Four partners have formalised an agreement to build capacity of local talents in financial services and compliance at introductory level.

The Seychelles Financial Services Authority (SFSA), the Seychelles International Financial Services Association (Sifsa), the Seychelles Employee Transition Scheme (Sets) and The Guy Morel Institute (TGMI) signed a memorandum of understanding (MoU) in a small ceremony held on Thursday afternoon at the TGMI premises, Majoie.

The MoU, signed by Dr Steve Fanny (chief executive of FSA), Ina Laporte (chairperson of Sifsa), Shella Mohideen (executive director of TGMI) and Guy Morel (chief executive of Sets), is to better equip participants, mainly those made redundant and graduates seeking employment, among other people looking for a job, to take up employment in the financial sector.

As from October 2020, participants wishing to join the financial sector will attend a one-week introductory certificate course in international financial services which will be followed by a two-week introductory certificate course in compliance.

The two introductory certificate courses will be run at the TGMI by associated lecturers in the related fields.

Present at the MoU signing were the director general for Employment Promotion Letimie Dookley, Sets training champion, Medna Latilupe and other representatives from the four collaborators and invited guests.

In his address, Dr Fanny said Covid-19 has taught Seychelles on the need to diversify its economy.

He further said that apart from being dependent on tourism, we need to search elsewhere for opportunities.

He noted that with the new Seychelles National Anti-Money Laundering and Countering the Financing of Terrorism Strategy 2020-2023 (SNAML/CFTS), the industry is in need for more compliant officers which is significantly lacking in the financial sector.

He claimed that there are work opportunities and money to make in the sector.

The chairperson of Sifsa, Ms Laporte, said more publicity should be given to the financial sector so as to attract more people.

As for Sets training champion, Ms Latilupe, a former redundant employee from Banyan Tree Hotel, the training will benefit all the participants who will attend and that will equip them with the essential skills and knowledge to contribute to the growth and success of our financial sector.

Mrs Dookley for her part stressed on the importance of having more trained locals to work in the financial sector and therefore pledged her department’s full support towards the training programme.

Mrs Mohideen, the last person to take the stand, said that though it is unfortunate that the country is experiencing the pandemic, it is also giving us time to reflect on a number of things among which is our economy’s heavy reliance on the tourism industry.

She also stressed on the need to diversify our economy and noted that TGMI believes that whenever there is crisis it is time to think on how to convert the crisis we are in into opportunities.

She said that the signed MoU intends to convert some of the economic crises we are facing into opportunities.

Patrick Joubert