H.E Naji Mohammed Issa, Governor of the Central Bank of Libya, held a meeting with electronic payment companies and relevant departments of CBL to monitor the progress of bank's new strategy for enhancing electronic payment systems and infrastructure on Thursday, 7th of November, 2024. This strategy includes a short- and medium-term plan for electronic payments, the transfer of the national switch, issues related to smart cards, and increasing transaction limits.

After discussing the challenges facing the banks, the Governor issued instructions to review the commission fees on POS transactions, aiming to set service costs, including machine price and service commission. Directing the preparation of new standards and regulations to govern electronic payment companies. Requesting a clear 2025 work plan from these companies, with a well-defined timeline, specific data, and figures, and periodic follow-ups on its execution.

The Governor also called for a review of all publications issued by the banks’ Banking and Monetary supervision Department regulating electronic payments. Electronic payment companies are now required to submit monthly reports to the Central Bank, covering the number of subscribers, electronic payment transactions, prepaid card recharges, money transfers, digital wallet recharges, and bill payments.

Moreover, the companies were instructed to strengthen and develop their internal control systems to address any risks associated with electronic payment operations, subject to Central Bank evaluations, also companies were required to improve service quality to the highest standards, diversify and enhance offerings, and noted that these factors will now serve as evaluation criteria for the Central Bank of Libya.