October 07, 2020: Green Africa Airways has formed a strategic partnership with First City Monument Bank (FCMB), a leading financial institution in Nigeria. Revenue collected from all Green Africa customer sales transactions will be exclusively domiciled at Green Africa's operating account with FCMB.
Effective September, Lagos-based airline has appointed Kiran Koteshwar as the chief financial officer (CFO).
Upon commencement of pre-sales in early 2021, FCMB will provide Green Africa with access to up to $31 million in a combination of standby letter of credit and rolling working capital.
Additionally, as part of the strategic partnership, Green Africa and FCMB will develop a proprietary educational loan product for a proactive human capital development platform to train pilots, engineers, cabin crew members, safety professionals and other technical personnel in commercial, operational and aviation finance functions.
Also, the partnership will help to integrate FCMB's payment gateway into Navitaire, which is Green Africa's passenger reservation system provider. Navitaire's New Skies platform is a leading reservation and retailing system working with a large customer-base of airlines in high growth markets around the world.
Speaking on the partnership, founder and CEO of Green Africa, Babawande Afolabi, said, "This marque partnership with FCMB gives Green Africa additional tailwind to launch and scale in the years ahead. The partnership will not only deliver long-term value to Green Africa and FCMB, but also significantly move the conversation forward about how to prudently foster a thriving entrepreneurial ecosystem in Nigeria and across the African continent. We are honoured that FCMB is joining hands with Green Africa on this journey to use the power of air travel to create a better future."
On his part, the managing director and CEO of FCMB, Adam Nuru, said, "We have been tracking Green Africa's journey over the last few years and we are delighted to officially join Babawande and the Green Africa team at this important stage of the journey. Green Africa, with the support of its high-quality equity backers, a world-class team on the ground, and landmark partnership with Airbus, has a unique opportunity to redefine the aviation landscape in the region. This strategic partnership provides Green Africa with further access to short to medium-term liquidity and an institutional platform for scaling. It also positions FCMB as a preferred long-term anchor player in the future of an industry that will be key to realizing the economic potentials of Nigeria and the broader African continent."