Tadawul Tech, one of Libya’s largest electronic payment providers, has today successfully interfaced its acceptance network to the state National Switch, its chairman Naaman Elbouri confirmed to Libya Herald today.
Tadawul will now be able to accept all payment cards issued by all other Libyan providers and in return payment cards issued on the Tadawul Card Management Switch will be accepted on the state Moamalat Nomu network.
Tadawul says its acceptance network comprises more than 14,000 point of sales (POS) machines (distributed in over 47 towns and villages) and is targeting to expand its cover six folds by the end of 2025.
Tadawul said this is excellent news for the Electronic Payment echo system in Libya and has been long overdue. The interfacing will provide a wider coverage, particularly in rural areas, and reduce dependency on paper note cash payments.
Thanks to the new CBL
Tadawul thanked the new management of the Central Bank of Libya (CBL) for ensuring that all licensed payment service providers (PSPs) be interfaced with the National Switch and thanked both teams of Moamalat and Tadawul Tech for the successful implementation and integration to include all parts of Libya.
A ten-year campaign to catch up with the rest of the world
It will be noted that this successful tie-up between the leading private sector and state e-payment operators has come ‘‘after a ten-year effort’’ of trying to convince the outgoing CBL leadership to allow e-payment customers to use both switch networks interchangeably. ‘‘This will make Libyan customers start operating like the rest of the world’’, a leading e-payment source added.
The move will also help spread the use of e-payments and help partially alleviate Libya’s cash-shortage crisis at its banks.
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