Bank of Commerce and Development kicks off "Pay Me" service to alleviate cash crisis

Bank of Commerce and Development kicks off "Pay Me" service to alleviate cash crisis

August 20, 2016 - 20:24
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Written By: AbdullahBenIbrahim

Bank of Commerce and Development has kick-started “Pay Me” service for the bank’s clients in both Benghazi and Tobruk cities, the Manager of the bank’s Tobruk branch, Abdulkader Al-Sifti, said.

“The “Pay Me” service works for all clients who have bank accounts in the Commerce and Development Bank because they will be linked with the clients’ cellphone numbers via which they can pay for the products they buy in the market.” Al-Sifti indicated.

The service was activated in Tobruk in mid-August, while it has been activated in Benghazi for two weeks now in a bid to alleviate the crippling crisis of cash shortage in the country, which has left people stranded at the doors of banks all weekdays.

To this end, Jumhouria Bank has also kicked a wider cash-crisis-solving service and it has been effective across Libya for months now. The service – Points of Sale (POS) – is a card that the clients get from the bank to use for paying for the goods they buy from the shops.

The POS service of Jumhouria Bank has been very helpful for many given the current cash shortage the Libyan citizens are facing.

The CEO of Jumhouria Bank, Musbah Al-Ekkari, said the POS service has seen 235 thousand payments worth 25 million dinars, pointing out that by the end of 2017, the POS cards will have to be mandatory for all clients.