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Moamalat Financial Services Co. manages the operations of the National Switch System
Since September 2009, Moamalat Financial Services Company was assigned by the Central Bank of Libya to manage and operate the National Payment Switch, because of its management and technical expertise. A national payment switch has become a necessity for a cashless or 'less cash' society. The advantages of such a switch include boosting financial inclusion, stimulating innovation, growth and economic prosperity.
National Payment Switch is a system that can interface with any POS system, Automated Teller Machine (ATM), Mobile Payment System and Internet based commerce portals, consolidate all electronic transactions and then intelligently channel them to one or more payment processors for authorization and settlement. The National Payment Switch simplifies and consolidates the electronic payment system. It routes all transactions made with locally issued cards to a central point for settlement. The National Payment Switch will have a single interface with global card payment processors such as VISA, Union Pay, American Express, MasterCard, Diners Club, etc.
Enable your cards to work on the National Switch, plus enable your customers to withdraw cash from the ATMs of other commercial banks participating in the National Switch, which helps in multiple options and a wider network of exchange for your customers and even if you are new to electronic services. Enable your customers to use the POS network of the popular and well-distributed stores even if you are new to electronic services. Central financial settlement for all members participating in the National Switch through central settlement accounts of participating banks within 24 hours.
Moamalat Financial Services Co. is responsible for completing the management of issuance & acceptance of local & international cards
Moamalat offers a range of products from local cards managed by a Numo network so that banks can issue several local cards such as debit cards, prepaid cards and gift cards.
Moamalat Financial Services Company offers credit cards. These cards can be used all over the world where Visa is located on storefronts, hotels, websites and other places. Cardholders can also withdraw cash from more than 1 million ATMs and financial institutions worldwide.
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Fast & safest electronic payment services
The company seeks to upgrade and modernize its clients' business efficiently to keep abreast of modern developments and modern technology.
And is well aware of the challenges facing customers, especially when it comes to terms and methods of payment, which is why the company offers the most advanced POS system to facilitate daily transactions and to provide better service to our customers.
In the era of technology that dominates our modern world, mobile payment technology has emerged.
Telephone payment technology makes mobile phones a digital wallet that stores bank account numbers to enable us to pay all kinds of bills that will revolutionize our buying and marketing approach, which will lead in the future. The company is working hard to complete all the requirements of activation of mobile payment to be the first service provider in the State of Libya enables customers to use their smart phone to make payments to other beneficiaries, whether individuals or shops Governmental organizations or any other entity.
Moamalat Financial Services Company is a joint stock Libyan company established in accordance with the decision of the General Peoples’ Committee No. 611 of 1994 & the Secretary of the General People’s Committee for Economy & Commerce decision No. 327 of 1994 with a capital of L.D. 7 million or the equivalent of US $ 19 million. The amount was paid in full and equally among the shareholders. The company started operating officially on November 15, 1994.
The purpose of the company is to undertake financial services and foreign exchange work inside the country. The company’s status defines the general framework of it’s activities and objectives in the following:
To realize its goals, the company may enter into partnership and cooperation in any way with banks and financial institutions and other locally and abroad. The company may also invest its money in the field of its activity including lending and borrowing from banks and other financial institutions locally and abroad.
Business and financial services
Since September 2009, Moamalat Financial Services Company was assigned by the Central Bank of Libya to manage and operate the National Payment Switch, because of its management and technical expertise. A national payment switch has become a necessity for a cashless or ‘less cash’ society. The advantages of such a switch include boosting financial inclusion, stimulating innovation, growth and economic prosperity.
National Payment Switch is a system that can interface with any POS system, Automated Teller Machine (ATM), Mobile Payment System and Internet based commerce portals, consolidate all electronic transactions and then intelligently channel them to one or more payment processors for authorization and settlement. The National Payment Switch simplifies and consolidates the electronic payment system. It routes all transactions made with locally issued cards to a central point for settlement. The National Payment Switch will have a single interface with global card payment processors such as VISA, Union Pay, American Express, MasterCard, Diners Club, etc.
Moamalat Financial Services is responsible for completing local and international issuance and acceptance management projects ( Numo Card, Visa International, MasterCard, American Express, etc.)
The company seeks to upgrade and modernize its clients' business efficiently to be upgraded of modern developments and modern technology, and is well aware of the challenges facing customers, especially when it comes to terms and methods of payment, which is why the company offers the most advanced POS system to facilitate daily transactions and to provide better service to our customers.
In the era of technology that dominates our modern world, mobile payment technology has emerged. Telephone payment technology makes mobile phones a digital wallet that stores bank account numbers to enable us to pay all kinds of bills that will revolutionize our buying and marketing approach, which will lead in the future to end the normal wallets era. The company is working hard to complete all the requirements of activation of mobile payment (Mobile Payment) to be the first service provider in the State of Libya, enables customers to use their smart phones to make payments to other beneficiaries, whether individuals, shops, Governmental organizations or any other organization.
Banks are facing innumerable challenges in managing and monitoring a large group of ATM terminals. Thus, Moamalat is offering an efficient system to manage and monitor ATMs in order to reduce the period of interruptions to the lowest possible time, provide accurate reports on their status and failures, in addition to follow-up mechanism of filling money, and facilitate maintenance in terms of early reports of technicians. Real-time dashboards monitor and report on ATM status, automatically dispatching trouble tickets for powerful business-process management. Service personnel can acknowledge or update ticket status remotely, and third party service providers can update their estimated time of arrival, add ticket commentary or query the ATM status – all without human intervention.
The monitoring system is also responsible for surveillance of the machine placed at a remote location, detecting and resolving ATM errors within a short span of time, at a low operational cost. With this system in place, banks can utilize their resources (ATM machines) more efficiently while remaining active/In-service round the-clock with minimum downtime.
In order to provide the best services to the banking sector, the company has established a specialized center to provide the services of printing and coding instruments in a safe and professional manner, and to practice the best standards of confidentiality, quality and information security. Banks and financial institutions can benefit from the principle of attribution of business In a centralized manner and provide the cost of establishing a similar center, or doing so through foreign companies, which contributes to the dissipation of hard currency.
Moamalat Financial Services Co. operates a specialized center equipped with the latest systems and technologies for printing and coding electronic cards and envelopes of cards, according to the most accurate specifications and security and safety standards.