By Sami Zaptia.
London, 13 April 2016:
The Tripoli Central Bank of Libya (CBL) held a meeting yesterday on the use of debit . . .[restrict]cards and Point of Sale (POS) systems in Libya.
The meeting was headed by CBL Governor Elkaber and included the marketing heads of debit cards and POS systems of the leading local banks.
The meeting aimed at increasing the spread and culture of the use of debit cards and POS systems by retailers.
During the meeting it was stressed that banks should assure retailers that POS transactions are guaranteed by the banking system. The statement refers to fears and reluctance by many retailers to adopt POS systems in fear of delayed credit to them by banks.
The CBL has been working hard to solve the current cash shortage at banks throughout the country. Many banks have imposed cash withdrawal limits of about LD 500 per month. Some banks in outlying areas have had no cash deliveries for days or weeks. This has often led to attacks on banks.
The CBL blames the cash shortage mainly on falls in Libya’s hydrocarbon revenues. Critics blame say it reflects the lack of confidence in the Libyan political and security situation.
The main four banks that issue debit cards in Libya are: Jumhuriya bank (Friend card); North Africa bank (Numu card); Wahda bank (Alzad card) and Sahary BNP bank (Thurat card).
Sources in Tripoli today confirmed to Libya Herald that there has been a notable increase in the number of retailers offering POS as well as an increase in the number of customers using their debit cards.
They confirmed that retailers said that local banks had been conducting a drive to get retailers to install POS. However, the availability of POS is reported to be patchy and varies from area to area in Tripoli. [/restrict]