2024-08-03 10:28:20
The Governor of the Central Bank of Libya, Al-Siddiq Omar Al-Kabir, accompanied by Marai Muftah Raheel, the Deputy Governor, announced the launch of the LYPay service, the leading instant payment service, today, Thursday..
This service allows for instant money transfers between individuals and purchases from merchants via QR Code technology, so that the value reaches the merchant’s (or beneficiary’s) account at the same moment.
To emphasize the importance of facilitating access to financial services for all segments of society and encouraging digital transformation, the Central Bank of Libya decided that the LYPay service would be free of charge until the end of 2024.
The service will have a daily transfer ceiling of 500 dinars, and a daily purchase ceiling of 1,500 dinars. It should be emphasized that these ceilings are for the trial period to ensure the safety and effectiveness of the service, and the ceiling will be raised gradually.
During the first week of launch, the service will be available to 10,000 individual subscribers, and then the number will gradually increase after ensuring the safety of the service, while merchants will be able to join the service without a ceiling on the number, which provides wide opportunities to enhance their trade and facilitate their financial transactions.
At this stage, this service is available through the following banks: Republic Bank, Unity Bank, National Commercial Bank, and North Africa Bank.
Last updated: August 1, 2024 – 15:18
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2024-08-03 10:28:20