July 14-15, Venue: Savoy. Mr. Tim Masela - Chairperson of the Payment Systems Subcommittee,

Transcription

1 Speech to be delivered by Caroline Abel, Governor of the Central Bank of Seychelles during the opening ceremony of the SADC Payment System Annual Regional Conference July 14-15, 2015 Venue: Savoy Mr. Tim Masela - Chairperson of the Payment Systems Subcommittee, Country Leaders and Representatives of the Payments Systems Subcommittee, Members of the SADC ICT Subcommittee, Members of the SADC Payment System Project Team, Members of the SADC Banking Association, Members of the SADC Secretariat, Ladies and Gentlemen, Good morning and welcome to Seychelles for the SADC Payment System Project s Annual Regional Conference. The Central Bank of Seychelles is truly honoured to host this event; one, which we do not doubt, will spur significant and meaningful discussions about the development of technologically driven payment systems that aim to further 1

2 facilitate payment processes to support and strengthen our evolving financial systems. With fast paced socio-economic developments occurring worldwide especially within the African community, creating an increasing need for efficient and speedy transactions, the implementation of the SADC Integrated Regional Electronic Settlement System (SIRESS) is an event worthy of acknowledgement. This mechanism is crucial to facilitating intra-regional trade, by putting in place a more efficient and common payment system for all SADC member states. It is hoped that this will also support harmonisation in areas of common interest such as trade tariffs and border controls, which would in turn boost socio-economic returns within the region, in line with SADC s long-term goals for regional integration. Regional integration is becoming more and more relevant now that the single Free Trade area is being promoted through the Tripartite Summit of the leaders of SADC, the Common Market for Eastern and Southern Africa (COMESA), and the East African Community (EAC). This will foster greater intra-regional trade across a much larger region. 2

3 Seychelles is highly supportive of such initiatives including the implementation of SIRESS. While we undertake the necessary processes to modernise our national payment system with significant reforms in our legal framework and automation systems over the past four years, we look forward to joining this important regional initiative in the near future. Allow me to brief you, ladies and gentlemen, on key developments in the Seychelles national payment systems. In April this year, the Central Bank of Seychelles received Technical Assistance from the International Monetary Fund to assess the risks associated with the major payment systems against the Principles for Financial Market Infrastructures (PMFIs). The aim of this assessment was to enhance the safety and efficiency of the payment, clearing and settlement mechanisms in the country. In the same month, the Central Bank licensed the first mobile money payment service in Seychelles. In May, the Government, in partnership with a local bank launched a VISA/Mastercard Payment channel for Government E-Services, earning Seychelles a reputation as one of the top countries for e-government development within the African region based on a study by the United Nations. The Central Bank has also implemented the Seychelles Electronic Funds Transfer 3

4 in 2013 and the Electronic Cheque Clearing System in 2012 which allow for transactions to be effected in a timelier manner. All these developments have been strengthened through the enactment of a new Payment Systems law in The latter mandates the Central Bank to regulate and oversee the national payment system for the purpose of ensuring its safe, secure, efficient and effective operation. These developments all attest to Seychelles commitment to modernising its domestic payment system in order to create an environment which is conducive to regional integration. Ladies and Gentlemen, This workshop presents us with an opportunity today, to come together to share our experiences, our concerns, and in turn learn more about the recent developments that have been taking place within our own jurisdictions to strengthen our payment systems landscape. Through dialogue over the next few days, it is hoped that we can identify any existing gaps that we need to address in order to bring us one step closer towards regional integration. 4

5 On behalf of the Central Bank of Seychelles and the participants present today, I would like to thank all partners involved in the organisation of this Conference. I would also like to take this opportunity to congratulate the SADC Payment System Subcommittee, currently under the chairmanship of Mr. Tim Masela, the project leader for the SADC Payment System Project, for their efforts and advancements made towards implementing the integration of the payment system within the SADC region. On this note, I wish you all a very fruitful exchange over the coming days. Thank you. 5