Central Bank of Libya – Circular 7/2024

Date: 1445 AH / 27 Rajab (Corresponding to May 6, 2024 AD) Reference: CBL/2024/7

Pursuant to the provisions of Law No. 2005 regarding the Central Bank of Libya, and in light of the ongoing development of the national banking and payment sector, the Board of Directors has issued this circular to regulate the licensing, supervision, and operational standards of payment service providers and Point of Sale (POS) terminal operators.

This circular consolidates and updates previous regulatory directives, specifically Circular 7/2023 (Ref: 2023/7) dated January 24, 2023, Circular 2/2024 (Ref: 2024/2) dated February 1, 2024, and Circular 132/2024 (Ref: 2024/132) dated April 30, 2022. It establishes mandatory compliance frameworks for all licensed financial institutions and payment service providers operating POS networks across Libya.

Key requirements include:

• Submission of periodic operational and financial reports to the Central Bank.
• Adherence to updated capital adequacy, risk management, and cybersecurity standards for POS terminals.
• Payment of applicable regulatory fees according to the prescribed schedule.
• Implementation of standardized reporting formats and data transmission protocols.

All relevant entities must fully comply with these provisions by the stipulated deadlines to ensure regulatory alignment and operational continuity. Non-compliance may result in administrative or financial penalties as outlined in the governing law.

Contact Information: Website: www.cbl.gov.ly | SWIFT Code: CBLJLYLX Telephone: +218 21 4441488 | +218-21333 3591