The Abd Alhamid Aldabaiba Tripoli-based Libyan government and the Central Bank of Libya (CBL) have taken further measures to encourage the use of e-payments in Libya.
Aldabaiba issued a decree yesterday mandating the inclusion of e-payment as an approved method for collecting state revenues and public dues.
The decree requires the main and subsidiary treasuries of the Ministry of Finance, as well as other ministries, departments, and agencies, to accept the collection of funds through e-payments – as well as cash and cheques.
CBL to accelerates use of QR code by Sunday 8 March
In parallel, the CBL directed a letter (dated 4 March) to the directors of commercial banks in which it stressed the need to comply with the activation of the LYPay instant payment system which is included in banking applications (Apps).
This, the CBL letter stated, is to enable customers to complete purchase transactions via point-of-sale (POS) devices by scanning the QR code. This is to be done no later than next Sunday 8th March.
Call on commercial banks to launch a joint e-payments media campaign
The CBL also called on all commercial banks to launch a joint awareness campaign targeting banking app users and merchants to promote the use and acceptance of the LYPay instant payment system via point-of-sale (POS) devices.
CBL reduces FX commissions
With regards to the foreign exchange commission to be charged by the soon-to-be opened official foreign exchange bureaux, the CBL has decided to amend the maximum commission rate to 1% for cash sales and 0.5% for sales via cheques, bank transfers, and electronic payment methods.
It called on commercial banks and licensed exchange companies and offices to immediately comply with the new instructions, emphasizing that the Banking and Monetary Control Department will monitor implementation and conduct the necessary inspections to ensure adherence to the specified regulations.
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