CBS governor gives lecture on UniSey’s 12th anniversary |18 September 2021

Governor Abel presents a copy of the book to Minister Valentin (Photo: Jude Morel)

The University of Seychelles (UniSey) commemorated its 12th anniversary yesterday by hosting its sixth anniversary lecture.

This year, the honour went to the Governor of the Central Bank of Seychelles, Caroline Abel, who gave a lecture on ‘Education through the Eyes of the Central Bank’.

September 17, 2009 was a major milestone for our one and only university and for Seychelles. We finally got our first tertiary institution. To mark this event, initiated by Dr Justin Valentin, UniSey has been organising this annual event since 2016 at its Anse Royale campus. This year, the lecture was broadcast live and was attended by the Minister for Education Dr Justin Valentin, UniSey vice-chancellor Dr Joëlle Perreau, members of the UniSey council, students and staff of UniSey.

“On this day we usually invite a Seychellois or any other prominent person who has done something important for Seychelles. This year, it is significant that the Governor of the Central Bank of Seychelles (CBS) accepted to give this lecture as nowadays we all want to know more on the financial state of the country. Our biggest department at UniSey is ‘Business and Finance’. This shows the interest of the youth towards this sector and we really feel honoured that the CBS governor and the whole team of CBS accepted our invitation,” explained UniSey vice-chancellor Perreau.

“UniSey is here to partake knowledge and the anniversary lecture is a medium we use to do that. It is the UniSey which chooses the topic that it thinks is appropriate for the population. UniSey seeks to promote local scholars who are actively engaged in scholarly activities, in particular, research or other prominent work that have national or regional impact. But they also can explain something complicated in simple terms just like Governor Abel,” remarked vice-chancellor Perreau.

The targeted audience was mainly students and the fact that the lecture was live, many international partners were also able to attend the presentation.

Education through the eyes of the Central Bank

Governor Abel started her lecture by giving some important information about education in the local context. “We have access to free education since 1981 and 11 years of compulsory education up to the age of 16. Since at least 2018, a minimum of 10% of the annual budget has been apportioned for investment in education. Seychelles also has a literacy rate of 95.4% and our focus going forward remains to achieve quality education, address skills mismatch and promote effective inclusiveness in education and lifelong learning,” she said.

She recalled how the CBS started. “In December 1978, there was the creation of the Seychelles Monetary Authority (SMA) and in January 1983 we saw the inauguration of CBS followed by the official opening of the Central Bank building in June 1984. In 2004, the Central Bank of Seychelles Act was amended and became a full institutional and operational autonomy. In November 2009, the objectives of the bank was set.”

Guy Morel was the first Governor of the CBS and he revolutionised central banking in Seychelles. “Mr Morel is touted as the most influential pioneer in the financial era post-independence. He has had numerous professional accomplishments and had a vision for qualified Seychelles workforce. He also instituted scholarship scheme in CBS and set up a management institute (TGMI, formerly SIM).”

Governor Abel talked about how CBS embarked on modernising its system since 1978 when they were doing manual accounting using ledgers and NCR typewriter-style accounting machine. Now their focus remains on financial stability; anti-money laundering / counter financing of terrorism; innovative financial services and consumer protection.

She also talked about the different programmes the CBS has been initiating such as:

‒ Financial education (FinEd): It is a process through which an individual’s level of financial capability is improved (understanding of financial products, concepts and risks; and strengthening of financial skills and confidence) through exposure and access to training and objective information and advice. Growing interest from the general public to understand the different elements of the economy especially given the current economic challenges and the numerous initiatives being undertaken by local authorities. Increase in the uptake and usage of digital financial services. Reaction and queries from the public on the social media posts published on the Financial Education Facebook page and Instagram page. Increased participation in workshops and other related initiatives

‒ Financial Education Youth Ambassadors 2021 which aims to maximise peer-to-peer learning and advocacy on financial education among the youth through two segments; knowledge and skills programmes.

‒ Financial education workshop for the hearing-impaired: CBS co-hosted a financial education workshop for a group of hearing-impaired participants. The workshop sought to consolidate efforts to make financial education more inclusive, especially for the youth and the socially and financially vulnerable.

‒Financial education sessions for adults’: Multiple online sessions are available for adults in employment to broaden their knowledge on policies, financial products and services, investment, consumer rights and fraud.

‒ Financial education sessions for MSMEs: A three-day workshop was held to enhance the financial education of entrepreneurs in the MSME sector covering: Business innovation, E-commerce, Budgeting, Forecasting, Credit facilities, QuickBooks.

“In addition to being a regulator, the bank should also be seen as an educator for the empowerment of various economic agents so they can better participate in the economy. Looking ahead incorporating financial education in curricula and enhancing levels of financial capability will have far reaching consequences for the well-being of future generations. The potential focus areas are: Basic economic literacy, entrepreneurship; regular savings; budgeting and setting short-term and long-term financial goals. Continued sharing of knowledge by financial professionals can help bridge the gap,” remarked the CBS governor.

She also talked about the collaboration with the media which helps in the financial education of Seychellois.

In conclusion, Governor Abel noted that “current and future generations will need to be able to manoeuvre current and emerging areas such as cyber security, Covid-19 recovery, digital agenda, income inequality, gender inequality. The local economy will need to continue evolving in line with global developments. There is a need to strengthen the human resource capacity of the country by upskilling and adapting to current circumstances while also preparing for the future.”

To commemorate its 40th anniversary, the CBS curated a book to pen down the history of the institution. It serves as a reminder of how one of the focal institutions of the economy traversed through ever-changing environments. It was envisaged that the book would serve as an inspiration for the generations to come.

At the end of the lecture, Governor Abel on behalf of the CBS donated a few copies of the commemorative book to be added to the university’s library to Minister Valentin and vice-chancellor Joëlle Perreau.

A short digital presentation of UniSey’s past and present leaders and anniversary lectures was also shown.

Currently, UniSey offers 19 courses from Diploma to Masters and the academic year starts usually in September.

Vidya Gappy