Benghazi based National Union Bank (NUB) announced yesterday that it is opening bank accounts specifically for expat workers in Libya, in accordance with the instructions of the Central Bank of Libya (CBL).
NUB says the expat workers’ account will facilitate their daily financial transactions inside Libya with safety and clarity.
The account features will include:
- A local debit card
- e-services
- Internal transfers
However, the account will not be available for illegal migrants as the documents required to open the account include a valid passport and a Registration Card (for non-residency holders).
Analysis
It will be recalled that the CBL is currently conducting an e-payment drive to reduce the use of cash in the Libyan economy. Together with the government and Council Guards, it has been part of a drive to force retailers including vegetables sellers, clinics, pharmacies etc, to use Point of Sale (POS) machines to accept local debit cards.
Libya has hundreds of thousands, if not one to two million illegal migrants, as well as thousands of legal expat workers such as the Egyptians working on roads and bridges projects. It is thought that the CBL is keen to offer these expat workers banking services, including local debit cards, to wean them off using cash.
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