No Result
View All Result
Thursday, March 30, 2023
17 °c
Tripoli
20 ° Fri
21 ° Sat
17 ° Sun
16 ° Mon
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

North Africa Bank commences online Visa debit card applications and POS service

bySami Zaptia
May 16, 2016
Reading Time: 2 mins read
A A
North Africa Bank commences online Visa debit card applications and POS service

The CBL has revealed that 233,991 visa debit cards have been linked to the National ID Number (Photo: North Africa Bank).

14
SHARES
61
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

North Africa Bank is launching online Visa and MasterCard debit card applications and POS services (Photo: NAB).
North Africa Bank is launching online Visa and MasterCard debit card applications and POS services (Photo: NAB).

London, 16 May 2016:

The North Africa Bank, a privately-owned Libyan bank, announced that online applications for Visa debit cards . . .[restrict]started yesterday.

Earlier it had announced that it would start offering Sharia-compliant loans and Mastercard debit cards as well as foreign currency transfers abroad for educational and health purposes, as is permitted by the Central Bank of Libya.

Credit cards in Libya are not offered as they accrue interest which conflicts with Islamic Sharia banking. NAB has also launched its POS service through its ATM card.

RELATED POSTS

CBL launches pre-loaded US$ 100,000 debit card for small business

Aldabaiba proposes new Road Map for holding elections, loans and land for youth and money for healthcare for war wounded

The Libyan banking sector is relatively underdeveloped with very few banking services on offer to customers in a country which is very much cash-based. However, Libya has been going through a major economic crisis since the political split of the country.

The economic crisis has been caused by a collapse of international crude oil prices, an equal collapse of Libya’s oil production and a loss of confidence in the political situation.

The crisis has led to a shortage of cash at banks, as Libyans choose to hoard their cash at home. This has led to withdrawal limits being enforced and queues forming at banks. Some banks have been attacked by armed angry customers unable to withdraw their money.

This crisis has, however, encouraged the use of and demand for both debit cards and POS systems at retail outlets as one measure to mitigate the cash shortage crisis. However, banks have been slow to react and many new debit card clients have been waiting for months if not a year or more to apply for a new debit card. Banks have been slow to order and receive new debit cards.

Equally, debit cards have played part in foreign currency financial corruption as bank employees have restricted their issue to their cronies with multiple cards being issued to a small number of black market currency dealers.

The CBL was forced to decree that debit cards are to be issued only through the National ID Number in order to eliminate their multiple issue to the same person.

Moreover, the foreign currency shortage has meant that often – and some critics would say most of the time over the last two years – the debit cards have not been working abroad. Many Libyan students abroad, relying on their Libyan debit cards to receive money from family back in Libya, have been left without any money as their debit cards failed to issue any money.

This has generally applied to debit cards of all Libyan banks. [/restrict]

Tags: featuredPOS Point of SaleVisa Mastercard debit card
Share6Tweet4Share1

Related Posts

Jumhouria and National Commercial Bank announce raised cash withdrawal limits during Ramadan
Business

Jumhouria and National Commercial Bank announce raised cash withdrawal limits during Ramadan

March 30, 2023
Zallaf starts 3,000 bpd Erawin production – Libya’s first new field
Business

Zallaf starts 3,000 bpd Erawin production – Libya’s first new field

March 30, 2023
Health Ministry Committee visits Turkey, discusses training with medical institutions
Business

Health Ministry Committee visits Turkey, discusses training with medical institutions

March 30, 2023
NOC announces force majeure at Zawia port
Business

Supreme Council for Energy adopts NOC 2023-2027 plan, including alternative energy project

March 30, 2023
Libyan Express Air receives its new Boeing 737 at Misrata airport
Business

Libyan Express Air receives its new Boeing 737 at Misrata airport

March 28, 2023
New South refinery to benefit Libya and all the southern region
Business

New South refinery to benefit Libya and all the southern region

March 28, 2023
Next Post

Misratans report they have recaptured Abu Grain from IS

Benghazi iconic sapper injured in mine blast

Benghazi iconic sapper injured in mine blast

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    339 shares
    Share 140 Tweet 83
  • Historic inclusive JMC 5+5 tripoli meeting – raises hope for elections and permanent peace?

    79 shares
    Share 32 Tweet 20
  • Libya discusses with Chinese companies return to work

    68 shares
    Share 30 Tweet 16
  • Misrata Free Zone prepares 565 hectares for use by investors for their projects

    69 shares
    Share 40 Tweet 12
  • Turkish construction company Metis starts on new Airport Road traffic light junction flyover

    46 shares
    Share 18 Tweet 12
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Jumhouria and National Commercial Bank announce raised cash withdrawal limits during Ramadan

Zallaf starts 3,000 bpd Erawin production – Libya’s first new field

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?