Libyan & Tunisian Central Banks sign cooperation agreement

The Central Bank of Libya (CBL) and its Tunisian counterpart BCT have inked a Memorandum of Understanding (MoU) for cooperation in many areas including fintech, Libya Herald reports.

The MoU, according to the CBL, provides for the transfer of experience of Tunisia’s Central Bank in the field of developing financial transactions (Fintech), and the launch of initiatives to develop and refine the skills of Libyan youth to keep pace with development in this field and encourage them to innovate by launching Fintech Labs, the media notes.

Under the agreement, the two institutions will cooperate in developing effective banking supervision, monetary policy, and payment systems.

The CBL has been making efforts to develop fintech in the oil-rich country. In October CBL Governor Saddek El-Kaber met with France Expertise; the French public agency for the design and implementation of international technical cooperation projects – to set work mechanisms for Fintech and develop the work of the credit information center and microfinance projects.