Debt in Seychelles

Borrowing in Seychelles is available through licensed banks, the Development Bank of Seychelles, Housing Finance Company Limited, credit unions, financial leasing and hire purchase or credit sale. Non-bank credit providers need licensing or registration with the Central Bank of Seychelles for activities such as microfinance, mortgage finance, factoring and development finance. Each lender assesses income, documents, existing commitments and, where relevant, a guarantor or collateral; approval is not automatic. The Financial Consumer Protection Act 2022 requires clear information about the product, contract, interest, fees and other costs, fair treatment and safeguards against encouraging excessive borrowing. The Non-Bank Credit Granting Institutions Act 2025 also requires annual interest, fees and other costs to be stated clearly. For hire purchase and credit sale, the 2018 rules provide for at least a 10% down payment, repayment of up to 48 months and a maximum annual percentage rate of chargeable price of 22.50%. The exact contract remains decisive for payment dates, charges, security and consequences of default. A borrower who expects a missed payment should contact the lender promptly and request a documented solution. Restructuring and a moratorium are generally individual agreements rather than automatic legal entitlements. In 2026, banks were using case-by-case moratoriums, overdrafts and credit restructuring for affected businesses and individuals. An unpaid instalment can create negative credit information and make later borrowing more difficult. Seychelles' credit information system, referred to as SCIS or CIS, can contain positive and negative data such as arrears, defaults, bankruptcy and non-compliance for borrowers, guarantors, applicants and some service or product debtors. A person should first challenge inaccurate information with the financial service provider and then approach the Central Bank of Seychelles if the issue remains unresolved. Complaints normally start with the financial service provider. Its Complaint Handling Unit must acknowledge a complaint within two business days and normally answer within 21 business days; a grossly complicated matter may take up to 90 business days. A complaint can be submitted in person, in writing, by telephone, email or web form, in English, French or Creole. After the provider's process, the Central Bank of Seychelles or the Financial Services Authority may act as the competent authority, with authority handling generally taking 30 business days and more than 60 days for complex cases. Tax debts follow a separate public procedure. The Seychelles Revenue Commission can order or accept instalments, typically over one to three months for new debt, while debt pursuit or enforcement normally concludes within six months. A company with debt above SCR 1 million may receive up to 12 months with approval. For secured debt, the Secured Transactions Act 2015 and the Collateral Database Registry allow a secured party to enforce movable collateral after default in accordance with the law. The Office of the Registrar General records filings but does not substantively verify their contents. A public search, notice of objection or termination filing may be relevant when collateral has been registered or the obligation has been settled. After a final civil judgment, the Supreme Court can support attachment or validation of money, bank accounts, movable property, third-party debts, shares and immovable property. An application for validation generally has to be made within 15 days. Civil imprisonment is restricted to statutory circumstances, such as hiding or transferring assets, giving an unfair preference or having the means to pay while refusing payment. Under the Insolvency Act 2013, a creditor can issue a bankruptcy demand after a final judgment or order. When served in Seychelles, the debtor normally has 14 days to comply, and the demand must fall within the 42 days before the bankruptcy petition. A debtor may dispute the debt or a cross-claim, and the SCR 25,000 threshold applies to a show-cause process. Discharge can generally be requested at any time, with a public discharge examination after one year, but discharge does not normally remove debts arising from fraud, fines or specified court exceptions. A secured creditor can continue enforcing security, and discharge does not automatically release a guarantor or other co-debtor. Seychelles has no evidenced national consumer debt-repayment or settlement procedure comparable to a central debt-counselling system. Practical assistance therefore depends on lender negotiation, the financial-service-provider complaint process, tax instalment arrangements, court enforcement or bankruptcy. Public debt is a separate national-fiscal matter managed by the Debt Management Division of the Ministry of Finance, Economic Planning, Trade & Investment. In Q1 2026, gross public debt was reported at SCR18,022.32 million, comprising SCR7,867.34 million domestic debt and SCR9,301.88 million external debt, with guarantees of SCR853.10 million. The 2026 projection was SCR19,633 million, or 55.3% of GDP; these figures do not create a private consumer claim or determine an individual's repayment obligation.