Within the framework of the Governor of the Central Bank of Libya, Naji Muhammad Issa, following up on the plan to diversify and spread electronic payment channels, the Governor discussed with the Director General of Muamalat Company and the relevant departments of the Central Bank, the workflow of the electronic commerce platform managed by Muamalat Company, the challenges it faces, and ways to demonstrate the difficulties facing companies and citizens to benefit. From the platform services.
The governor directed, “The need to oblige banks to take the necessary measures to activate bank cards on the e-commerce platform, and to facilitate contracting procedures with merchants to enable them to engage in online sales activity.” The Governor also directed to take the necessary measures so that transactions are in accordance with the best standards followed for the security and integrity of information.”
Consequently of this meeting, “the Banking and Monetary Supervision Department issued Circular No. (21) of 2024 regarding initiating the implementation of the directives referred to above, and following up on their implementation.”
Within the framework of Mr. Naji Muhammad Issa, Governor of the Central Bank of Libya, following up on the plan to diversify and spread electronic payment channels, Mr. discussed…
Posted bycentral Bank of LibyaIn Wednesday, December 4, 2024
Last updated: December 4, 2024 – 12:40
Suggest a correction
How is the Central Bank of Libya promoting e-commerce and electronic payments?
Interview with Naji Muhammad Issa: Pioneering Electronic Payment Solutions in Libya
Editor, Time.news: Today, we are honored to have with us Naji Muhammad Issa, the Governor of the Central Bank of Libya. we’ll be discussing the recent initiatives to diversify electronic payment channels in Libya, the challenges faced by the e-commerce platform managed by Muamalat Company, and the implications for businesses and citizens. Thank you for joining us, Governor Issa.
Q: Governor Issa, can you provide an overview of the recent discussion with Muamalat Company regarding the electronic commerce platform?
A: Certainly! We convened a meeting to assess the workflow of the electronic commerce platform managed by Muamalat Company. Our focus was on identifying the challenges it faces and finding effective solutions to enhance the utility of the platform for both businesses and citizens. Our goal is to ensure that more channels for electronic payments are available and that they are accessible and efficient.
Q: What specific directives did you issue to address the challenges encountered by the e-commerce platform?
A: I have directed that banks must take immediate measures to activate bank cards on the electronic commerce platform. It is crucial that we facilitate contracts between banks and merchants so they can conveniently engage in online sales activities. This will strengthen the e-commerce ecosystem in Libya and make it easier for consumers to utilize these services.
Q: The implementation of security and data integrity standards seems vital. What steps are being taken in this regard?
A: Absolutely. We understand that security is paramount in electronic transactions. Therefore, I have emphasized the need for all transactions to adhere to the best practices for security and integrity of information. This involves regular audits, updates to security protocols, and collaborations with tech firms specializing in cyber security to protect our financial infrastructures.
Q: Circular No. (21) of 2024 was issued by the Banking and Monetary Supervision Department. Can you explain its meaning?
A: Circular no. (21) is a foundational step in operationalizing the directives I issued during our meeting. it initiates the process of monitoring the implementation of these electronic payment measures, ensuring that banks and merchants comply and that progress is tracked effectively. This helps build trust in our e-commerce and banking systems, encouraging wider adoption.
Q: From an industry perspective, why is it crucial for banks and merchants to embrace these changes?
A: The shift towards electronic payment channels is not merely a trend; it is the future of commerce. For banks, it opens up new revenue streams and customer bases. For merchants, embracing e-commerce can lead to increased sales and operational efficiencies. Moreover, for citizens, effective electronic payment solutions provide convenience and access to a broader range of goods and services.
Q: What advice would you give to merchants looking to transition to online sales?
A: My advice would be to stay informed about the regulations and support available from the Central Bank and other relevant institutions. Engaging with the e-commerce platform and utilizing bank services to set up secure online payment systems is essential. Moreover, they should focus on building a user-friendly online presence to attract customers and ensure seamless transactions.
Q: what is your vision for the future of electronic payments in Libya?
A: I envision a robust digital economy where electronic payments are the norm rather than the exception. By making e-commerce more accessible and secure, we can stimulate economic growth and enhance the quality of life for our citizens. It’s a transformative journey, and we are committed to leading the way.
Editor, Time.news: thank you, governor Issa, for sharing your insights. The implementation of these electronic payment solutions is certainly a important milestone for Libya’s financial landscape, and we look forward to seeing the positive impact on the economy and society at large.