Starting on August 1, 2023, Sierra Leone will implement the Billing and Settlement Plan (BSP) of the International Air Transport Association (IATA).
The financial transactions between airlines and travel agents are facilitated by the BSP, a global system. It is intended to make selling, reporting, and remittance processes for travel agents with IATA accreditation simpler and more secure.
An important turning point has been reached for Sierra Leone's aviation sector with the implementation of the IATA Billing and Settlement Plan (BSP). It will contribute to increasing the effectiveness and transparency of air travel transactions and will give airlines and travel agencies access to a more secure and dependable payment mechanism. Also, it will support the expansion of the economy and of aviation.
"A crucial component of IATA's Focus Africa project is accelerating the deployment of safe, efficient, and affordable financial services. According to Kamil Alawadhi, regional vice president for Africa and the Middle East, "the BSP's debut in Sierra Leone is a testament to our commitment to assisting the development and modernization of aviation throughout Africa.
Almost 40 of the 180 nations and territories where the BSP operates are in Africa and the Middle East. The BSP is a worldwide system. With a 99.9% on-time settlement rate, the system currently supports over 57,000 travel agencies and 344 cooperating airlines. The BSP of IATA handled $157.58 billion internationally in 2022.
According to Alawadhi, the introduction of the BSP in Sierra Leone will benefit the country's aviation sector. Alawadi declared that it would be advantageous for airlines, travel agencies, and customers.
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