.
