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mrsam
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Africa’s travel company, Wakanow, has introduced a daily direct remittance and pre-paid card payment settlement to reduce cost of tickets for flight passengers.
The new innovation, the company noted, will obviate the two-week airline billing settlement cycle and reduce the cost of travel for customers.
The two week Billing and Settlement Plan (BSP) requires significant bank guarantees running into billions of Naira, forcing travel agencies to pass on the increased cost to customers, a statement released by the company on Tuesday noted.
The statement reads, “Wakanow’s new model will see airlines receive their payments within 24 hours versus the standard process on the BSP which takes about 4 weeks. Customers will also benefit from a faster refund process where claims can be turned around in a few working days rather than the current arrangement which takes months to complete in some cases.
Group Managing Director of Wakanow, Mr. Obinna Ekezie, explained that the new model will bring a new face to the travel industry. “Over the last two years, airfares have skyrocketed due to the devaluation of the Naira and increased airline risk in payment collection and remittance. These new daily remittance and Prepaid card settlement platforms to be launched by Wakanow have been tested by Emirates, Royal Air Maroc and Kenya Airways. It will revolutionize the entire travel industry and offer reduced pricing for airline tickets.”
Wakanow is working closely with its IATA, airlines partners and Zenith Bank to make this transition sail smoothly.
Commenting on the new payment initiative, Regional Manager of Royal Air Maroc, Jamal Harichi, said the new paymen plan will bridge the gap between shortage of currency and ease of travelling.
“After two years of difficulties for the airlines with regard to the shortage of currencies in the market, Wakanow.com , by his genius; by its rigor and by its implication in the development of the sector, has supported all the companies in difficulty. Today, Wakanow.com returns with a successful, safe and dynamic project that will give a new lease of life to the travel industry and will assuredly propel the entire economy of the country.”
The new innovation, the company noted, will obviate the two-week airline billing settlement cycle and reduce the cost of travel for customers.
The two week Billing and Settlement Plan (BSP) requires significant bank guarantees running into billions of Naira, forcing travel agencies to pass on the increased cost to customers, a statement released by the company on Tuesday noted.
The statement reads, “Wakanow’s new model will see airlines receive their payments within 24 hours versus the standard process on the BSP which takes about 4 weeks. Customers will also benefit from a faster refund process where claims can be turned around in a few working days rather than the current arrangement which takes months to complete in some cases.
Group Managing Director of Wakanow, Mr. Obinna Ekezie, explained that the new model will bring a new face to the travel industry. “Over the last two years, airfares have skyrocketed due to the devaluation of the Naira and increased airline risk in payment collection and remittance. These new daily remittance and Prepaid card settlement platforms to be launched by Wakanow have been tested by Emirates, Royal Air Maroc and Kenya Airways. It will revolutionize the entire travel industry and offer reduced pricing for airline tickets.”
Wakanow is working closely with its IATA, airlines partners and Zenith Bank to make this transition sail smoothly.
Commenting on the new payment initiative, Regional Manager of Royal Air Maroc, Jamal Harichi, said the new paymen plan will bridge the gap between shortage of currency and ease of travelling.
“After two years of difficulties for the airlines with regard to the shortage of currencies in the market, Wakanow.com , by his genius; by its rigor and by its implication in the development of the sector, has supported all the companies in difficulty. Today, Wakanow.com returns with a successful, safe and dynamic project that will give a new lease of life to the travel industry and will assuredly propel the entire economy of the country.”
