Cyril Benoiton, Senior Financial Surveillance Analyst, Central Bank of Seychelles

At the Central Bank of Seychelles, we are embedding climate and sustainability standards within our monetary and financial stability policies, which are in line with our vision to ensure inclusive economic growth and development. Working closely with financial sector players, government, and regulatory authorities, we are integrating sustainability standards across our policies.

We are working to help vulnerable communities such as smallholder farmers, smallholder fishers and MSMEs access affordable financing solutions. We also have a number of initiatives to support marine biodiversity, and to produce a more inclusive economy.

For instance, in August 2024, Seychelles endorsed the adoption of national definitions for sustainable finance, climate finance, green finance, and blue finance. The aim is to ensure a direct flow of financing to the people, businesses and communities engaged in sustainable development-related sectors.

We also work with the government to set up MSMEs Loan Schemes that provide either interest rate subsidies or government-backed guarantees. This will ensure that these entities can get access to affordable financing, and promote job creation and economic growth.

We’ve gone a step further by developing guidelines for the financial sector, to ensure climate-related financial risks are integrated into risk management frameworks, and are properly disclosed and reported.

This focus on sustainability sits within our broader work to maintain macroeconomic stability and to transform the financial sector, creating infrastructures, policies and frameworks which ensure that vulnerable communities, youth, MSMEs and women can access affordable financing and training. We strive to ensure that everybody’s voice is heard as we transition to an inclusive, low-carbon and sustainable economy.  

Our financial inclusion mandate, and the increasing need for green and blue finance make financial education a priority initiative. We are integrating sustainability components within our financial education projects which target the general public as well as specific sectors.

We are encouraging the financial sector to set up new credit facilities which allow not only farmers and fishers, but also households and businesses of all sizes, to access credit facilities that focus on mitigation and adaptation of climate change.

We will consistently uphold the significance of integrating financial inclusion within these initiatives. This way, we can ensure that our actions create a more inclusive and sustainable Seychelles economy that will leave no one behind.