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Seychelles expects to introduce an electronic money (e-money) regulation by June. This was revealed by the financial surveillance analyst at the Central Bank of Seychelles (CBS), Cyril Benoiton. The regulation will provide more information on licensing and reporting requirements and applicable licenses, offenses, and penalties
Seychelles expects to introduce an electronic money (e-money) regulation by June. This was revealed by the financial surveillance analyst at the Central Bank of Seychelles (CBS), Cyril Benoiton. The regulation will provide more information on licensing and reporting requirements and applicable licenses, offenses, and penalties. E-money is typically stored in a user’s account which can be accessed using a card or an electronic device, such as a mobile phone. They can be used to pay for goods and services and are commonly referred to as digital or electronic wallets.
CBS’ national payment system modernization plan and its Fintech strategy are a part of the country’s effort toward moving to a digital economy. Moving towards a digital economy will allow for faster transactions. It will also provide more security and peace of mind for the public, service providers, and business owners.
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There are also risks that come with moving towards a digital economy. The central bank is gearing towards addressing the risks by focusing on cybersecurity and other risk averting strategies. Some people feel that there is a necessity to introduce disincentives for the usage of paper-based instruments, such as cash and cheques.
CBS also wants to put in place incentives to encourage people to use more digital means. In Seychelles, the Airtel telecommunication company is already providing an E-money service to its client. Paypal, Samsung Pay, and Apple Pay are already well-established as popular E-money service providers.
