Libya's central bank orders Jumhouria Bank to refund transaction fees
BY Libyan Express May 23, 2025 - 06:12 Libya's central bank orders Jumhouria Bank to refund transaction fees
Libya's Central Bank has instructed Jumhouria Bank to refund approximately 18.3 million dinars in transaction fees collected from customers using local bank cards at point-of-sale terminals.
The central banking authority issued a directive requiring Jumhouria Bank to return the one-dinar commission deducted from each purchase made with local cards since the beginning of 2025.
The total amount collected through these charges reached 18,278,386 dinars, according to the Central Bank's statement.
The Central Bank has directed Jumhouria Bank to take several actions. The bank must inform all customers via text messages and social media that purchases made with local bank cards at point-of-sale terminals are free of charge.
Additionally, Jumhouria Bank must submit a report to the Central Bank confirming that all collected funds have been returned to customers in accordance with banking regulations.
Following this directive, the Central Bank has recommended that all commercial banks in Libya postpone automatic deductions from customer accounts during May 2025.
This measure affects loan instalment payments, salary-related deductions, and Eid al-Adha allowances for employees' spouses and children.
The one-dinar fee per transaction affected consumers using point-of-sale systems, which are increasingly common in Libya's digital payment landscape. The Central Bank stated that such charges violated existing banking instructions.
Neither Jumhouria Bank nor the Central Bank provided additional comment regarding the timeline for refunds or potential consequences for the fee collection. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include 'Op-Ed' in the subject line.
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Libya's central bank orders Jumhouria Bank to refund transaction fees
BY Libyan Express May 23, 2025 - 06:12 Libya's central bank orders Jumhouria Bank to refund transaction fees Libya's Central Bank has instructed Jumhouria Bank to refund approximately 18.3 million dinars in transaction fees collected from customers using local bank cards at point-of-sale terminals. The central banking authority issued a directive requiring Jumhouria Bank to return the one-dinar commission deducted from each purchase made with local cards since the beginning of 2025. The total amount collected through these charges reached 18,278,386 dinars, according to the Central Bank's statement. The Central Bank has directed Jumhouria Bank to take several actions. The bank must inform all customers via text messages and social media that purchases made with local bank cards at point-of-sale terminals are free of charge. Additionally, Jumhouria Bank must submit a report to the Central Bank confirming that all collected funds have been returned to customers in accordance with banking regulations. Following this directive, the Central Bank has recommended that all commercial banks in Libya postpone automatic deductions from customer accounts during May 2025. This measure affects loan instalment payments, salary-related deductions, and Eid al-Adha allowances for employees' spouses and children. The one-dinar fee per transaction affected consumers using point-of-sale systems, which are increasingly common in Libya's digital payment landscape. The Central Bank stated that such charges violated existing banking instructions. Neither Jumhouria Bank nor the Central Bank provided additional comment regarding the timeline for refunds or potential consequences for the fee collection. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
