The U.S. Department of State has endorsed the establishment of a regional credit bureau in Antigua and Barbuda, emphasizing its potential to revolutionize the lending sector and fortify the nation’s financial infrastructure. The initiative, spearheaded by the Eastern Caribbean Central Bank (ECCB) under the Credit Reporting Act of 2024, aims to provide banks and lenders with enhanced tools for assessing borrower credibility. This development is part of a broader strategy to improve financial inclusion across the Eastern Caribbean Currency Union, which includes Antigua and Barbuda. According to the 2025 Investment Climate Statement, the credit bureau will play a pivotal role in collecting, storing, and disseminating credit information to financial institutions. U.S. officials predict that this will lead to increased access to credit for households and businesses, while simultaneously reducing the incidence of loan defaults. The ECCB has reported that the banking sector in Antigua and Barbuda remains stable, with commercial bank assets totaling $2.4 billion at the end of 2024. However, nearly 10% of loans were classified as non-performing, highlighting the urgent need for more robust oversight mechanisms. In addition to improving credit assessment, the bureau is also tasked with enforcing stringent data protection measures to safeguard consumer information, thereby fostering greater trust in the financial system. This initiative is expected to have a transformative impact on the region’s economic landscape, offering new opportunities for growth and development.
US Says Launch of Credit Bureau Will Improve Access To Loans in Antigua and Barbuda
