CBL source to Libya Herald: CBL moving towards ending cash collection of taxes and customs duties – moving solely to e-collections

A senior source within the Central Bank of Libya (CBL) revealed to Libya Herald yesterday that the decision to mandate commercial banks and the fintech company, Tadawul, to exempt the Tax Authority, the Customs Authority, and the Libyan Ports Company from fees / commissions for e-payment services via point-of-sale (POS) terminals represents “a strategic step to reorganize the cash cycle and reduce reliance on paper currency within public institutions.”

The source explained that the CBL has already begun implementing an urgent plan to distribute 130 POS terminals as a first phase to the targeted entities. He emphasized that the goal is not limited to facilitating collection processes, but also extends to “enhancing financial transparency, reducing the risks associated with cash transactions, and increasing the efficiency of public revenue collection.”

The source added that this new approach is part of CBL Governor Naji Issa’s strategy to promote financial inclusion and expand the use of modern electronic payment methods. He indicated that the relevant authorities will be required to gradually cease collecting fees and revenues in cash and rely entirely on electronic payment systems in the coming phase.

The source confirmed that these measures will contribute to easing the pressure on banks, improving the quality of financial services provided to citizens, and supporting digital transformation efforts within state institutions.

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