Innovation in the Banking Sector in Libya
One of the challenges in the banking sector in Libya is inadequate core banking system. The largest bank in Libya is trying to adopt and implement the latest core banking system to streamline the operations.
"We want at least two, with one as the main and the other as a backup. I expect that before the end of 2013 and also with the communication system we will try to do our best to provide the proper services to our customers with the proper data center and core banking system," explains Ahmed Rajab, General manager of Jumhouria Bank.
Rajab agrees that 2013 will be the final year, when most issues surrounding the adoption of the clearing system and core banking system will be resolved.
"We are also going to upgrade our version which we are working on right now. Unfortunately, we are working on the version 2.x (two point something) while the ICE Cube already approached version number 12 so there is a big gap between our system which we are using right now and the final version which has been raised by the company. We try to do our best to upgrade the data for all of the banks after they are inter-linked by proper communication. At the same time we would like to go to the version 12 directly. We are in discussion with the company and the central bank right now because the main agreement has been signed by the central bank on behalf of the bankers so we expect by the end of this year everything will be solved for the core banking system. This will also serve for the clearing system or whatever to link to by the banks such as ATMs which can draw your money from a number of different banks. Right now you cannot withdraw money from any ATM, just from your own bank, but in the future you will be able to use any ATM."