THE Central Bank of Seychelles (CBS) has Thursday, 24th July, announced a revised timeline for phasing out the issuance and acceptance of local currency cheques for non-individuals (businesses) by all banks, the Seychelles Credit Union (SCU).
This decision follows the Cabinet of Ministers’ approval on July 16, 2025, of the revised timeline for phase two of the sunsetting of cheques, relating to non-individuals (businesses), as per below:
Deliverables Timeline Banks and Seychelles Credit Union to stop issuing cheque books for non-individuals (businesses) As of September 01, 2026.
Government of Seychelles to stop accepting cheques for nonindividuals (businesses) As of December 01, 2026.
Banks and Seychelles Credit Union to stop accepting cheques for non-individuals (businesses) As of January 01, 2027.
This revision reflects the commitment of CBS and the Government to balance policy objectives with the operational realities faced by businesses. This decision has come following ongoing constructive engagement between the private sector – led by the Seychelles Chamber of Commerce and Industry (SCCI), the CBS, the Seychelles Bankers Association (SBA) and the Ministry ofFinance, National Planning and Trade (MoFNPT) on the concerns from businesses, in particular retailers and wholesalers, vis-à-vis the original timeline and the implementation challenges encountered on the ground.
To support the revised transition timeline, a dedicated team has been established comprising representatives from CBS, SBA, SCCI, and the Government. The team is responsible for driving the process, addressing sector-specific concerns, and engaging directly with entities with high reliance on cheques to facilitate the shift to digital alternatives. The team will also coordinate stakeholder dialogue to ensure alignment with the revised timeline.
CBS encourages entities that have already initiated the transition to digital payment methods to maintain the momentum. During this extended phasing-out period, non-individuals (businesses) will be given the flexibility to discontinue the use and acceptance of cheques at their own pace, but no later than the revised deadlines.
CBS together with SBA will continue its awareness campaign to promote the use of safe, secure, and efficient digital financial services. The public and businesses are encouraged to make use of digital payment solutions such as internet banking, mobile apps, E-money services, QR code payments, and online payment portals to enhance transaction convenience, speed, and transparency.
CBS thanks the public and the business community for their cooperation and remains committed to supporting all stakeholders throughout this transition.
Further information about the sunsetting of cheques can be found on the CBS website: www.cbs.sc
—Source: CBS
