22/11/2011

The president of the Seychelles has called on the nation's banks to embark on modernisation programmes, in a bid to bring more foreign investment and business incorporation to the islands.

President James Michel appealed to the financial institutions in an address at the Seychelles Central Bank Anniversary Lecture, which was also attended by the Governor of the Central Bank, Pierre Laporte, and other dignitaries.

"When it comes to innovation, I cannot say that I am satisfied with what the institutions are offering to their clients," he said, adding that he was, however, pleased at some of the modernisation already in place and underway at some institutions.

President Michel explained that the Government had made huge strides in recent years in improving the nation's regulatory framework and financial infrastructure. He said that they would continue to improve the nation's business environment and make sure the latest technological innovations were in place to aid the businesses.

He cited the Central Bank's recent investment in its integrated CORE banking platform as a major step forward, that will allow the national bank to increase the volume of transactions it processes, reduce risks associated with a multitude of computer software and provide real-time balances to government and commercial banks.