Exclusive: Central Bank Urges Banks to Expedite the Issuance and Delivery of Bank Cards, Warns of Severe Penalties for Non-Compliance

Our source exclusively obtained the Central Bank of Libya’s circular addressed to all banks, urgently requesting them to take several measures — most notably to accelerate the process of issuing and delivering bank cards within a short timeframe that meets customers’ needs and enhances their satisfaction.

The Central Bank also instructed banks to immediately address the causes of delays and to provide the necessary technical and human resources to speed up procedures related to bank cards and electronic banking services.

According to the circular, banks are also required to submit a detailed report to the Department of Banking Supervision and Currency within one week from the date of the circular. The report should include the number of applications submitted by customers to obtain bank cards that have not yet been processed, specifying the reasons for the delays and the corrective actions taken.

The circular further emphasized that, due to the importance of this matter, these instructions will be subject to evaluation and follow-up points by the Department of Banking Supervision and Currency, targeting executive managements and boards of directors to assess the level of implementation. Bank branches will also be subject to regular inspection visits to ensure compliance, and any bank found in violation will face the strictest penalties prescribed by law.