Central Bank looks at developing the electronic payments system
LIBYA – Governor of the Central Bank of Libya Fawzi Abukhzam on Thursday discussed the latest progress in expanding digital payments, performance indicators and the technical challenges facing service delivery with electronic payment service providers, Moamalat and directors of the bank’s relevant departments.
Expanding services and improving the user experience
The meeting addressed operational obstacles in order to ensure efficient and uninterrupted payment services and to improve the quality of financial transactions offered to citizens and institutions.
Infrastructure and links between service providers
Participants discussed developing digital payments infrastructure and strengthening integration and technical links between the companies, to make transactions easier and faster and to raise operational efficiency and competition in the payment services market.
Cybersecurity and reliability
Abukhzam stressed the need for a secure and reliable environment that earns users’ trust and keeps pace with international standards, and for commitment to cybersecurity, operational risk management and business continuity plans.
Financial inclusion and less use of cash
He called for services to be extended to all regions and sectors, to support financial inclusion, reduce reliance on cash, make banking easier and boost economic activity.
He concluded by affirming that the bank would continue to coordinate with the companies operating in the sector, monitor performance indicators regularly and address challenges, with the aim of building an integrated and sustainable payments system that keeps pace with financial and technological developments.
