The Central Bank of Seychelles (CBS) has given the approval for a new payment service provider to operate in the island nation with a company aiming to bring e-money as their first product.

"The company, Nebula FinTech Limited, made their application in September 2022 and after reviewing their documents, CBS has approved their licence to begin operations in Seychelles," the governor of CBS said in a presentation on Wednesday.

CBS explained that it has a very stringent reviewing process for such applications and Nebula FinTech Limited has provided them with all that is necessary to operate in Seychelles.

With the licence, Nebula FinTech will be able to provide several services under the E-Money Regulations of National Payment System Act, 2014. These will include the issuance, distribution, and transfer of electronic money and execution of payment transactions through the use of electronic money.

Through E-money, customers will be able to make various payments through the use of their smartphones.

It was confirmed that the company will be working alongside local bank Nouvobanq and local telecommunication company Cable & Wireless Seychelles (CWS).

The company said in a statement that the product launch is expected to take place in the second quarter of 2023.

This will not be the first time such a product is introduced to Seychelles. Airtel launched e-money in 2015.

The service allows people to store any money they have on their mobile phones to pay for goods and services without the usual direct exchange of cash, writing a cheque, transferring money from one account to another, or swiping their debit or credit cards.

Meanwhile, CBS has explained that they are working on a number of projects for 2023, as part of their FinTech strategy. The bank will be implementing a new payment infrastructure to improve the current infrastructural landscape and improve the environment for enhanced participation/entrance to offer digital financial solutions.