Libya needs to double POS terminals despite digital boom

The banking sector requires between 200,000 and 250,000 Point of Sale (POS) machines to fulfil market demands, despite achieving “more than excellent” figures in electronic services during 2024, according to former banking sector leader Musbah Al-Akkari.

Al-Akkari, former chairman of Jumhuria and National Commercial Banks, made these observations whilst commenting on statistics presented at the Financial and Business Exhibition held in Benghazi from 5 to 7 January. His analysis, as a previous member of the Central Bank of Libya’s (CBL) Dinar Revaluation Committee during El-Kaber’s governorship, focused particularly on the POS sector.

The current POS infrastructure shows state-owned Moamalat Company operating 64,000 machines, whilst private sector companies have established significant presence, with Tadawul Company managing 16,881 machines and Masarat Company providing 44,000 units via mobile applications.

The combined total of 124,881 POS machines represents what Al-Akkari characterises as “a very excellent figure to contribute to resolving the problem of liquidity in the banking sector.” This figure marks substantial progress in electronic payment capabilities.

Year-on-year comparison indicates significant growth, with Moamalat Company nearly doubling its POS machines from 37,000 in 2023 to 64,000 in 2024, demonstrating rapid development in the financial sector.

Recent measures by the Central Bank of Libya, including reduced e-payments commission rates and promotion of electronic banking services, have created favourable conditions for further expansion. “After analysing the figures with colleagues in the banking sector, the target appears achievable this year,” Al-Akkari stated.

The expansion of electronic payment services continues as a key development in the modernisation of the banking system, aimed at addressing ongoing challenges in the financial sector.