The Governor of the Central Bank of Libya (CBL), Fawzi Abu Khazam, held a meeting at his Tripoli office today with several electronic payment service providers, the state Moamalat switch company, and directors of relevant departments within the CBL.
The meeting addressed the latest developments in the expansion of e-payment services, the progression of performance indicators, and the technical challenges hindering the delivery of these services. Discussions focused on ways to resolve these issues to ensure the efficiency and continuity of the services, ultimately improving the quality of offerings for citizens and institutions.
The meeting also highlighted the importance of developing the infrastructure for the electronic payment system and enhancing technical integration and connectivity among payment service providers. This is intended to ensure that financial transactions are executed easily and rapidly, while increasing operational efficiency and fostering competitiveness within the payment services market.
The Governor emphasized the necessity of strengthening the security and reliability of electronic payment services. He stressed the importance of creating a secure and trustworthy environment that bolsters user confidence and aligns with the latest international standards and best practices—underscoring the need for strict adherence to requirements regarding cybersecurity, business continuity, and operational risk management.
Furthermore, he underscored the importance of elevating the standard of services provided and expanding their reach across various regions and sectors. Such efforts are intended to support financial inclusion, reduce reliance on cash, facilitate financial transactions, and enhance the overall efficiency of economic activity.
At the conclusion of the meeting, the Governor emphasized the need for continued coordination between the CBL and companies operating in the sector. He stressed the importance of addressing existing challenges and periodically monitoring performance indicators, with the aim of building an integrated and sustainable electronic payment ecosystem capable of keeping pace with developments in the financial and technological sectors.