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Exclusive: Sources from “Husni Bey” Stores Confirm Receiving Instructions to Stop Cash Transactions and Rely Solely on Electronic Payments Starting November 1, 2025

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Our sources from businessman Husni Bey’s stores in Krimiya revealed exclusively that they have received instructions prohibiting cash transactions and requiring payment to be made only through electronic means — including cards, transfers, and electronic checks — starting November 1, 2025.

The sources clarified that this plan will be gradually implemented across all of the group’s businesses in Libya and will ultimately lead to the complete elimination of cash transactions by March 2026, according to the information they received.

Exclusive: With Figures and Analysis: Al-Shahoumi Reveals the Reasons Behind the Worsening of Check Speculation and the Absence of Electronic Alternatives

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In an exclusive statement to our source, economic expert Dr. Suleiman Al-Shahoumi said that the current situation, which has deepened check speculation, must be studied carefully. He explained that withdrawing cash from circulation without providing effective electronic alternatives has inevitably widened the gap between cash and checks.

He continued: “The Central Bank of Libya must urgently replace old currency with newly printed notes in sufficient quantities, instead of leaving the market to suffer from a severe liquidity shortage for a long time, which further undermines confidence. Withdrawing more than 20 billion dinars from circulation requires broad cash injections into the market, along with gradually setting appropriate withdrawal limits to avoid speculation.”

Al-Shahoumi added that the Central Bank’s current measures demonstrate its inability to manage cash efficiently, further eroding trust in the banking system — even though the situation presented a valuable opportunity for the Central Bank to rebuild lost confidence if handled properly.

Gradual, Not Forced, Digital Transition

He stressed that electronic payment cannot be imposed by force without a strong infrastructure — such as adequate points of sale, reliable internet coverage, and a supportive social culture. Instead, incentives should be introduced to encourage the use of banking services: lowering transfer fees, supporting wholesalers to adopt electronic sales outlets with real-time monitoring, and eliminating fees on electronic payments (POS). A serious government project is needed to promote digital payments and create an enabling environment for them.

Restoring Trust

Al-Shahoumi said the “check burning” crisis reflects a deep lack of trust in the banking system.
He emphasized the need for transparency in the Central Bank’s data and clear explanations of monetary policies, as well as the inclusion of the public and banking experts in major decisions.

Strict but Smart Oversight

He added that automated monitoring of transfer and check accounts is necessary but should not restrict legitimate individual transactions. He pointed to examples from Lebanon, where excessive oversight amid low trust worsened the black market instead of curbing it.

Al-Shahoumi further noted that imposing a 2% fee on cash withdrawals during a liquidity crisis could be perceived as a punishment for citizens rather than a regulatory tool. In the absence of alternatives, many people would turn to the parallel market, fueling further speculation.

He cited Sudan’s experience, where imposing withdrawal fees worsened the liquidity crisis and increased dependence on cash outside the banking system.

Account Monitoring

He said that, in principle, monitoring account activity is a useful tool, but its effectiveness depends on robust banking technology (still weak in Libya), a clear legal framework for prosecuting speculators, and close cooperation with the private banking sector.

Restricting payments for services to checks in the service requester’s name could help regulate the market, but it requires social acceptance and public awareness campaigns. If implemented rigidly, it could instead become a pretext for refusing payments in government offices.

Conclusion

Al-Shahoumi concluded by stressing that weak electronic payment systems and inadequate infrastructure remain the biggest obstacles to any genuine monetary reform. Combating “check burning” cannot rely solely on administrative measures — it requires a comprehensive economic vision that includes:

  • restoring citizens’ confidence in banks,
  • ensuring the availability of cash when needed, and
  • implementing a national policy supporting electronic payment of government services.
Central Bank of Libya

Exclusive: Libya Central Bank Governor Naji Issa Urges Ministry of Justice to Require Electronic Payment Methods at Law Offices

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Our source obtained a letter from the Governor of the Central Bank of Libya, Naji Issa, to the Minister of Justice, in which he called for obligating all law firms, consultancy offices, and contract notarization offices to provide proof that they use electronic payment methods.

This measure aims to enable citizens to pay service fees through bank cards.

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Governor of the Central Bank of Libya, Naji Issa, addresses the Ministry of Justice, urging all legal offices to implement electronic payment solutions for citizens’ convenience

Exclusive: CBL urges Minister of Local Governance in the GNU to Instruct Mayors to Require Shops to Adopt Electronic Payment Systems as a Condition for Granting Licenses

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Our source has exclusively obtained a letter from the Governor of the Central Bank of Libya, in which he called on the Minister of Local Governance in the Government of National Unity to direct all municipal mayors to make it mandatory for shops and markets—when granting or renewing licenses—to provide proof of adopting electronic payment methods, allowing citizens to pay for goods and services using bank cards.

This would be achieved by installing electronic point-of-sale (POS) devices, which would both facilitate payments for citizens and spare shops and markets the problems of handling cash. It was further noted that this service will be provided free of charge and without any commissions to all shops and markets through the operating banks.

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Exclusive: Jumhouria Bank Launches Promotional Campaign to Expand Electronic Payment Services

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Fawzi Al-Shuwaish, Marketing Director at Jumhouria Bank, told our source that the bank’s marketing department has begun implementing a promotional campaign aimed at expanding the provision of electronic payment services, in line with the instructions of the executive management and directives of the bank’s Board of Directors.

Al-Shuwaish explained that the campaign covers various Libyan cities and regions, targeting several key sectors, including private educational institutions, tax collection centers, service units, clinics, and retail shops.

He added that the number of point-of-sale (POS) devices has reached 24,000, while the subscribers to the “Masrafi Pay” and “Masrafi Business” services have exceeded 22,000. Meanwhile, the number of mobile banking service users has reached about 1.06 million.

