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🛒 تسوق الآنLibya's Central Bank Launches National Financial Inclusion Strategy 2025-2029
Libya's Central Bank Launches National Financial Inclusion Strategy 2025-2029
A New Era for Financial Access in Libya
The Central Bank of Libya (CBL) has officially launched the National Financial Inclusion Strategy 2025-2029, marking a transformative step toward bringing millions of unbanked Libyans into the formal financial system. Governor Naji Mohammed Issa unveiled the strategy during his keynote address at the first Electronic Payment Exhibition and Forum held at the Tripoli Fairgrounds, signaling Libya's commitment to building a modern digital economy.
According to the World Bank's Global Findex Database 2025, less than 40 percent of Libyan adults currently have access to a formal bank account. The new strategy aims to dramatically increase this figure by expanding digital payment infrastructure, promoting mobile banking, and creating regulatory frameworks that encourage fintech innovation across the country.
Three Strategic Initiatives Driving Change
The CBL's financial inclusion push rests on three core initiatives designed to modernize Libya's payment ecosystem. First, the bank is guiding 100 major Libyan companies to gradually phase out cash transactions and transition fully to electronic payments. Second, the CBL is expanding the network of financial services payment centers, which currently stands at 99 locations nationwide. Third, the bank is investing in digital identity verification systems to make account opening accessible even in remote regions.
"This strategy reflects a national, ethical, and professional commitment to all segments of Libyan society," Governor Issa stated during the forum's opening ceremony. The CBL has been working on financial inclusion since 2017, but the 2025-2029 framework represents the most comprehensive and ambitious plan to date.
Key Facts at a Glance
- Only 40 percent of Libyan adults have access to formal banking services, according to World Bank estimates
- The CBL's National Financial Inclusion Strategy spans 2025-2029 with measurable annual targets
- 99 financial services payment centers currently operate across Libya
- 100 major companies are being guided to transition from cash to electronic payments
- The first Electronic Payment Exhibition and Forum was held at Tripoli Fairgrounds in late 2025
- The African Development Bank forecasts Libya's GDP growth at 3.2 percent for 2026
Digital Payments Gain Momentum
Electronic banking in Libya showed remarkable growth throughout 2025, with CBL data revealing significant increases in mobile banking adoption and electronic transaction volumes.
The IMF noted in its April 2026 consultation that the CBL has made "important progress" by addressing cash shortages and reactivating electronic payment channels.
Why This Matters for Every Libyan
Financial inclusion is not just a banking issue — it is an economic empowerment tool that directly impacts Libyan families and small business owners. When a shopkeeper in Benghazi can accept mobile payments, when a farmer in the Jabal al-Akhdar can receive payments digitally, and when a young graduate in Tripoli can access microfinance through a smartphone app, the entire economy becomes more resilient and inclusive.
The strategy also addresses gender gaps in financial access. Globally, women in developing economies are 28 percent less likely than men to have a bank account. Libya's strategy includes specific provisions to reach women and other vulnerable groups, ensuring that financial inclusion benefits all segments of society equally.
Challenges and the Road Ahead
Libya faces significant hurdles including political instability and a fragmented banking system. The CBL's strategy proposes phased implementation, starting with urban centers and expanding to rural areas.
The African Development Bank's INVEST4Libya project, backed by 11.2 million euros in financing through June 2029, is supporting public financial governance reforms that complement the CBL's inclusion efforts. This international partnership provides both funding and technical expertise to help Libya build the institutional capacity needed for sustainable financial inclusion.
A Foundation for Economic Growth
Libya's National Financial Inclusion Strategy 2025-2029 represents more than a banking reform — it is a foundation for broader economic growth and stability. By bringing millions of citizens into the formal financial system, the CBL is creating opportunities for entrepreneurship, reducing poverty, and building a more transparent economy. For Libyans who have long struggled with cash shortages and limited banking access, this strategy offers a tangible path toward financial security and economic participation.
— LibyaPress / Economy Desk
