Libyan Central Bank Enforces Digital Payments in Education
In an official letter dated July 10, CBL Governor Nagie Issa urged the Ministries of Education and Higher Education to enforce this new regulation nationwide. The move is part of Libya's broader strategy to promote financial inclusion, reduce reliance on cash transactions, and transition to a more digitally-driven economy.
The Central Bank emphasized that this initiative will help streamline financial processes, reduce administrative burdens, and minimize cash-related risks for both institutions and families. It called on educational bodies to install point-of-sale (POS) terminals within their facilities to facilitate the process.
This measure builds on a series of digital transformation efforts recently introduced by the Central Bank. In June, the bank launched its official instant payment platform, LYPay, and in May, it temporarily reduced the POS transaction commission fee to just 0.5% for 20 days, aiming to encourage wider adoption of digital payments across Libya.
Authorities view this policy as a vital step in modernizing the Libyan economy, improving transparency, and enhancing service delivery in the education sector. Tags: cblDigital EconomyEducationlibya
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