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Financial Services Supervision Division

The Financial Services Supervision Division (FSSD) of the Central Bank of Seychelles (CBS) is the prudential regulator of banks and bureaux de change. Furthermore, Central Bank has been formally appointed as the regulatory authority of Seychelles Credit Union (SCU) and delegated the supervision Housing Finance Company (HFC) and Development Bank of Seychelles (DBS).

Of the banks, six can transact with both residents and non-residents in any currency whilst one can only transact with non-residents in foreign currencies. The Central Bank derives its supervisory and regulatory powers from the Central Bank of Seychelles Act, 2004 and the Financial Institutions Act, 2004.

As of July 2013, the Financial Services Authority (formerly SIBA) has been delegated the responsibility of regulating and supervising the Insurance market. Moreover, since January 2010 SIBA assumed the responsibility of regulating and supervising the Mutual and Hedge Funds and Securities Exchange. The responsibility for these functions were previously vested with CBS.


The primary objective of the division is to promote soundnes of the financial system as this is one of CBS objectives. This is achieved through licensing, on-site and off-site supervision in line with international best practices.

For the banking industry, these are achieved through on-site[1] and off-site[2] supervision using the internationally accepted rating systems (CAMELS[3] for banks and PEARLS[4] for microfinance institutions).


[1] On-site: Involves obtaining first hand insight into the risk management structure of the institution and checking the validity of data submitted to the supervisory body.

[2] Off-site: Encompasses the monitoring of individual institution's condition as well as the financial system as a whole through the submission of returns, with the idea of providing early identification of any problem so that corrective action can be effected.