Bank Card Commissions for POS Transactions Reduced to Under 1%

The governor of the Central Bank of Libya (CBL), Naji Issa, has directed that fees on bank card transactions at points of sale (POS) be lowered to less than 1% at most for all sectors, according to a report released today by the CBL.

Additionally, he directed that the pre-withdrawal (cash advance) option at points of sale (PoS) be opened to allow citizens to withdraw cash from any bank. The directives were given by CBL Governor Issa in the Governor's CBL Office during what the CBL described as "an extensive meeting" with the directors of commercial banks, in front of several directors from the CBL's relevant departments.‎

To secure the state's foreign exchange reserves and maintain the value of the Libyan dinar, the governor also emphasized at the meeting how important it is that banks follow the CBL's standards, rules, and authorized processes. This helps the nation achieve economic and financial stability and sustainability.

As part of the digital transformation strategy, which intends to lessen reliance on paper money and make financial transactions easier for individuals, the significance of increasing financial inclusion via growing electronic payment services was also emphasized.

Bank managers, for their part, went over the steps taken to upgrade the banking infrastructure and emphasized their dedication to putting plans into action that will increase the effectiveness of banking services and broaden the range of digital services, such as expanding the number of electronic points of sale and issuing more bank cards.