Regulatory Alerts2024-06-24
Circular No. 12 of 2024: Guidelines on SMS-Based Payment Services
The Central Bank of Libya issues Circular No. 12 of 2024 to establish comprehensive regulatory guidelines for SMS-based payment services across licensed financial institutions and mobile network operators. The circular mandates strict technical interoperability, multi-factor authentication, defined transaction limits, and standardized agent network operations to ensure system security and consumer protection. It further requires monthly regulatory reporting, grants a six-month compliance transition period for existing providers, and establishes administrative penalties for non-compliance.
Share