The launch of instant payment services between individuals and the commercial banks (Republic Bank, United Bank, National Commercial Bank, North Africa Bank) will commence as a first phase starting from Thursday, August 1, 2024, following the completion of the trial period. Initially, the service will be available to a limited number of users, with a gradual increase over time. Additionally, competition will be opened for providing commercial services between private sector companies, and consideration will be given to restructuring the Transactions Company to focus on operating sovereign systems such as the national distributor, instant payments, open banking, and instant transfers, in collaboration with global consultant Oliver Wyman.
This was discussed during a meeting between Mr. Sadiq Omar Al-Kabir, Governor of the Central Bank of Libya, Mr. Marai Miftah Raheel, Deputy Governor, and the relevant departments of the Central Bank of Libya, as well as the Chairmen and General Managers of the Republic Bank, National Commercial Bank, United Bank, North Africa Bank, Sahara Bank, the Libyan Foreign Bank, and the Foreign Investments Company, along with the Board of Directors and General Manager of the Transactions Company. The meeting took place on July 29, 2024, at the Governor’s office.
