Open banking in Seychelles – Open Banking Nigeria

Seychelles

Financial Sector Overview

Seychelles, a small island nation, has a well-regulated banking system overseen by the Central Bank of Seychelles (CBS). With a population of just under 100,000 people, the country is working towards modernizing its financial systems to support its overall digital transformation. The financial sector primarily consists of 7 commercial banks and a small but developing fintech ecosystem. The CBS focuses on driving initiatives aimed at promoting financial inclusion, stability, and technological innovation in banking services.

Key Initiatives and Developments

The CBS has been proactive in modernizing the financial sector. Initiatives include:

Digital Payment Systems: Efforts to promote electronic payments and reduce reliance on cash have been a priority. The introduction of a National Payment System Act facilitates safer and more efficient transactions.
The Central Bank of Seychelles Act: In 2024, the National Assembly of Seychelles approved amendments to the Central Bank of Seychelles Act, aimed at aligning the institution with international best practices. These amendments reflect the government’s commitment to modernizing the financial system. Efforts have been focused on upgrading digital payment systems and financial inclusion initiatives, such as phasing out cheques and encouraging digital payment methods.
Collaboration with Regional Bodies: As part of the Common Market for Eastern and Southern Africa (COMESA), Seychelles benefits from regional integration, which supports cross-border financial cooperation.

Opportunities for Open Banking

While Seychelles lacks a formal open banking framework, there are several potential benefits if open banking were to be implemented, ranging from streamlined international payment systems (especially for a country that relies heavily on tourism), to enhanced financial inclusion.

Seychelles’ financial sector is at an inflection point, with the potential to integrate open banking to drive innovation and inclusion. Strategic initiatives led by the Central Bank of Seychelles in collaboration with regional and global partners could position the country to adopt open banking frameworks in the future, aligning with broader trends in Africa.

We will provide updates as new developments emerge in Seychelles’ financial landscape.

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