Expert on Regulatory and Legal Frameworks for Payments and Supervision – Capacity-Building Program for the National Monetary Authority

The National Monetary Authority (NMA) has made financial inclusion one of its key strategic priorities under the National Financial Inclusion Strategy 2025–2029. A cornerstone of this strategy is the development and regulation of digital payments systems, which play a vital role in providing wider access to financial services, improving efficiency, and enhancing transparency across Libya’s financial sector.

To achieve these goals, NMA has established a dedicated team responsible for the implementation and supervision of electronic payment solutions, infrastructures, and regulatory frameworks. This team must ensure that Libya’s payment ecosystem aligns with international standards, regional best practices, and the broader goals of financial inclusion and innovation.

Given the fast-changing nature of digital financial technologies, there is a pressing need to strengthen the technical knowledge, supervisory skills, and regulatory capacity of this team. Building these capacities will enable NMA to:

·         Oversee the effective rollout of e-payment infrastructures.

·         Enforce regulatory and supervisory frameworks for digital payments.

·         Support financial inclusion objectives by ensuring that payment systems are secure, efficient, and accessible.

The proposed training program is therefore designed to provide a structured, phased learning process, combining foundational knowledge, applied skills, and advanced regulatory practice. It will be conducted by senior professionals with proven experience in central banks and financial regulatory authorities in the MENA region.

This assignment aims to support the NMA in building the capacities of its teams responsible for policy development, legal frameworks, and supervision of payment systems. The expert will provide tailored technical assistance and training on drafting regulations, developing compliance frameworks, and implementing supervisory methodologies in line with global and regional practices.

    Objectives and desired results

1)      General objective 

To strengthen the capacity of NMA teams in developing, implementing, and supervising legal and regulatory frameworks governing payment systems and digital financial services.

2)      Specific Objectives

·         Enhance knowledge of international best practices for regulating and supervising payment systems.

·         Support the development of national regulatory frameworks aligned with global standards (e.g., Basel, FATF, CPMI-IOSCO).

·         Build capacity to design and implement oversight tools, manuals, and guidelines.

·         Promote risk-based supervision and consumer protection approaches to enhance safety and security.

3)      Anticipated Results

·         Improved legal and regulatory capacity for payments oversight.

·         Development of practical tools and guidelines to strengthen supervision.

·         Increased alignment of national regulations with international standards.

      Description of the assignment

Assignment Preparation

• Review NMA’s strategic documents, regulatory frameworks, and training needs.
• Finalize the training curriculum in consultation with NMA.

·         Review NMA’s current regulatory and supervisory frameworks.

·         Identify capacity-building needs of legal and supervisory staff.

·         Training Delivery:

·         Deliver sessions on drafting payment-related regulations, supervision manuals, and policy documents.

·         Present international best practices in AML/CFT, consumer protection, and fintech regulation.

·         Conduct case studies from MENA and global central banks.

·         Knowledge Transfer:

·         Provide practical exercises on developing oversight checklists, reporting templates, and compliance tools.

·         Facilitate discussion sessions on regulatory coordination and inter-agency cooperation

Post-Assignment Follow-Up

• Conduct pre- and post-training evaluations.
• Submit a final recommendations report to ensure institutional sustainability.
• Prepare an inception note, training materials, and a final report that summarizes the outcomes and recommendations.

      Anticipated Intermediate and Final deliverables

     Reporting and Coordination

-          The expert or institution will report to the Chief of Component. Regular progress reports will be required throughout the assignment, detailing milestones achieved, challenges encountered and proposed next steps.

-          Coordination with the Central Bank of Libya is crucial for the success of this assignment.

-          The expert will be expected to provide regular updates to all key stakeholders and maintain open lines of communication.