Basic
InformationSeychelles Commercial Bank (SCB) is a commercial bank rooted in the Seychelles financial market, known for its robust services and far-reaching impact on the local economy. Its predecessor was Seychelles Savings Bank, which was established in 1981 under the Seychelles Savings Bank Act, transformed into a limited liability company in 1992, and obtained a domestic banking business license in 1997, and officially changed its name to Seychelles Commercial Bank in 2013. Headquartered in Victoria, Mahe, Seychelles, the core shareholder of the bank is the Seychelles government, which is a state-controlled commercial bank and is not listed on the open market. SCB's focus on serving local residents and businesses in Seychelles, as well as attracting some international clients, gives it a unique position in the local financial market due to its robust operations and government background.
scope
of servicesSCB's business mainly covers the whole of Seychelles, focusing on the main islands of Mahe, Praslin and La Digue. At present, the bank has 7 offline outlets, covering major densely populated areas, and is equipped with a number of ATMs to facilitate customers' daily deposits, withdrawals and inquiry services. Although its scope of services is mainly domestic, SCB also provides foreign exchange transactions and international transfer services to meet the needs of cross-border customers. The distribution of outlets and ATMs is relatively concentrated, mainly serving local residents and small and medium-sized enterprises.
Regulation &
ComplianceSCB is regulated by the Central Bank of Seychelles (CBS) and operates under the Financial Institutions Act 2004 to ensure that its operations comply with international and local financial standards. Seychelles does not currently have a formal deposit insurance scheme, but there is a depositor-preference policy that guarantees deposits of up to 10,000 Seychellois rupees per account. In recent years, the SCB has a good compliance record and no major violations have been reported. The bank actively cooperates with CBS's Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements and is subject to regular regulatory review.
financial health
As a state-owned bank in Seychelles, SCB has a solid financial performance, but specific public data is limited. Based on the industry context, its capital adequacy ratio should meet the minimum requirements of CBS (usually between 10%-12%) to ensure risk resistance. In terms of non-performing loan ratio, the overall non-performing loan ratio of the banking sector in Seychelles will increase slightly in 2024 due to the lifting of the post-COVID relief measures, and the SCB may be in the range of 6%-8%, which is based on the CBS annual report. The liquidity coverage ratio is expected to be high, benefiting from its conservative balance sheet management and government support. Overall, SCB's financial health is in the upper middle of the local market and is suitable for clients looking for stability.
deposit and loan productsSCB
offers a wide range of deposit products, including current accounts, time deposits and high-yield savings accounts. The interest rate on demand deposits is lower, around 0.5%-1%, while the interest rate on time deposits (1 to 5 years) is usually between 2%-4%, depending on the term and amount of the deposit. Large-denomination certificates of deposit products are relatively limited, but can be customized for high-net-worth clients. In terms of loans, SCB provides housing loans, car loans and personal credit loans, with mortgage interest rates of about 5%-7%, and car loan interest rates are slightly higher at about 6%-8%. Personal lines of credit have relatively relaxed thresholds for local residents and small and medium-sized business owners, and some loans offer flexible repayment plans, such as early repayment without penalty. SCB's loan approval focuses on the stability of the customer's credit history and income, and the approval speed is relatively efficient in the island market.
a list of common expenses
SCB's account management fees are relatively affordable, ranging from 5-10 Seychellois rupees (about 0.3-0.7 USD) per month for a regular current account, and about 100-200 Seychellois rupees per year for high-end accounts. Domestic transfers are free or as low as 2-5 Seychellois rupees, and cross-border transfers are more expensive, usually 0.5%-1% of the transaction amount (minimum $20). Interbank ATM withdrawals are about 5-10 Seychellois rupees per transaction, and the overdraft fee is about 1%-2% of the account balance.
digital service experience
SCB's digital banking services include a mobile banking app and an online banking platform that supports core functions such as real-time transfers, bill payments, and account management. User feedback shows that its mobile banking app has a rating of about 3.5-4 stars on Google Play and App Store, and the interface is friendly but the functions are relatively basic, making it suitable for daily use. In terms of technological innovation, SCB provides facial recognition login and real-time transaction notifications, but has not yet launched advanced features such as AI customer service or robo-advisors. Open banking API support is still in the early stages of development, and digital services mainly meet local needs, and cross-border functions are slightly insufficient.
quality of customer service
SCB offers a variety of customer service channels, including 24/7 phone support, in-branch counter service, and email response, and the live chat feature is being rolled out. Social media is responsive, often responding to customer inquiries within hours. In terms of complaint handling, the average resolution time of SCB is about 3-5 working days, and user satisfaction is high, especially among local customers. The bank supports services in English and French, and some branches offer Creole support to meet the needs of local and cross-border users.
security measuresThe
safety of funds at SCB is backed by CBS regulation, which is implicitly guaranteed by the government context, despite the lack of a formal deposit insurance program. Anti-fraud technology includes real-time transaction monitoring and two-factor authentication to reduce the risk of account theft. In terms of data security, SCB follows internationally accepted security standards, but does not disclose whether it is ISO 27001 certified.
featured services and differentiations
SCB offers tailor-made services for different customer groups, such as fee-free accounts for students, which are suitable for young people to manage their daily expenses. For SMEs, SCB provides flexible business loans and foreign exchange services to support local start-ups. In terms of green finance, the Bank actively participates in the Seychelles Blue Economy Initiative, launching financing products related to sustainable fisheries and tourism. High-net-worth clients can enjoy private banking services with a threshold of about US$100,000 and provide customized wealth management and portfolio management.
Market Position & Accolades
SCB is among the best in the Seychelles banking industry, ranking among the top three among the eight commercial banks in terms of asset size, with a market share of about 15%-20%. As a state-owned bank, it has strong competitiveness in the local market with government support and extensive network layout.
