Green Africa, Nigeria's Lagos-based value airline, has formed a strategic partnership with First City Monument Bank (FCMB), a Nigerian financial institution. Revenue collected from all Green Africa customer sales transactions will be exclusively domiciled at Green Africa's operating account with FCMB. Upon commencement of pre-sales in early 2021, FCMB will provide Green Africa with access to up to US$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 reservation and retailing system working with a large customer-base of airlines in high growth markets around the world. The agreement is equally expected to explore other areas of commercial partnerships and opportunities to bring even more value to FCMB and Green Africa customers as the value carrier scales.