TelAve -- A Transformational Leap in Libya's Banking Sector: The Rise of Digital Finance

By Ahmed Maamar M Elhadar – Entrepreneur & Economic Journalist

Libya's banking sector is changing fast. Just a few years ago, long queues, delayed transactions, and cash shortages were the norm. Today, digital financial services are transforming how Libyans access and manage their money. From mobile banking apps to self-service kiosks, the country is making big strides toward a modern, efficient, and cashless economy.

Banking Just Got Easier

The past two years have seen major improvements in Libyan banks. Some of the biggest upgrades include:

• Instant Debit Cards: No more waiting weeks for a bank card. Al Aman Bank, for example, now issues debit cards on the same day.
• 24/7 Self-Service Kiosks: Need to open an account or update your info? Many banks now offer kiosks that let you handle transactions at any time of the day or night.
• Salary Advance Loans for Government Employees: If you work for the government, you can now access up to 60% of your salary in advance, thanks to new loan programs at National Commercial Bank and North Africa Bank.
• Flexible Bill Payments via Presto App: With Presto, linked to National Commercial Bank (NCB), you can now split your bills into installments, making financial planning easier.

Opening a Bank Account from Your Phone? Yes, It's Possible!

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North Africa Bank is leading the way in digital banking by allowing customers to open accounts directly through its mobile app. Once approved, you only need to visit the branch when it's convenient to submit your physical documents. This is a game-changer for people who don't want to waste time on paperwork and in-person visits.

One Pay: Making Digital Payments Mainstream

Between September and November 2024, Libya saw the rise of One Pay, a digital payment system that's quickly gaining traction. It's supported by major banks like Jumhouria, National Commercial Bank, Wahda Bank, and North Africa Bank, though Al Saraya Bank has yet to join.

One Pay by the Numbers:

• Merchants Using One Pay: 3,517
• Active Accounts: 119,941
• POS Machines Installed: 21,769
• Total Transactions: 171,149
• Total Transaction Value: 402.5 million LYD
• Transfer Limits for Individuals:
  • Daily: 25,000 LYD
  • Weekly: 30,000 LYD
  • Monthly: 50,000 LYD
  • Max Transactions per Day: 5

LyPay: The Other Major Player

While One Pay is making waves, LyPay is also gaining popularity. Running from August to November 2024, it has attracted more users than One Pay, thanks to its wider bank coverage and lower transfer limits.

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LyPay at a Glance:

• Users: 834,814
• Merchants: 4,511
• Total Transactions: 56,797
• Total Transaction Value: 46.9 billion LYD
• Daily Transfer Limit: 1,000 LYD
• No Transfer Fees (for now!)

Which One's Better? A Quick Comparison

FeatureOne PayLyPay

User Base   Smaller   Larger

Transaction Efficiency   Higher   Moderate

Transfer Limits   Higher   Lower

Bank Coverage   All except Al Saraya   All banks included

Total Transaction Value   High   Very High

Banks Are Pushing for a Cashless Future

Libyan banks are making serious efforts to get people on board with digital payments. Here's what they're doing:

• Spreading Awareness: Banks are running campaigns to educate people on the benefits of going digital.
• Waiving Fees: Many banks are offering free transactions to encourage customers to use digital services.
• Giving Away Free POS Machines: More merchants are being equipped with free POS machines to make card and mobile payments more accessible, especially after Libya's post-2018 liquidity crisis.