Seychelles Government Minister Praises Banks' Use Of Technology

Mary Swire, Tax-news.com, Hong Kong

26 March 2001

The Seychelles' Minister for Information Technology and Communication, James Alix Michel, has openly praised the success of the island's banks in their use of Information Technology.

In his welcoming speech to delegates at the recent African Bankers Strategic Leadership Meeting, Mr Michel stated: 'We have in this country four multinational banks and two local banks of which one is the Seychelles Savings Bank, which is co-hosting this event. As one moves towards a closer inspection of our banking sector, one wonders how six commercial banks survive in a country with a population of only 81,000. But survive they do, and they make healthy profits as well. I believe technology played a key role in getting the banks to the level of success they have attained today.'

According to Mr Michel, banks in the Seychelles are taking advantage of the latest technology. 'In fact,' he said, 'the Seychelles Savings Bank, I am given to understand, was one amongst the first few banks using the Microbanker software in 1993 and was the first financial institution in this country to link all their branches online in real time. All our financial institutions are now offering services which are comparable with what is offered in the rest of the world.'

Mr Michel, who is also the Seychelles' Finance Minister, stressed the importance of meetings such as the African bankers' conference and said discourse on making the most of finance and information technology is of vital importance. He stated: 'These days finance is inextricably tied up with technology. Gone are the days of manual ledger keeping and the complex system of mail and telex to effect transactions. Nowadays, money is transferred from place to place in a matter of minutes – such is the progress in the development in the world of information technology.'

He added: 'IT is reinforcing the notion that time is money. Each new development in IT further results in increased savings in time, thus increasing efficiency. The successful application of IT in various sectors of development here in Seychelles is backed by well-advanced telecommunication services.'

He also took the opportunity to announce the government's plans for an e-government project to electronically link all the ministries and government departments. He explained: 'Communication among government bodies will become faster, more efficient and a whole load of paperwork will be eliminated. The entire government machinery will work in a smooth and cohesive manner, thus eliminating bureaucratic delays. The achievement in the banking sector has convinced us that time saved in an efficient IT-environment will translate into opportunities for more wealth creation and a higher standard of living.'

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