By Sami Zaptia.
London, 12 June 2020:
The Tripoli Ministry of Economy and the state Al Madar mobile company, the country’s second largest mobile operator, signed a cooperation agreement to activate e-payment service. Madar owns the Sadad e-payments service.
The statement released last week said that the agreement would allow the Ministry to use Sadad as one of the e-payments methods to collect payments.
The signatories hoped that the agreement will facilitate e-payment procedures for a large number of services that the Ministry will provide to various entities in the near future.
Madar said that this step is part of its overall objectives regarding the management and facilitation of e-payments to all state institutions, entities and public and private companies.
In light of the fall in Libya’s oil production due to political and military strife and the fall in its oil revenues due to world collapse in demand for oil, there is also pressure on Libyan state entities to increase non-oil revenues from various taxes and state service charges. The use of e-payments by the state is seen as a means of improving revenue collection.
E-payment services, including e-banking, have see an increase in use in Libya since the 2011 revolution and the subsequent insecurity and cash crisis. Sadad was launched in 2017 in cooperation between Madar and the Central Bank of Libya as part of a cash-crisis mitigation policy.
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