Tripoli – The Central Bank of Libya has announced the details of the approved financial transaction limits for the OnePay and LYPay electronic payment services. It confirmed that these services allow customers to execute financial transfers instantly and securely via mobile phone, catering to the needs of individuals, merchants, and businesses.
Financial Limit Details:
- Transfers Between Individuals:
- Single Transaction Limit: 300 thousand Libyan dinars
- Daily Limit: 500 thousand Libyan dinars
- Weekly Limit: 2 million Libyan dinars
- Monthly Limit: 4 million Libyan dinars
- Purchases from Merchants or Companies:
- Single Transaction Limit: 300 thousand Libyan dinars
- Daily Limit: 1 million Libyan dinars
- Weekly Limit: 5 million Libyan dinars
- Monthly Limit: 10 million Libyan dinars
- Transfers Between Merchants/Companies:
- Single Transaction Limit: 3 million Libyan dinars
- Daily Limit: 10 million Libyan dinars
- Weekly Limit: 40 million Libyan dinars
- Monthly Limit: 50 million Libyan dinars
The bank confirmed that these limits provide customers with significant flexibility in managing their daily and commercial financial transactions, while ensuring the highest levels of security and speed of execution.
Tripoli
Tripoli is the capital and largest city of Libya, with a history dating back to the 7th century BC when it was founded by the Phoenicians. It later became a significant part of the Roman Empire, the Ottoman Empire, and an Italian colony, which is reflected in its diverse architecture in the old medina. Today, it serves as the country’s major political, economic, and cultural center.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical role in managing the nation’s financial system and currency, though its operations have been significantly challenged and divided between rival administrations during periods of conflict since 2011.
OnePay
OnePay is a digital payment platform primarily used in Vietnam, launched to facilitate cashless transactions and e-commerce growth. It was established as part of the country’s broader push toward financial technology and digital economic development.
LYPay
LYPay is a digital payment platform developed by the Chinese technology company Lianlian Group, primarily serving the domestic market. It emerged as part of China’s rapid fintech expansion, facilitating online and mobile transactions for consumers and businesses. The platform reflects the broader trend of cashless payment systems becoming integral to daily commerce in China.
