Regulatory Alerts2024-01-10
Local Payment Network Regulation
The Central Bank of Libya (CBL) issued this Local Payment Network Regulation to establish a centralized framework governing the legal relationships, operational standards, and supervisory authorities for all banks, independent payment service providers, and subscribers participating in Libya's national "Nemo" payment network. The regulation mandates the CBL's absolute authority to impose, amend, and enforce participation systems while delegating operational management to a designated Local Payment Network Operator responsible for routing, settlement, and compliance monitoring. It further outlines strict licensing requirements, dispute resolution mechanisms through arbitration, and continuous risk-based supervision to ensure the network remains secure, efficient, and competitive against money laundering and terrorist financing risks.