Minister of Economy welcomes the new innovation center of TransSahara/Tadawul |

By Sami Zaptia.

Economy and Trade Minister Hwej, accompanied by diplomats, officially inaugurated the TransSahara/Tadawul financial innovation and data center in Tripoli (Photo: Ministry of Economy).

Tripoli, 29 January 2022:

Libyan Minister of Economy and Trade Mohamed Al-Hwej hailed the new Innovation Center inaugurated today in Tripoli by Trans Sahara and Tadawul Financial Group (both private companies part of HB Group) .

The Minister delivered the keynote speech at the Innovation Center launch event in the presence of the Director General of the Economic and Social Development Council, representatives of commercial banks, several foreign diplomatic missions in Libya and a group of business leaders, investors and interested parties.

In hailing the new venture, the Minister commended the efforts of the companies and their national workforce of administrators and engineers responsible for its implementation. He stressed that the event is part of Libya’s ongoing digital and financial transformation and efforts to keep pace with information development. He admitted that the Libyan banking sector was slow and needed a lot of updating.

The minister said the launch of the event was the basis for establishing the modern state and eliminating administrative and financial corruption in the traditional administration, noting that this step supports the state in its transition to a knowledge economy with national cadres capable of leading Libya to its next phase of development.

The Innovation Center includes a center for debit/credit card printing, personalization and encoding services in Libya. TransSahara/Tadawul claim to be the first local company officially authorized by Mastercard to do so in Libya. This would save local banks from having to print their cards abroad, as they currently do, saving banks and their customers time and money.

The event also marked the launch of the two companies’ database and information center, as well as a rehabilitation and training center in partnership with several local and international companies. The company was proud of the fact that despite the coronavirus protocols of their foreign partners preventing trainers from being physically present in Libya, the Libyan workforce was able to launch the innovation center in a very short time, in working remotely using virtual means of communication.

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