The Central Bank of Libya (CBL) reported that at the second 2023 meeting of its National Payments Council today, headed by CBL Governor Saddek El-Kaber and held at his office, the most prominent topics that were discussed were:
- Digitising bank cards to activate mobile payment at points of sale
- Adopting unified national specifications for electronic payment cards with EMV technology at the end of April 2023
- The role of commercial banks and the national distributor operator in implementing the CBL’s projects for 2023 (Instant Payment, eKYC, Open Banking) to benefit advanced services in direct transfer between commercial banks
- Opening accounts remotely
- Opening the market for financial technology companies to provide their services to citizens.
- Raising the efficiency of the national network for payments through the Libyan Post, Telecommunications and Information Technology Holding Company’s activation of the National Roaming between the Libyana and Al-Madar mobile companies during the month of April.
The Director of the CBL Banking and Cash Control Department, Naji Issa, confirmed to Libya Herald that the CBL, headed by the Governor, commercial banks, and the state Moamalat switching Company, in partnership with telecommunications companies, are very keen to provide digital banking services that guarantee ease and security for user.
This, he explained, is what was targeted through the National Payment System, which will contribute to reducing dependence on cash and open the door for a wider use of banking applications and digital payment programmes on mobile phones at points of sale available in shops, markets and various service facilities, in addition to the use of credit cards.
Naji pointed to the insistence of the CBL to expedite the implementation of the unified national payments network in partnership between banks, the national distributor operator and telecommunications companies, which have the most prominent role in completing this general technical work.
This will facilitate people’s buying and selling operations and the transfer of funds in a safe and fast time, and through the mobile phone at the lowest costs and capabilities, because digitization means easier financial transactions, security and an easier life.
It is expected that the amount of money that will enter the national payment system with this advanced technical method will be very large because everyone is proficient in using the smart phones available to most Libyans.
ATMs and e-payments in Libyan shops and businesses set to grow (libyaherald.com)
