Launching of Instant Payment Service Starting today, Thursday, 1st of August 2024, the four commercial banks (Jumhouria, Wahda, National Commercial, and North Africa) will launch an instant payment service for individuals and merchants. This is the first phase after the trial period, with a limited number of users initially, gradually increasing over time.
Additionally, the competition will be open for the private sector companies in providing commercial services, while the company “Moamalat” will be restructured to focus on operating key systems such as the national switch, instant payment, open banking, and instant transfers, in collaboration with the global consultant (Oliver Wyman).
This decision was made during a meeting on 29th of July 2024, between H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya,and Mr. Maree Al-Barasi, Deputy Governor and the relevant departments of the Central Bank of Libya. The meeting also included the General Managers of Jumhouria Bank, National Commercial Bank, Wahda Bank, North Africa Bank, Sahara Bank, and the Libyan Foreign Bank, besides the Foreign Investment Company and the board and General Manager of Moamalat Company.