Ashneibeesh: From Cash Liquidity to the Digital Economy… A Libyan Roadmap Toward Electronic Payments

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Anas Ashneibeesh wrote an article stating:
The world has long been moving toward reducing reliance on paper money, yet Libya still suffers from an economy heavily dependent on cash liquidity, which impedes transparency, enlarges the informal market, and slows the national economic engine. However, with the Central Bank of Libya continuing to print cash, a strategic opportunity arises to transform this reality into a launching point for an effective and sustainable digital economy.

This simplified article presents a practical and integrated action plan for Libya aimed at reducing dependence on paper currency and encouraging all segments of society—especially shop owners and public service providers—to transition to electronic payment systems.

First: Legislative and Regulatory Foundation

1. Establish a comprehensive national legal framework:
• Mandate government entities and public institutions to accept electronic payments.
• Regulate the work of payment service providers and digital wallets.
• Adopt digital signatures and digital identities linked to the national number.

2. Gradually restrict cash transactions in official institutions:
• Ban cash payments for government fees after a transitional period.
• Enforce digitization of payments in public facilities (schools, universities, hospitals).

Second: Developing Financial and Technical Infrastructure

1. Expand the point-of-sale (POS) and smart payment networks:
• Provide electronic payment devices at subsidized rates or through leasing systems.
• Support the adoption of a unified QR code for payments in small shops.

2. Develop national electronic wallets:
• Create a national digital wallet under the supervision of the Central Bank, linked to the national number.
• Encourage linking bank accounts to digital wallets.

3. Improve internet connectivity and online payment technologies:
• Expand internet coverage, especially in commercial areas.
• Develop special packages for merchants and service providers to support stable and fast connections.

Third: Incentives and Encouragement

1. Incentives for shop and public service owners:
• Temporary tax exemptions or discounts for establishments adopting electronic payment.
• Financial support to provide necessary technical devices.

2. Rewards for citizens:
• Financial bonuses or points when using electronic payments in daily transactions.
• Promotional campaigns in collaboration with major companies and stores.

3. Support for entrepreneurs and large traders:
• Provide short-term banking facilities in exchange for digitizing supply chains and payments.
• Link financing to the extent of the establishment’s commitment to using digital payment tools.

Fourth: Utilizing Cash as a Digital Catalyst

Rather than seeing cash printing as a burden, it can serve as a transitional tool toward a digital future:
• Allocate part of the printed cash to support merchants adopting electronic systems.
• Offer direct grants or financial support to store owners committed to reducing reliance on cash.
• Use liquidity to encourage wallet opening through symbolic first-use amounts.
• Link cash support to digital compliance—no financial support unless clear digital standards are met, such as transaction volume or registered POS in the national system.

Fifth: Awareness and Education

• Launch a nationwide awareness campaign on the benefits of electronic payment:
• Use media, mosques, universities, and schools for education.
• Engage public figures to strengthen citizens’ trust in technology.

• Workshops for shop owners and markets:
• Hands-on training for using payment devices.
• Provide field and technical support during the early months.

Sixth: Phased Implementation Plan

1. Phase One (0–6 months):
• Pilot electronic payments in key markets (Tripoli – Misrata – Benghazi).
• Establish on-ground technical support networks and performance monitoring.

2. Phase Two (6–18 months):
• Expand the geographical reach of the pilot.
• Mandate non-cash services for certain government entities.

3. Phase Three (18–36 months):
• Regulate the use of cash in certain sectors.
• Link government support and economic incentives exclusively to electronic transactions.

Seventh: Supervision and Implementation

• Project led by the Central Bank of Libya in partnership with:
• Ministry of Finance
• Ministry of Economy and Trade
• Ministry of Communications
• Telecom companies and banks
• Private sector and civil society

The shift from a cash economy to a digital one is not a luxury—it is a necessity for modernizing Libya, improving transparency, and stimulating the economy. The first step starts with utilizing existing resources—such as printed currency—as a bridge to the future.

Libya is capable of achieving this transformation if there is will, coordination, and continuity.
Electronic payment is not just a technology—it’s a new mindset for building a modern nation.

And the foundation should now be laid under the slogan:

“Today’s currency must be used to accelerate the end of cash tomorrow.”

Exclusive: The Central Bank Issues Instructions to Banks to Prioritize Branches in the South

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Our source has obtained a correspondence from the Central Bank of Libya regarding its instructions to banks, emphasizing the need to pay special attention to their branches in the southern region.

The instructions also include expanding the issuance of electronic cards, doubling the number of point-of-sale (POS) terminals, and increasing the number of ATMs.

This comes as part of the Central Bank of Libya’s plan to enhance electronic payment systems across all bank branches operating in Libya. It also follows the inspection tour conducted by the Governor and members of the Central Bank’s Board of Directors in the city of Sabha to assess the efforts of commercial banks in the southern region and their compliance with the Central Bank’s expansion plan to ensure electronic services reach all citizens across Libya.

The instructions specifically call for a focus on improving bank branches in the southern region, particularly in expanding the issuance of electronic cards for customers, increasing the number of POS terminals, and distributing ATMs geographically in an efficient manner. Additionally, banks are required to ensure sufficient cash liquidity at all times, monitor ATMs technically and security-wise, and implement effective mechanisms to provide and regulate cash withdrawals daily. These measures aim to meet customers’ essential needs and ensure financial stability, ultimately easing the financial burden on citizens in these areas.

The Central Bank has urged banks to give this matter full attention and strictly adhere to its instructions. The bank branches in the southern region will be under continuous monitoring by the Central Bank to ensure their development aligns with its requirements.