In several Central Bank of Libya (CBL) circulars dated 3 and 4 December directed to banks, fuel distribution companies, the bakeries’ union, the CBL has instructed the recipients to either introduce a new method of e-payment or start using e-payments. The CBL also urged the Municipal Guards to take legal measures to ensure the compliance with the requirement to use point-of-sale (POS) terminals.
QR code
According to the circulars leaked by several leading Libyan news outlets, several local commercial banks were instructed to activate the mobile phone QR code instant payment service for merchants and citizens.
The CBL also stipulated that citizens must be able to obtain the QR code feature through its OnePay platform.
It also set 10 December as the deadline for implementing the plan and commencing its actual use.
Points of Sale at fuel stations
The bank also instructed fuel companies to require their affiliated fuel stations to use point-of-sale (POS) terminals.
In a letter addressed to fuel distribution companies, the CBL urged all petrol stations to adhere to the payment process using POS terminals and to contact banks to contract for the acquisition and use of these terminals.
General Syndicate of Bakeries and Mills
The bank (in a leaked letter dated 4 December) also addressed the head of the General Syndicate of Bakeries and Mills, requesting that he instruct bakery owners to comply with the requirement to use e-payment methods, to immediately contract with commercial banks to install and use POS terminals, and to impose penalties on those who fail to comply, including the possibility of not issuing or renewing their operating licenses.
Request to the Municipal Guard
In the same regard, and in another leaked letter (also dated 4 December) to the head of the Municipal Guard, the CBL requested that its head instruct the Municipal Guard offices in all municipalities to take legal measures to ensure that bakeries comply with the requirement to use point-of-sale (POS) terminals.
Part of CBL’s effort to end the cash culture
These instructions by the CBL come within its effort to instil the culture of e-payments in Libya, away from the dominant cash culture that it says is contributing to the country’s acute cash crisis. It has reduced the commission charged by commercial banks and switch / clearing companies on the use of e-payments and launched certificates of deposit in an attempt to soak up the hoarded cash stored by citizens at home.
Part of the CBL’s wider reform measures
This, in turn, comes within its wider effort to reform Libya’s economic, monetary, fiscal and financial system to reduce money laundering, reduce the grey economy and tax evasion, reduce demand for the US dollar in the black-market and strengthen the Libyan dinar.
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