Libya’s privately-owned Bank of Commerce and Development announced yesterday the launch of what it considered to be the first e-Wallet dedicated to foreign residents and foreign workers in Libya.
It said this comes as a new step towards developing the e-payments system in Libya and promoting financial inclusion.
The bank said the e-Wallet allows foreign workers and residents to easily access e-financial services. ‘‘Registration is simple, requiring only a passport and residency card, without the need for a bank account.’’, the bank stressed.
‘‘This step represents a significant expansion of the e-payments system in Libya and contributes to enabling a wide segment of residents and foreign workers to access digital financial services easily and securely’’, the bank added.
CBL allows foreign residents to be issued with e-Wallets
It will be recalled that on 11 March, a letter leaked on Libyan media (Reference 9/2026 dated 11/03/26), the Central Bank of Libya (CBL) instructed commercial bank managers and e-payments entities to permit official foreign residents to start using e-Wallets as a form of payment. This, the letter added, is as part of its efforts to increase the volume and widen the use of e-payments and integrate more sections of Libyan society into banking and e-payments.
The CBL set daily transfer limits between e-Wallets for foreigners residing in Libya.
– The CBL set a daily transfer limits of 50,000 Libyan dinars for individual-to-individual transfers.
– The CBL set a daily transfer limit of 100,000 Libyan dinars for transfers from an individual to a company.
It will be recalled that the CBL discussed increasing e-payments with Libya’s Telecoms Holding Company (LPTIC) and e-payments companies in a meeting at its Tripoli headquarters on 10 March.
During the meeting, they agreed to raise the transaction limits for electronic wallets and discussed mechanisms for integrating migrant workers into the formal economy through the e-payment system, in a step, the CBL reported, aimed at promoting financial inclusion, eliminating the informal economy, and regulating the labour market in a way that achieves economic stability for the country.
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