The Central Bank of Libya (CBL) announced today that its state National Switch operator, Moamalat Financial Services Company, will be reducing commissions imposed on the use of bank cards at points of sale (POS) to 1 and 1.5 percent from 3.75 percent.
The announcement came after CBL Governor Naji Issa met today with officials of Moamalat Financial Services Company, in the presence of the directors of the concerned departments of the CBL, where they discussed the POS commission reduction.
During the meeting, the CBL reports, it was decided to reduce commissions on the health, medicine, and food sectors by 73 percent to become 1 percent instead of 3.75 percent, and the rest of the sectors were reduced by 60 percent to become a commission rate of 1.5 percent instead of 3.75 percent.
Easing procedures for granting points of sale
The CBL reports that it was also agreed at the meeting to ease the procedures for granting points of sale to dealers in commercial and service activity, and those who practice commercial professions for themselves, as well as work to provide a free instant payment service, which contributes to enhancing financial inclusion.
Possible further POS commission reduction?
The CBL also noted that these commission rates will be re-evaluated and reviewed from time to time to consider the possibility of additional reductions later.
The CBL said these steps come within the framework of its plan to further develop electronic services.
Tadawul and Moamalat services to be used interchangeably by customers
It will be recalled that only yesterday the CBL finally allowed the private sector Tadawul Tech, one of Libya’s largest electronic payment providers, to interface its e-payment acceptance network with the state National Switch, Moamalat Financial Services Company.
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