CBL to take over national payment distribution system

In a press release sent to Libyan Express, the Central Bank of Libya (CBL) announced major changes to its electronic payment infrastructure on Wednesday, including the transfer of national payment distribution operations from the Transactions Company to direct CBL management.

The decision came during a crucial meeting led by CBL Governor Naji Mohammed Issa, who met with department directors to discuss the bank’s strategy for developing electronic payment services and addressing challenges faced by electronic payment companies.

Key developments from the meeting include:

– Transfer of management and operations of the national distributor from the Transactions Company to the CBL
– Plans to enhance instant payment projects including “LY Pay” and “One Pay”
– Commitment to improve electronic service quality to meet international standards

The move represents a significant step in the CBL’s ongoing efforts to modernize Libya’s financial infrastructure and strengthen its electronic payment capabilities. These changes aim to streamline payment operations and overcome existing challenges in the sector.

The initiatives align with the central bank’s broader strategy to support and develop electronic payment operations throughout Libya, with a focus on enhancing service quality and accessibility for Libyan citizens and businesses.

Governor Issa’s direct involvement in overseeing these changes signals the high priority the CBL places on modernizing the country’s financial technology infrastructure and bringing it in line with international standards.

The bank has not yet announced a timeline for the transition of national distributor operations or the implementation of improvements to the instant payment systems.