Libya moves to integrate migrant workers into banking system
The initiative, announced after a meeting between CBL Governor Naji Issa and Labour Minister Ali Al-Abed, involves developing a digital system to track work permits, verify migrant identities, and reduce reliance on the informal economy.
The meeting was attended by senior officials from both institutions, commercial bank representatives, and the director of 'Muamalat' financial services company. Discussions focused on linking legal work permits to a national database and enforcing stricter oversight on businesses employing undocumented labour.
Officials also agreed to launch a national awareness campaign targeting employers and workers, highlighting the risks of the shadow economy and promoting formal employment. The move aims to open more job opportunities for Libyan nationals while strengthening the financial sector and combating tax evasion and money laundering.
In the education sector, the CBL and the ministry also discussed expanding digital payment infrastructure. Plans include installing point-of-sale (PoS) terminals at educational institutions and encouraging schools to adopt approved e-payment systems. Tags: Central bank of Libya Ministry of Labour and Rehabilitation
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