Message from the Minister for Finance, Economic Planning and Trade, Naadir Hassan on World Consumer Rights Day 2022 |15 March 2022
Minister Hassan
‘Digital finance in Seychelles has seen an explosion in growth’
“As is customary every year, yet again, the consumer world is celebrating the World Consumer Rights Day on March 15. This year’s theme is ‘Fair Digital Finance’.
“What is Digital finance?
“Digital finance describes the effect of new technologies on the financial services industry. It constitutes an assortment of applications, products, processes and business models that have revolutionised and transformed the traditional way of providing banking and financial services.
“According to Consumers International: ‘By 2024, digital banking consumers are expected to exceed 3.6 billion. In the developing world, the proportion of account owners sending and receiving payments digitally has grown from 57% in 2014 to 70% in 2017. Digital finance brings new opportunities – but also new risks that can lead to unfair outcomes for consumers. Digital finance can increase the likelihood that the most vulnerable are left behind’.
“Digital finance in Seychelles has equally seen an explosion in growth, where numerous initiatives are being implemented by various banks.
“Such shift from the traditional modes of providing financial services are aimed to bring about increased access to affordable financial products and services that meet the needs of consumers in a sustainable and responsible way. Terminologies such as e-wallet, contactless cards, mobile payments, internet banking and many more are progressively being employed with respect to digital financial services that are offered to consumers on a daily basis. Covid-19 pandemic has also done its fair share to speed up the use of digital platforms.
“The potential and benefits of digital financial services/platforms are immense and can play a pivotal role in modernising various sectors and paving the way towards digitalising the economy as a whole, making the country more competitive globally.
“However, it is of noteworthy importance to mention that despite all the positive efforts towards fair digital finance, consumers in Seychelles are unfortunately becoming more and more exposed to frauds, scams, data malpractices and phishing. It should be mentioned though that programmes have been developed and implemented locally under the umbrella of Financial Education or FinEd, to assist consumers with the transition to digital financial services and platforms.
“To commemorate this year’s theme, the commission has joined with other stakeholders to create awareness and also organise a series of activities including adverts to be featured on the SBC, Radio games, articles and even an international webinar that will see the participation of the commission, alongside other stakeholders such as the Central Bank of Seychelles.
“In conclusion, from a consumer rights perspective, efforts should be concentrated towards enabling decision makers to build a digital financial marketplace that is inclusive, safe, data protected and private, and sustainable for everyone.”