Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular 10/2017: Controls and Instructions for Mobile Payment Services via E-Wallet
The Central Bank of Libya establishes operational, technical, and security controls for mobile payment services using electronic wallets (E-Wallets), defining the roles of the Central Bank, settlement banks, service providers, agents, and customers. The document mandates specific transaction limits, such as a maximum single transfer of 500,000 LYD from public utility companies to individuals, and sets monthly customer caps ranging from 1,000,000 LYD for natural persons to 50,000,000 LYD for large merchants. It requires service providers to implement strict KYC procedures, maintain audit trails for five years, ensure business continuity plans, and adhere to ISO 8583 and ISO 20022 standards while prohibiting direct access to e-wallet balances by other systems.