Seychelles regulatory framework for payment systems to be updated soon

The Seychelles Cabinet of Ministers has approved new rules to regulate payment systems and services, which will be updated to align with international standards and improve efficiency.The amendments will be made to the National Payment System Act, which currently gives the Central Bank of Seychelles the power to regulate and oversee the country’s payment system. The changes will ensure that the regulator has more control over transactions taking place online and will help to prevent fraudulent activities. The Cabinet also emphasized the need for shops to use electronic cash registers that issue receipts for every transaction.