Libya's central bank governor meets payment firms over e-payment expansion
Governor Fawzi Abu Khazam discussed performance indicators and technical problems that are holding back electronic payment services.
Fawzi Abu Khazam, Governor of the Central Bank of Libya (CBL), met at his Tripoli office with several electronic payment service providers, the state-owned Moamalat switch company and directors of relevant CBL departments. The meeting reviewed the latest progress in expanding e-payment services and the technical challenges slowing their delivery.
Abu Khazam stressed the need for stronger infrastructure, better technical integration and connectivity among payment providers, so that transactions are executed quickly and easily. He also called for stronger cybersecurity, business continuity and operational risk management, in line with international standards, to build user confidence.
He said the services should be raised to a higher standard and extended across regions and sectors, supporting financial inclusion and reducing reliance on cash. He ended by calling for continued coordination between the CBL and sector companies, with performance indicators monitored regularly.
Why it mattersCitizens and institutions across Libya will depend on whether the providers fix the technical gaps and extend electronic payments beyond current users.