{"id":5949,"date":"2024-05-08T18:36:19","date_gmt":"2024-05-08T18:36:19","guid":{"rendered":"https:\/\/dev.switch.sc\/sba\/?page_id=5949"},"modified":"2024-09-02T11:32:22","modified_gmt":"2024-09-02T11:32:22","slug":"history","status":"publish","type":"page","link":"https:\/\/dev.switch.sc\/sba\/history\/","title":{"rendered":"Banking Sector History"},"content":{"rendered":"\t\t
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Banking History<\/div>\r\n\t\t\t\t<\/div>
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1887<\/h5>

New Oriental Bank opened but was closed in 1892. In 1885 the bank financed the construction of the Old Supreme Court Building<\/p>

1894<\/h5>

A Government Savings Bank department operated by the Post Office was opened. The bank\u2019s function focused on effecting government transactions (domestic and external), maintaining government accounts and acceptance of savings deposits from residents.\u00a0<\/p><\/div><\/div><\/div>

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1911<\/h5>

The Bank of Mauritius opened a branch in Seychelles. It closed in 1916 when it was acquired by the Mercantile Bank of India Limited.\u00a0<\/p><\/div><\/div><\/div>

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1936<\/h5>

Seychelles Currency Board established<\/p>

1937<\/h5>

Seychelles Agricultural Bank was established and was later reconstituted in 1963.<\/p><\/div><\/div><\/div>

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1959<\/h5>

Launch of Barclays Bank in Seychelles \u2013 It was located at Beau Vallon

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1968<\/h5>

Standard Bank (Standard Chartered Africa PLC) opened a branch in Victoria. It ceased operations in 1991 after a joint venture with Nouvobanq.<\/p><\/div><\/div><\/div>

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1970<\/h5>

Establishment of Seychelles Credit Union<\/p>

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1976<\/h5>

Opening of Habib Bank Limited<\/p>

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1976<\/h5>

Bank of Credit and Commerce International (BCCI) was registered in Seychelles as an overseas company. In January 1986, it obtained its license to operate a branch in Victoria<\/p>

1977<\/h5>

The Development Bank of Seychelles was created as a joint venture between the Government and other shareholders<\/p>

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December 1978<\/h5>

The Seychelles Monetary Authority (SMA) was established under the Seychelles Monetary Decree, 1978.\u00a0 It took over the responsibilities of the Seychelles Currency Board that was created in 1936.\u00a0 The SMA was dissolved in 1982 upon the establishment of the Central Bank of Seychelles.\u00a0<\/p><\/div><\/div><\/div>

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1978<\/h5>

Opening of Banque Francaise Commerciale Oc\u00e9an Indien<\/p>

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1978<\/h5>

Bank of Baroda was set up as a full-service bank in Seychelles<\/p>

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1978<\/h5>

Commercial Bank (Seychelles) limited started its operations\u2026 and ceased one year later.<\/p>

1981<\/h5>

Seychelles Savings Bank started its operations<\/p>

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1982<\/h5>

Central Bank of Seychelles was established under the Central Bank of Seychelles Act of 1982.<\/p><\/div><\/div><\/div>

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1991<\/h5>

The Seychelles International Mercantile Banking Corporation (SIMBC), currently trading as Nouvobanq, started operation in Seychelles when it took over the assets of BCCI following its liquidation<\/p>

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1993<\/h5>

Nouvobanq introduced the first Automated Teller Machine (ATM) service called \u2018Nouvocash\u2019.<\/p>

1996<\/h5>

SWIFT was introduced by the CBS as an international platform to facilitate cross border payments.<\/p><\/div><\/div><\/div>

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2003<\/h5>

The Mauritius Commercial Bank (MCB) (Seychelles) Ltd started operation in Seychelles. It also took over the assets of Banque Francaise Commerciale Oc\u00e9an Indien.<\/p>

