Pioneering Change in Libya's Financial Landscape: My Experience Developing the Libyana Mobile Money Project
Introduction:
In today's fast-paced world, financial inclusion and accessibility are of paramount importance. As a Senior Principal Engineer at the Commercial Department of Libyana Mobile Network Operator -the #1 telecom in Libya-I had the incredible opportunity to lead the development of the Libyana Mobile Money project. This project aimed to revolutionize the way people in Libya access financial services and improve the country's financial ecosystem. In this blog post, I'll delve deeper into my experience working on this ambitious project, the challenges I faced, and the potential it holds to transform the financial landscape in Libya.
My Role and Responsibilities:
Joining Libyana in September 2020, I was entrusted with the responsibility of developing and building the foundations for the company's new projects, shaping its vision in supporting digital transformation, and engaging with stakeholders and related parties. The Libyana Mobile Money project, one of the projects I worked on, was a comprehensive mobile payment solution aimed at providing financial services to all residents of Libya.
The Libyana Mobile Money Project:
The project focused on creating a mobile payment platform that allows users to transfer money, make payments, and manage multiple electronic wallets. With various transfer mechanisms and wallet types, the platform aimed to provide an alternative solution for those with limited access to traditional financial services and support the growth of e-commerce in Libya. Our vision for the project was an advanced financial service that guarantees superior customer experience, company value, and profitability.
Overcoming Challenges:
Working on this project was an incredible learning experience, as it allowed me to face and overcome various challenges. One of the key hurdles was navigating the political instability and uncertainties in the sector. This required a great deal of resilience, adaptability, and strong communication with stakeholders. Despite these challenges, I managed to develop a comprehensive study covering all aspects of the project and its business model.
Deliverables and Potential Impact:
The project deliverables included:
1. An integrated mobile payment application that offers a seamless user experience and supports various transfer mechanisms and wallet types.
2. Projects supporting the mobile payment ecosystem, fostering innovation and growth in the financial sector.
3. Smooth transfer of funds between beneficiaries, making transactions efficient and hassle-free.
4. Smooth online payment, ensuring secure and seamless e-commerce experiences.
With these deliverables, the Libyana Mobile Money project holds the potential to bring about significant change in the lives of Libyan residents. It can:
- Improve financial inclusion by providing solutions for the unbanked population.
- Reduce the shadow economy by encouraging transactions within the formal financial sector.
- Facilitate internal fund transfers, supporting economic growth and financial inclusion.
- Support e-commerce by providing an accessible and secure payment platform.
- Decrease dependency on cash, driving the country towards a more digitized financial ecosystem.
- Serve as an infrastructure for future innovative projects, fostering a culture of creativity and technological advancement in Libya.
Current Status and Reflection:
Unfortunately, due to the ongoing instabilities in the sector, the Libyana Mobile Money project is currently on hold. Despite this, my experience working on the project has been invaluable. It has taught me the importance of resilience, adaptability, and effective communication, as well as the potential for technology to drive meaningful change in people's lives.
As I have left Libyana to pursue my master's degree, I am hopeful that the project will eventually be resumed and make a lasting positive impact on Libya's financial landscape. I am proud to have been part of this groundbreaking initiative and am excited to see the transformative effects it could have on the country and its people. If you are interested to learn more about Libya's fintech market and to dig into the potential of mobile money projects, feel free to reach out.