In his speech during the opening of the Innovation and Digital Transformation Forum in Financial Services, organized by the Central Bank on Monday, the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, affirmed the bank’s commitment to providing the latest technologies and innovations in the banking sector to keep pace with the rapid changes witnessed by banks worldwide.
Al-Kabeer mentioned that the Central Bank has established the Financial Technology and Innovation Unit, aiming for rapid and sustainable development in the banking sector. The unit aims to lead transformative efforts, improve customer service, facilitate electronic payment operations, drive digital transformation, and enhance innovation in banking services.
He added that the forum, titled “Innovation and Digital Transformation in Financial Services,” reflects the Central Bank’s commitment to providing the latest technologies and innovations in the banking sector. The event will highlight collaboration with the Arab Banking Corporation “ABC.”
Al-Kabeer emphasized that the Central Bank of Libya is closely monitoring global developments in financial technology, particularly focusing on advancements in artificial intelligence. He reiterated the support for the Financial Technology and Innovation Unit in improving banking service performance.
The Governor further explained that the forum will focus on three initiatives. The first is the “Know Your Customer” initiative, enabling the banking sector to better analyze and understand customers by providing a reliable data source and facilitating registration processes faster. The second initiative is the “Instant Payments,” which will be significantly faster than current practices, contributing to easing and accelerating payment and transfer operations, reducing the use of paper currency. The third initiative is the “Open Banking Services,” helping open the door for private sector companies to offer innovative and competitive financial services that better meet customer needs.