CBL Governor Issa launches several initiatives and reviews achievements at Tripoli Arab Savings and Financial Literacy conference

**Central Bank of Libya Governor Announces New Financial Initiatives at Tripoli Conference**

**TRIPOLI** – Central Bank of Libya (CBL) Governor Naji Issa announced a series of new financial initiatives during the opening of the 5th Arab Conference on Savings and Financial Literacy, held in Tripoli.

The initiatives aim to bolster financial inclusion, modernize payment infrastructure, and develop local expertise in cybersecurity and digital finance. Key announcements included:

* **Financial Inclusion Expansion:** A partnership with the Libya Post Company to broaden access to financial services across all regions.
* **Regional Payment Integration:** The activation of the “Buna” platform to facilitate Arab financial integration and support cross-border trade and investment.
* **International Payment Systems:** The commencement of a project to connect with China’s Cross-Border Interbank Payment System (CIPS), with a pilot phase targeted for early 2027.
* **Cybersecurity Development:** The “Cyber 100 Initiative,” designed to train 100 young Libyan professionals in banking cybersecurity.
* **Digital Currency Research:** The launch of a national track to study and develop digital currencies, including options for a Central Bank Digital Currency (CBDC) and stablecoins.
* **Regional Financial Alliance:** The announcement of the “Tripoli of the Arab Alliance for Financial Culture,” intended to establish a regional framework for promoting financial literacy and inclusion.

**Review of CBL Achievements**

During his address, Governor Issa reviewed the progress made by the CBL since he assumed his position, highlighting a significant shift toward digital financial services. According to data provided by the Governor, digital transactions in Libya grew from 71 billion dinars in October 2024 to 665 billion dinars by August 2026.

Other reported metrics include:
* **Transfers:** Increased from 155 million to approximately 279 billion dinars.
* **Banking Applications:** Transactions rose from 74 billion to 247 billion dinars.
* **Card-based Transactions:** Increased from 18 billion to 36 billion dinars.
* **Digital Wallets:** Transactions rose from 109 million to 703 million dinars.
* **Payment System Volume:** Transfers executed through the payment system reached approximately 177 billion dollars.

Issa also highlighted the “Instant Salary” (*Ratibak Lahzi*) project, noting that 1.75 million of Libya’s 2.2 million employees have registered for the service. The project has reportedly reduced the time required for salary disbursement to less than one hour.

The Governor stated that these developments are part of a broader financial inclusion strategy implemented upon his appointment, which included the authorization of new exchange bureaus and the expansion of instant payment services.

Article and image source: libyaherald.com