Seychelles Implements “Cash-Lite” Economy, Balancing Digital Transition with Needs of Vulnerable Groups

VICTORIA, SEYCHELLES – Seychelles is transitioning to a “cash-lite” economy to provide specific population groups that heavily rely on cash with payment options, until digital alternatives become more widely adopted.

According to Seychelles News Agency, the move aims to foster a conducive environment for convenient, affordable, reliable, efficient, and safe digital financial solutions, with consideration for the needs of vulnerable groups.

The “cash-lite” approach is part of the National Payment System Modernisation Plan and Seychelles Fintech Strategy. Brigitte Lablache, the chairperson of the Seychelles Association for the Blind and Visually Impaired (SABVI), voiced her concerns, stating that while she finds digital payments useful, they do pose challenges. For example, she noted difficulties in trusting others with her ATM card and pin number, a sentiment echoed by others.

CBS is in ongoing engagements with various governmental bodies, including the Ministry of Youth, Sports and Family through the Elderly and Disabled Division, to ensure the financial system remains inclusive. CBS stated that their focus is on understanding the challenges vulnerable groups face in accessing financial services and on developing tailored solutions.

For its part, the Elderly and Disabled Division has held multiple meetings with the Central Bank and the Seychelles Bankers’ Association to discuss the various concerns of persons with disabilities. These meetings aim to encourage banks to implement services that accommodate the needs of these groups.

Lablache suggested that cash should continue to be an option and advocated for ATMs with bigger keys to benefit those with sensory limitations. She also highlighted the reluctance among some to adapt to digital platforms and underscored the importance of leaving space for those unable to use electronic systems.

CBS acknowledges that cash will likely remain important, but noted that disincentives for using cash may be introduced to encourage digital payments, once sufficient alternatives are available. It is committed to ongoing dialogue with vulnerable groups to better understand their challenges and is planning to introduce more products and services with features tailored to specific needs.

Various banks have already introduced accommodations such as talking ATMs, Creole language instructions, and fast-track lanes to facilitate the experience for the elderly and persons with disabilities. Digital financial literacy sessions are also being organized, focusing on cyber risks and preventive measures for secure digital transactions.