H.E Mr. Saddek Omar ElKaber, Governor of the Central Bank of Libya, and Mr. Maree Al-Barasi, Deputy Governor, announced the launching of LYPay service today, on Thursday, 1st of August, 2024.

This leading instant payment service allows immediate money transfers between individuals and purchases from merchants using QR Code technology, with the amount reaching the merchant’s (or recipient’s) account instantly.

To emphasize the importance of making financial services accessible to all segments of society and encouraging digital transformation, the Central Bank of Libya has decided that the LYPay service will be free of charge until the end of 2024.

The service will have a daily transfer limit of 500 LYD and a daily purchase limit of 1500 LYD. These limits are for the trial period to ensure the service’s safety and effectiveness, and they will be gradually increased.

During the first week of the launching, the service will be available to 10,000 individual subscribers, with the number gradually increasing after ensuring the service’s safety. Merchants can join the service without any limit on the number, providing wide opportunities to enhance their business and facilitate their financial transactions.

At this stage, the service is available through the following banks: (Jumhouria Bank, Wahda Bank, National Commercial Bank, and North Africa Bank).