Seychelles: Seychelles’ Digital Wallet ‘Eboo’ Increasing in Usage

The number of usage of a digital wallet called “eboo,” launched in Seychelles in January by Nebula FinTech Limited, has surpassed expectations, said a top official of the company.

Eboo is an instant payment service based in Seychelles and offers an eWallet service that allows users to make instantaneous payments. It is a digital platform designed to facilitate both customer and merchant transactions, providing a convenient alternative to cash and traditional banking methods.

The chief technology officer at Nebula Fintech Limited, Nicholas Cetoupe, told SNA that at the moment the number of usage of the app within the population is more than what they expected, and they are hopeful that more people will start using eboo regularly.

Cetoupe said, “The app allows you to make payments to friends and businesses, split bills and even pay your Cable and Wireless (CWS) bills. If you use CWS as a mobile network provider, it does not use any of your data consumption and it even clears your bill instantly. All you have to do is dial #155*4# and it will provide you with your customer number and bill amount, which is all the information you need to put into the eboo app.”

He explained that eboo works as an eWallet in a closed loop system accessed via the app on a smartphone and that the app is simple so anyone above the age of 18 with a smartphone can use it.

“We have one app for individuals – who have no fees and another for merchants who carry a competitive rate. Since eboo is in a closed loop, the payments are truly instantaneous and allows the recipient to receive the money within seconds of tapping pay. It does not matter what bank you are or what telephone provider you use,” he added.

Cetoupe emphasised that security is a priority for them and eboo is a secure digital payment platform that prioritises user protection through advanced security measures. It employs encryption, two-factor authentication, and secure login options like biometric verification to safeguard user data and transactions. Additionally, he said that eboo continuously monitors for suspicious activity and complies with financial regulations, ensuring a safe environment for digital payments in Seychelles.

On the usage so far, he said, “It is going well. We had anticipated a learning curve for the population, but activity on our app shows that people are using it. We have over 30 merchants now and conducting testing with the biggest supermarket in Seychelles. We believe that the usage of eboo is on the rise. We even have promotions with merchants such as WiFi Plus, Vitality and Non-Stop Supply, who are offering promotions only if you pay through the eboo app.”

Moving forward the company has several huge projects and is “liaising with the government to see how we can contribute to them achieving the digital mandate, with big supermarkets and small businesses alike. We have new features coming out and some big collaborations to look out for. We are very excited for our people in Seychelles to understand how eboo can change their lives and efficiency in their businesses.”