VICTORIA, Seychelles — The Seychelles Chamber of Commerce and Industry (SCCI) has called for streamlined loan application processes, arguing that high costs and rigid repayment terms are major hurdles for local businesses.
Speaking at yesterday’s high-level meeting on access to financing at State House, the SCCI chairperson, Oliver Bastienne, said the complexity of procedures within banks is a significant challenge. “The bureaucratic processes are often time-consuming and feel overly invasive, with some questions from banks making business owners feel criminalised,” he said. Mr Bastienne also raised the difficulty business owners face in attending in-person training sessions due to time constraints.
Governor of the Central Bank of Seychelles, Caroline Abel, supported a more measured approach to due-diligence procedures. “While acknowledging the necessity of due diligence, we also called for a more measured approach, which was supported by the Central Bank of Seychelles,” Mr Bastienne noted. Minister Vidot proposed that partners in the sector collaborate to provide web-based learning and social media training to help businesses better navigate the financial landscape.
