The banking system in Seychelles is governed mainly by the Financial Institutions Act 2004 and the Central Bank of Seychelles Act 2004. The Central Bank of Seychelles, usually called CBS, licenses banks, conducts risk-based off-site and on-site supervision, oversees anti-money-laundering and counter-terrorist-financing controls, monitors payment systems and supervises market conduct. Commercial banks and Seychelles Credit Union (SCU) participate in the local payment system. Banking services are concentrated on Mahé, with additional branches and service coverage on Praslin and La Digue. CBS’s current online directory lists four commercial banks: Absa Bank (Seychelles) Ltd, Mauritius Commercial Bank (Seychelles) Ltd, Bank of Baroda and Nouvobanq/SIMBC. Earlier CBS reports and relief-scheme lists also mentioned Seychelles Commercial Bank, Al Salam Bank Seychelles and Bank of Ceylon, while official online listings have not been fully consistent. Check the live CBS licensing directory before choosing a bank or relying on an older list. Common products include savings accounts, current accounts, fixed-term or time deposits and, at some banks, foreign-currency accounts. Seychelles rupee accounts use SCR. Banks set their own product conditions, minimum opening deposits, interest rates and charges; there is no single national product, minimum-balance or interest-rate schedule. CBS publishes indicative bank interest rates and comparative bank charges, but the bank’s current tariff and account terms control the actual cost. Regulated no-fee categories include account closure, dormant-account maintenance, over-the-counter cash deposits and withdrawals, transfers between a customer’s own personal or joint accounts, electronic savings and loan statements, and debit-card ATM withdrawals. Banks must publish updated fee schedules and changes. An individual normally needs a valid Seychelles identity card or passport, physical address evidence usually issued within the previous three months, and information about income or the source of funds. The bank may require a minimum first deposit and a face-to-face meeting. Non-Seychellois applicants generally use a passport. A minor usually also needs a birth certificate and consent from a parent or guardian. Since 4 April 2025, SeyID can support customer due diligence, but a physical identity card or passport remains accepted on an equal basis. Businesses typically provide business registration, a TIN or tax identification number, business licence, identification documents, address evidence, source-of-funds information and beneficial-ownership and customer-due-diligence documents. Review time depends on the completeness of the documents and the bank’s checks. Banks offer debit and credit cards, point-of-sale payments, online and mobile banking, ATMs, electronic money and QR payments. SEFT, the Seychelles Electronic Funds Transfer system, allows customers of commercial banks and SCU to send and receive online transfers. CBS currently states that customers pay no SEFT fee, although a later tariff change remains possible. SEYRTGS handles larger-value real-time settlement, while the ECC supports cheque clearing. Cheques are being phased out: individuals could no longer issue cheques from 1 January 2025 and banks stopped accepting them from 1 May 2025; businesses could no longer issue them from 1 September 2026 and acceptance ends on 1 January 2027; government cheque acceptance ends on 1 December 2026. Digital payment methods are therefore the normal method for new transactions. Seychelles has no established direct deposit-insurance equivalent identified in the available official research. CBS documented a feasibility study in 2023, but this does not establish a national guarantee. Protection relies mainly on bank licensing, prudential and liquidity supervision, and the financial-stability and resolution framework. Do not assume that every deposit is insured up to a fixed amount. The Financial Consumer Protection Act 2022 has applied since 1 May 2022, and the Financial Consumer Protection (Complaint Handling) Regulations 2024 have applied since 1 January 2025. Send a complaint first to the bank or other financial-service provider. The provider should acknowledge receipt in writing within two business days and normally answer within 21 business days; a grossly complicated case may take up to 90 business days. If the response is unsatisfactory, contact CBS at 4282000, option 2, or complaints.mcs@cbs.sc. A written outcome can be requested in English, Creole or French. The Seychelles Code of Banking Practice is voluntary and does not have statutory force. Banks apply customer due diligence, ongoing transaction monitoring and reporting duties under the Anti-Money Laundering and Countering the Financing of Terrorism Act 2020. They may request further information about transactions, beneficial owners or the source of funds. Protect online access by keeping PINs, one-time passwords and passwords private. Phishing messages, fake websites, fraudulent calls, fake text messages and misuse of bank logos are known risks. Report unusual activity to the bank immediately. CBS cyber-security guidance requires a bank to report a significant cyber incident to CBS within 24 hours and submit a root-cause analysis within 14 days.
Banks in Seychelles
Banks in Seychelles provide accounts, deposits, payments, cards and digital banking services in Seychelles rupees and, where offered, foreign currencies. The Central Bank of Seychelles licenses and supervises banks, oversees payment systems and handles complaints that remain unresolved after a bank’s internal process. Account access, fees, documents and available products vary by bank, so current licensing status and tariff information should be checked before opening an account.
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