Central Bank Governor Discusses Expansion of Electronic Payment and Digital Transformation with Banks
Libya – The Governor of the Central Bank of Libya, Naji Issa, held an extensive meeting on Tuesday with a number of general managers of commercial banks, in the presence of the Moadalat company, and with the participation of the bank’s specialized departments.
According to a statement from the Central Bank, the meeting discussed the latest developments in the expansion of electronic payment services and their performance indicators, in addition to the banking sector’s readiness to provide advanced digital financial services that meet market needs.
The attendees stressed the importance of universalizing electronic payment to include vital sectors such as schools, universities, clinics, bakeries, and airlines, as well as various commercial activities, in a way that facilitates daily transactions and reduces reliance on cash.
The meeting discussed the importance of developing the legislative and regulatory framework that ensures consumer protection and promotes a safe and transparent financial environment.
For his part, the Governor stressed that electronic payment is a fundamental pillar in modernizing the banking sector, calling for accelerating the pace of digital transformation and enhancing customer confidence in using modern payment tools. He also affirmed the sector’s readiness to implement the “Your Salary Instantly” project as soon as salaries are transferred from the Ministry of Finance and immediately credited to citizens’ accounts.
Issa issued strict instructions to commercial banks not to provide customers with any of the currency denominations that will be withdrawn from circulation starting September 30, beginning next week. He emphasized the disbursement of the new currency issues that will be supplied to them by the Issuing Department during this week.