Mr. Sadiq Omar Al-Kabir, Governor of the Central Bank of Libya, and Mr. Marai Miftah Raheel, Deputy Governor, announce the launch of the LY Pay service, the leading instant payment service, on Thursday, August 1, 2024.
This service allows for instant financial transfers between individuals and purchases from merchants via QR code technology, with the value reaching the merchant’s (or beneficiary’s) account immediately.
To emphasize the importance of facilitating access to financial services for all community segments and to encourage digital transformation, the Central Bank of Libya has decided that the LY Pay service will be free of charge with no fees until the end of 2024.
The service will have a daily transfer limit of 500 dinars and a daily purchase limit of 1500 dinars. These limits are set for the trial period to ensure the safety and effectiveness of the service and will be gradually increased.
During the first week of launch, the service will be available to 10,000 individual subscribers, with the number increasing gradually after ensuring the service’s reliability. Merchants can join the service without a limit on the number, providing extensive opportunities to enhance their business and facilitate their financial transactions.
At this stage, the service is available through the following banks: The Republic Bank, United Bank, National Commercial Bank, and North Africa Bank
