Commercial concerns are being warned to urgently activate their e-payment services to comply with Central Bank of Libya (CBL) regulations. The call is universal in both western and eastern Libya, thanks to the unification of the CBL.
Misrata Chamber of Commerce yesterday called on all those engaged in commercial, industrial, service, and craft activities, as well as shipping agencies and stevedoring companies, to comply with this stipulation.
It called on all to urgently activate electronic payment services in coordination with commercial banks and fully comply with the instructions issued by the CBL regarding the mandatory acceptance of all payment methods in all commercial transactions.
The Chamber also affirmed that regulatory authorities will launch a large-scale inspection campaign to monitor compliance with these instructions, in line with the national drive toward digital transformation, regulating economic activity, and limiting cash transactions.
Any activity that violates these instructions will be subject to legal accountability, with strict measures being taken against it, Misrata Chamber warned.
Eastern Libya too
The policy seems to be universally implemented in eastern Libya too.
Last Monday (13 October), the eastern based Municipal Guard sent out an official warning to entities accepting fees from customers that if they did not accept e-payments they are subject to immediate closure, effective Tuesday, 14 October.
Part of the CBL’s wider monitory policy reform
As mentioned by Misrata Chamber, the CBL move is part of a wider policy to reduce the use of cash, reduce money laundering, reduce the grey economy and tax evasion, reduce demand for the US dollar in the black-market, strengthen the Libyan dinar, ingrain the culture of e-payments in the Libyan psyche away from the cash economy.
