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.