smes from access to markets : - where markets are present, the site are not serviced with necessary social amenities. - smes lack market information and marketing skills. - lack of adequate local markets. - inadequate, inefficient and ineffective distribution and supply network in the local market, such that products / service takes time before reaching target markets. - limited capacity to meet sme expectations in terms of providing finance as well as providing non - financial support. - entrepreneurship skills training into both practical and non - practical sector specific training in order to achieve relevancy to the needs of the small business community. as you may all be aware, smes play critical role in the country ’ s economic development. smes are often considered as the drive to creating local demand and consumption. in fact, smes related matters are high priorities on the government agenda. on that note, the central bank in coordination with government is closely working with the commercial banks in light of the risks associated with sme finance, to come up with a strategy for sme lending. the central bank is also currently engaged in exploring the feasibility to expand participation in the credit information system ( cis ) to all lenders not regulated by the central bank, including government lending agencies or programs and commercial firms that engage in hire ‐ purchase activities. in this regard work is being undertaken with the world bank to enact a credit information system law which would broaden the scope of the cis in seychelles to include other entities and activities that are not regulated by the central bank. furthermore, with the aim of modernising the national payment system, by broadening the scope of innovative payments schemes and reducing paper instruments as a means for payment, the central bank in collaboration with the seychelles banking association are looking into the possibility of implementing a national payment switch. ladies and gentlemen, with no doubt, services provided by the financial system has a prime impact on economic growth. the level of development plays a significant role in the growth of businesses, enhancing innovation and competition. it is however, equally important that in support of the broader objective of financial sector development and financial inclusion, access to financial services are of the highest quality and convenience, affordable and also operated in an environment where consumers are adequately protected. ensuring that there is an effective consumer protection framework to address the balance of power between financial institutions and their consumers is vital in order to enhance public confidence in the financial system and the use of innovative financial services. there is no need for me to overempha

and private stakeholders to achieve the development and implementation of the national strategy. in fact, the procurement for consultancy services to assist with the development of the strategy is currently being initiated. ladies and gentlemen, these initiatives and engagements towards financial consumer empowerment echo the recent global tempos in respect of financial education. there has been an increased focus on financial literacy internationally, particularly since the 2008 financial crisis which has exposed the effects of lack of financial education amongst consumers, leading many countries to develop or start developing national financial education strategies. whilst other countries are yet to roll out strategies at the national level, ample efforts are being put into designing financial education programmes or interventions for specific groups of the population. the message is clear : financial education matters and it matters at many levels. primarily, from a social welfare perspective, it matters in terms of the ability of people to manage their financial affairs prudently and live within their means. financial education is meant to empower individuals in the financial marketplace, in terms of increasing their ability to make informed decisions and meaningful participation in the markets, allowing them to better manage personal and household finances and resources. financially savvy consumers who interact effectively with providers of financial services are more likely to achieve their financial goals and therefore improve their households ’ welfare. moreover, financial education is instrumental in supporting financial inclusion policies through creation of awareness of the availability of financial products and services and through developing confidence in the use of such products and services. accordingly, financial education contributes to the development of financial systems and markets as well as to the promotion of more transparent competition amongst financial service providers. in fact, financial education is very much considered as the first line of defence and protection for consumers of financial products and services, since it complements the regulatory and supervisory measures in place. it is widely recognised that individuals across the globe, living in different economic, financial and social circumstances have to take more responsibility for their future financial well - being and protection. it is important to consider that while authorities will devote resources and work towards establishing mechanisms that will support financial consumer empowerment, it is important to acknowledge that the ultimate responsibility rests with the individual to ensure that financial knowledge and skills acquired are transformed into positive financial behaviour. ladies and gentlemen, allow me to stress that cbs and its partners remain committed to the development of the financial sector in line with our respective mandates. the successful development of the financial sector must be sustained, amongst other factors, by appropriate legislative and supervisory frameworks, including an effective regulatory framework for financial consumer protection,