Payments/SC
Seychelles
ISO SC · 3 schemes
Summary
- CBS payment modernization plan
- SEFT electronic funds transfer
- QR experiments by startups/banks
- Cheque sunset Sept 2024 approved
- Mobile wallets growing adoption
Banking landscape
Central Bank
- Name: Central Bank of Seychelles (CBS)
- Website: https://www.cbs.sc/
- Role: Monetary policy, payment modernization
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Seychelles Commercial Bank | State | SCB Mobile |
| 2 | Nouvobanq | Local | Nouvo App |
| 3 | MCB Seychelles | Regional | MCB Mobile |
| 4 | Barclays/Absa | International | Absa App |
| 5 | Bank of Baroda | International | BoB Mobile |
Market Structure
- CBS: Modernization leader
- SEFT: Electronic funds
- QR developing: Experiments
- Cash reduction: Priority
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| SEFT | CBS | EFT | Active |
| Mobile Wallets | Airtel/C&W | Wallets | Active |
| Bank Cards | Visa/MC | Cards | Active |
| QR Payments | Various | Emerging | Developing |
SEFT System
- Seychelles Electronic Funds Transfer
- Connects all major banks
- Near-instant retail payments
- Business hours operation
CBS Modernization Plan
- Digital payment promotion
- Cheque discontinuation
- Innovation encouragement
- Cash reduction goal
QR code standards
Emerging QR Ecosystem
| Attribute | Value |
|---|---|
| Status | Developing |
| Players | Startups, banks |
| Apps | QR-based solutions |
| CBS | Open banking hints |
QR Payment Progress
- Startups experimenting
- Banks piloting
- Merchant apps
- APIs developing
- Government payments accept QR
Government QR Payments
- Digital products accepted
- Internet banking
- Mobile banking apps
- QR code payments
- Service provider dependent
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Airtel Money | Airtel | Yes | Full wallet |
| AirtelPay-style | C&W | Yes | Mobile money |
| Bank Apps | Various | Limited | Banking |
Mobile Wallet Features
- Send/receive money instantly
- Top up airtime
- Pay bills
- Shop with QR codes
- Youth/trader adoption
Adoption Trends
- Strong youth growth
- Small traders
- Informal businesses
- Unbanked bridge
- Formal banking link
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| SEFT | EFT | Interbank | Active | — |
| Mobile Wallets | QR | Apps | Growing | — |
| Gov Payments | QR | Digital | Active | — |
Sources
- CBS - Financial Inclusion
- CBS Official
- TransFi - Seychelles Payment Rails
- TransFi - Seychelles Payment Methods
- MoneyMatrix - Seychelles
- Seychelles EFT
- Holidify - Currency Seychelles
- SWIFT Code Lookups for CBS
Full country report
Schemes
Standards
Primary · 1