The Central Bank of Seychelles has published its Financial Surveillance Report for 2024, setting out supervisory analysis and data on the performance and soundness of commercial banks, non-bank financial institutions (NBFIs), payment service providers (PSPs) and bureaux de change (BDCs), as well as potential risks and key regulatory and supervisory developments. Despite challenges in 2024, the report records positive overall results for the sector, with stronger outcomes for banks and NBFIs and weaker profitability for BDCs. Commercial bank total assets increased by SCR2,754 million to SCR38,310 million (7.7%), equity capital rose by SCR419 million to SCR3,996 million, and net profit after tax reached SCR891.76 million (up 20%). NBFIs’ net profit after tax improved to SCR50 million from SCR29 million in 2023, total assets grew by SCR164 million to SCR2,597 million, and equity capital rose 5.7% to SCR1,106 million. BDCs reported net profit after tax of SCR35 million, down SCR10 million, mainly reflecting a SCR9.2 million fall in non-interest income due to smaller differences between buying and selling exchange rates. PSP activity continued to expand, with 17 million transactions recorded, and amendments to the National Payment System (Licensing and Authorisation) Regulations, 2014 were approved by the CBS Board and endorsed by the Cabinet of Ministers.

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