Naji Issa, the Governor of the Central Bank of Libya (CBL), met yesterday at his Tripoli office with the Chairman and members of the Board of Moamalat Financial Services Company and its executive management.
Moamalat is the state National Payment Switch company. It connects several e-payment services such as cash point machines and POS systems of various banks. Tadawul is the private sector competitor to Moamalat. Last Friday, the Moamalat network crashed leaving customers stranded. This breakdown was an embarrassment for the CBL Governor who is on an aggressive drive to convert Libyans away from cash and to e-payment services.
The meeting was attended by a member of the Board of Directors of the Central Bank of Libya and several directors of relevant departments.
The reasons for the interruption of the National Payment Switch and the company’s points of sale services last Friday were discussed. The Governor emphasized that the National Payment Switch system is a sovereign system that represents the backbone of electronic payment services in the country, and that its interruption for any period is unacceptable.
Accordingly, a package of measures was agreed upon to prevent the recurrence of such interruptions in the future. It was also agreed to raise the availability of data centers for the National Payment Switch. Several important topics related to the development and expansion of the use of electronic payment systems were also discussed, as part of the Central Bank’s efforts towards digital transformation and enhancing financial inclusion.
During the meeting, the Governor also emphasized the importance of further strengthening the technical infrastructure to facilitate electronic payment transactions in various government and private sectors, which will contribute to simplifying procedures and improving the quality of services provided to citizens.
For their part, representatives from Moamalat reviewed key indicators, plans, and future projects aimed at expanding the scope of electronic payment services and increasing service points in markets, shopping malls, and government and private institutions.
