Ongoing discussions with economic stakeholders

As of May 1, 2025, the Seychelles will begin phasing out checks in financial transactions, aiming to shift its financial system toward a more digital future.

This decision was made following a notable decline in check-based financial transactions observed by the Central Bank of Seychelles (CBS), while digital payment methods significantly increased. The transition will follow a gradual approach. From January 1, 2025, banks will stop issuing checks to individuals, and on May 1, 2025, they will cease accepting checks from individuals.

Additionally, banks and the Seychelles Credit Union (SCU) will stop issuing checks to non-residents starting January 1, 2026. They will no longer accept checks from non-residents after May 1, 2026. According to Liz Julienne, Director of Financial Inclusion at CBS, around 600,000 checks were used for transactions in 2023. In contrast, card transactions and electronic funds transfers via the Seychelles Electronic Funds Transfer (SEFT) exceeded 10 million.

Julienne noted several challenges related to the use of checks. CBS reported that extensive discussions and consultations with both private and public sectors, as well as businesses, were held before making this decision. Concerns primarily focused on the potential for financial exclusion among groups that rely on checks, as well as the costs and expenses associated with adopting digital financial solutions.

CBS continues to work closely with various partners to ensure that these concerns are addressed, aiming to facilitate a smooth transition toward digital payments.