) was expressed eloquently by governor tito mboweni in the 13th c. d. deshmukh memorial lecture on 2nd november 2007 in the following words : " then, there is the added concern that the unequal distribution of wealth brings with it a tension between the haves and the have - nots. under these circumstances, the broadening of access to financial services becomes an important policy objective. it is well recognised that the financial inclusion of the lower echelons of society into the financial sector is a powerful contributory factor to poverty alleviation through, for example, the provision of microfinance. as the demand for consumer finance increased, a greater range of financial instruments are needed and the financial sector will need to adapt. " a beginning has been made to enhance financial literacy and impart financial education to enable vast numbers of new entrants into employment and higher incomes to better manage their finances in a rapidly marketising financial sector. informed choices are preferred in the interests of the individual customers as also the financial system as a whole. in view of the surge in retail loans, especially consumer durables, and attendant debt - servicing problems for many, a beginning has been made in the establishment of credit counselling centres as a non - profit activity, by some banks. institutional reforms there was no banking crisis or currency crisis since reforms commenced in 1992. however, it was observed that some scheduled commercial banks had inadequate capital ; several urban cooperative banks were bankrupted and rural cooperative credit system deteriorated significantly. corrective steps have been taken in recent years. the institutional reform of scheduled commercial banks reinforced governance standards and witnessed the disappearance of all who could not meet the capital adequacy standards. but, the credit needs of vast section of population, especially of unorganised sector, traders, rural areas are best met by revival, restructuring and revamping of what may be termed as community based banks. rural areas, particularly in backward regions, are sought to be better served by restructuring an institutional mechanism, namely regional rural banks ( rrbs ). a special programme for the revival of rural cooperatives has been launched with close involvement of rbi, nabard, government of india and state governments with a possible fiscal support to the tune of about 0. 50 per cent of gdp. these reforms are considered essential to cater to the gaps in services by scheduled commercial banks, not only in banking but in other related services including forex for current account, insurance products, etc.

bring added benefits for the population and inspire other individuals and firms to tap into the opportunities that exist to further develop the country's digital financial services landscape. to conclude, i extend warm congratulations to the board members, management and staff of nebula fintech limited for embarking on this venture and wish the team all the very best in their endeavour to contribute towards efforts to bring more innovative payment services to seychelles. thank you 2 / 2 bis - central bankers'speeches