The Central Bank of Libya (CBL) reported today that its Governor, Naji Issa, issued instructions to reduce commissions imposed on bank card uses at points of sale (POS) to less than 1% as a maximum for all sectors without exception.
He also instructed that the service of cash withdrawal for citizens from any bank through the feature of pre-withdrawal (cash advance) at points of sale (PoS) should be opened.
CBL Governor Issa’s instructions came during what the CBL called ‘‘an extensive meeting’’ with the directors of commercial banks, in the presence of several directors of the concerned departments of the CBL, at the Governor’s CBL Office.
The meeting followed up on the implementation of the CBL’s policies on:
- Regulating the sale of foreign exchange
- Ensuring compliance with instructions aimed at improving banking infrastructure
- Enhancing electronic payment methods
- Addressing liquidity problems and ensuring their availability to all citizens, especially during the fasting month of Ramadan.
Protecting foreign exchange reserves, preserves the value of the Libyan dinar
During the meeting, the Governor also stressed the need for banks to adhere to the CBL’s standards, policies and approved procedures to ensure the protection of the state’s foreign exchange reserves, in a way that preserves the value of the Libyan dinar. This contributes to achieving financial and economic stability and financial sustainability for the country.
Enhancing financial inclusion
The importance of enhancing financial inclusion by expanding electronic payment services was also stressed, as part of the digital transformation plan that aims to reduce dependence on paper cash and facilitate financial transactions for citizens.
Feedback on actions by banks
For their part, bank managers reviewed the measures taken to improve the banking infrastructure, stressing their commitment to implementing plans that will enhance the efficiency of banking services and expand the scope of digital services, including increasing electronic points of sale and further expanding the issuance of bank cards.
At the end of the meeting, the Governor stressed the continuation of periodic follow-up of the performance of banks, stressing the importance of joint cooperation between banks and the competent authorities to ensure the provision of banking services that meet the needs of citizens and enhance financial stability in the country.
Commission for bank cards used at points of sale (POS) reduced in 2024
It will be recalled, and as reported by Libya Herald, that in November 2024 the CBL, under Governor Issa, had reducing commissions imposed on the use of bank cards at points of sale (POS) to 1 and 1.5 percent, depending on product – from 3.75 percent.
Tadawul and Moamalat services to be used interchangeably by customers
It will also be recalled that in November last year the CBL had 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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