The Central Bank of Libya has intensified its oversight of electronic payment services as part of a broader strategy to strengthen financial inclusion and modernise the banking sector.
On Monday, Governor Naji Issa chaired a high-level meeting in Tripoli with senior executives from commercial banks, representatives of Muamalat Financial Services Company, and leading providers of electronic payment solutions.
Discussions focused on the latest developments in the rollout of digital payment systems, with participants reviewing performance indicators and assessing the sector’s readiness for the next stage of expansion. The governor underlined that the Central Bank’s priority is to ensure that technological growth translates into wider access to secure financial services for Libyans.
The meeting also examined the key technical challenges and operational barriers slowing down the transition, including infrastructure limitations and regulatory hurdles. Officials agreed on the importance of adopting systematic mechanisms to guarantee continuity of services while addressing these obstacles.
Governor Issa stressed the critical role of security and user confidence in driving adoption of digital platforms. “We must provide a safe environment that enhances user trust and aligns with the latest international standards,” he said.
The Central Bank’s push comes as Libya seeks to expand its financial services beyond traditional banking, aiming to reduce reliance on cash transactions and improve transparency in the economy. The focus on electronic payments is seen as a crucial step in supporting small businesses, improving consumer convenience, and integrating the country more closely into global financial systems.
Monday’s meeting concluded with a commitment to maintain close coordination between banks, service providers, and regulators to ensure the success of the initiative in the coming months.
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