2003<\/h5>

Housing Finance Company Ltd was incorporated under the Companies Act, 1972<\/p>

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2005<\/h5>

Barclays Bank introduces payments through Point of Sale (POS).<\/p><\/div><\/div><\/div>

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2008<\/h5>

Bank Muscat International Offshore (BMIO) was set up as an offshore Bank.\u00a0
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2009<\/h5>

Launch of the CBS Immediate Transfer Service (CBSITS) which was operated via the SWIFT network to facilitate interbank fund transfers<\/p>

2010<\/h5>

Launch of the first core banking system of the Central Bank of Seychelles.<\/p>

March 2012<\/h5>

The Regulations on Credit Information System (CIS) was issued in March 2012.\u00a0 As of July 2012, it was mandatory for participating institutions to adhere to the regulations.\u00a0 The aim of this system is to allow the collection and exchange of credit and other relevant information amongst credit granting institutions.<\/p>

August 2012<\/h5>

Launch of the Electronic Cheque Clearing (ECC) System to facilitate the electronic cheque clearing process using electronic cheque images transmitted between all banks and SCU for same day clearing.<\/p>

July 2012<\/h5>

Barclays Bank (Seychelles) Limited offered fully fledged internet banking services for individual and commercial customers, thereby becoming the first local bank to offer a full functionality, on-line banking service.\u00a0 During the same year Barclays Bank introduced ATM bill payments to all debit card holders.<\/p><\/div><\/div><\/div>

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2013<\/h5>

The Seychelles Savings Bank was rebranded as the \u2018Seychelles Commercial Bank\u2019<\/p>

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August 2013<\/h5>

Launch of the Seychelles Electronic Funds Transfer (SEFT) System to facilitate electronic transfer of funds, in the local currency, between all banks and SCU.<\/p><\/div><\/div><\/div>

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2014<\/h5>

A branch of The Bank of Ceylon opened in Seychelles<\/p>

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March 2014<\/h5>

Barclays Bank (Seychelles) Limited launched the first mobile banking app in Seychelles.<\/p><\/div><\/div><\/div>

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2014<\/h5>

Foreign financial institution, Bank Al Habib Limited (BAHL), start operations. BAHL closed its branch in 2021<\/p>

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2016<\/h5>

BMIO was taken over and renamed Al-Salam Bank Seychelles<\/p>

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November 2017<\/h5>

Cash accepting devices (CAD) enabled ATMs were introduced by Barclays Bank (Seychelles) Limited.<\/p>

March 2018<\/h5>

SWIFT Sanctions Screening System went live.\u00a0 This system automatically screens the CBS\u2019 financial transactions against international sanctions lists and flags suspicious activities.<\/p>

December 2018<\/h5>

The SEFT system was upgraded and was made available to the public to initiate online payments without the need to physically visit their banks<\/p><\/div><\/div><\/div>

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2019<\/h5>

Licensed in 2016, The State Bank of Mauritius opened its branch in August 2019. It closed in 2020<\/p>

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2019<\/h5>

Habib Bank Limited closed its branch in Seychelles<\/p>

2020<\/h5>

Barclays Bank (Seychelles) Limited rebranded to Absa Bank (Seychelles) Limited<\/p>

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November 2020<\/h5>

Launch of the SWIFT Basic Tracker tool.\u00a0 This allowed for all SWIFT customer payments to be tracked end-to-end in real time by providing the status confirmation for each and every customer payment transaction.<\/p>

May 2021<\/h5>

Launch of Collateral Database Registry \u2013 a centralised, electronic public database providing for a more streamlined registration of movable collaterals<\/p>

December 2021<\/h5>

Launch of first touch-free ATM service or cash withdrawal service through the use of QR codes by Absa Bank (Seychelles) Limited to provide cardless and contactless cash withdrawal capability to customers.<\/p>

May 2024<\/h5>

Launch of the digital wallet app (Absa Spark) by Absa Bank (Seychelles) Limited.<\/p><\/div><\/div><\/div><\/div>\r\n

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