leasing regulatory framework which will assist in creating the enabling environment for this new financial tool to prosper in seychelles. further work on the development of the regulatory and supervisory framework for financial leasing is ongoing and will continue to progress as the industry develops and grows. over these two days, you will be taken through the initiatives taken by the central bank and other policy makers to introduce and develop leasing in seychelles. it is important to consider that while the authorities will devote resources and work towards establishing mechanisms that will support financial leasing as a means of alternative finance, the need for all stakeholders to work in partnership remains fundamental for the successful development of leasing in seychelles. collaboration with both the public and the private sectors is essential to foster this enabling environment. your participation in this forum strengthens the importance of this partnership. i hope that you take the opportunity to discuss, debate, and share ideas and experiences which will allow us to translate these consultations into actions which will realise the potential of financial leasing in seychelles. allow me to stress that in consideration of today ’ s economic environment and realities, the focus on financial leasing in seychelles is happening at an opportune time. we have gone a long way in the transformation of our financial sector which has supported the economic reforms. our economy continues to grow. it is time now to look beyond the present financing opportunities and develop alternatives and new possibilities to achieve greater economic and inclusive growth. as you are aware, access to finance is a major constraint for the development of smes globally, as is the case in seychelles, particularly in consideration of some of the requirements for securing traditional financing through loans. in comparison, financing through leasing provides less constraints in terms of requirements and eligibility criteria. it creates the possibility for smes to expand their access to short and medium term financing. hence leasing is an alternative mechanism to facilitate access to finance. it enables the use of capital equipment, in particular for new enterprises without credit track records and with limited possibilities to provide collateral. of note, the beneficiaries of financial leasing are not only smes but the advantages associated to this type of lending translate into gains also for the public and private sector such as investment opportunities for local and foreign companies and creation of new job opportunities. ladies and gentlemen, our initiatives and engagements towards the development of a thriving leasing market would not have been possible without the support and commitment of our faithful partners. i wish to conclude my remarks with a few words of acknowledgement. on behalf of the central bank, i wish to

as recommended in the financial sector development plan. accordingly, to further consolidate financial consumer empowerment, cbs and the fsa are working on the development of a legislative framework for financial consumer protection. the proposed framework, which is at a preliminary drafting stage, is specifically aimed at protecting the interests of financial consumers and to fairly, reasonably, and effectively handle financial consumer disputes, thereby reinforcing the confidence of financial consumers in financial markets and promoting their sound development. such will complement the development of the national strategy on financial education. ladies and gentlemen, please allow me to conclude my remarks with a few words of acknowledgement. the conduct of the financial literacy baseline survey has been made possible due to the commitment of our faithful partners. may i acknowledge the role of government through the cabinet of ministers for approving that such an initiative be conducted. i wish to particularly thank the financial services authority for its involvement throughout the entire process and the national bureau of statistics which assisted with the development of the sample for the survey. may i also acknowledge our international partners which are contributing to the funding of these projects, specifically the investment climate facility for africa and the african development bank. the central bank also extends its appreciation to finmark trust for the work conducted. i express my gratitude also to the central bank team for making sure the work program moved along smoothly and attained its objectives. last but not least, i wish to thank the general public for making the time available to participate in the survey. with these remarks, it is my pleasure to invite mr. abel motsomi of finmark trust to deliver his presentation on the results of the financial literacy baseline survey. thank you.