Central Bank of Libya Banking Supervision Circular No. 10 of 2017 concerning the controls and instructions for the electronic payment service via mobile phone (منشور رقم 10 لسنة 2017 بشأن ضوابط وتعليمات خدمة الدفع الإلكتروني عبر الهاتف المحمول)

Circular No. 10 of 2017, issued by the Banking Supervision Department of the Central Bank of Libya (CBL), sets out the controls and instructions governing the electronic payment service provided via mobile phone. It is one of the principal sector instruments through which the CBL regulates mobile-based digital payments in Libya, complementing the broader regulations on electronic payment services issued by the National Payments Council. The Circular applies to banks and to the electronic-payment companies licensed by the CBL that offer mobile payment and e-wallet services to customers. Against a backdrop of acute cash shortages and liquidity constraints in the Libyan banking system, mobile payment has been promoted by the CBL as a means of expanding access to digital financial services and reducing dependence on physical cash. The Circular establishes the prudential, operational and security conditions under which mobile electronic-payment services may be offered. Its requirements address the eligibility and obligations of service providers; customer onboarding and know-your-customer procedures; the security, integrity and reliability of the mobile-payment technical platform; transaction controls and limits; record-keeping and reporting to the CBL; and customer-protection measures. It also frames the relationship between licensed providers and the banking system, ensuring that mobile-payment activity remains within the regulated perimeter and is subject to central-bank oversight. Compliance with the Circular is a condition of operating mobile-payment services, and providers must align their systems, contracts and procedures with the controls it specifies, including anti-money-laundering and counter-terrorist-financing safeguards. Supervision and enforcement are exercised by the CBL's Banking Supervision Department, which licenses electronic-payment companies, monitors their compliance, and may impose conditions or withdraw approval. Circular No. 10 of 2017, together with Circular No. 7 of 2020 on contracting with electronic-payment companies, forms the core of Libya's central-bank framework for regulated electronic and mobile payments. (Original language: Arabic.)

1. 1Sets the controls and instructions for offering electronic payment services via mobile phone in Libya
2. 2Applies to banks and CBL-licensed electronic-payment companies providing mobile payment and e-wallets
3. 3Establishes provider eligibility, KYC onboarding and customer-protection requirements
4. 4Specifies security, integrity and reliability standards for the mobile-payment platform, plus transaction controls and limits
5. 5Requires record-keeping, reporting to the CBL and AML/CFT safeguards
6. 6Subjects providers to CBL Banking Supervision Department licensing and oversight