Protecting Financial Consumers In Seychelles

The rapid growth of new technologies and digital financial services has led to tremendous benefits for consumers, providing ease of access and inclusion to people from all walks of life. At the same time, the risks related to the financial services have become more pronounced and consumer protection is now a basic regulatory enabler for digital financial inclusion. When legal frameworks that protect consumers are in place, consumers are able to trust and increase their usage of formal financial services.

Seychelles has undertaken important measures in this direction to enhance protection of financial consumers, and the Financial Consumer Protection Act, 2022 (the FCPA) came into operation last year. The FCPA seeks to provide a legal framework to fairly and reasonably handle financial consumer disputes and to promote the development of the financial sector in Seychelles.