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Grenada’s financial institutions are now formally implementing the Credit Reporting Act of 2017, with Ariza Credit Union becoming the second primary credit information provider to announce compliance with the legislation. In a public notice dated December 22nd, the credit union informed members that effective December 2nd, 2025, it will share customer credit data with licensed credit bureaus as permitted under the parliamentary-approved act.

The legislative framework establishes a comprehensive credit reporting system designed to facilitate objective credit decisions through accurate information sharing. The Eastern Caribbean Central Bank (ECCB) serves as the exclusive licensing authority for credit bureaus, with EveryData ECCU Limited currently operating as the sole licensed credit reporting agency serving Grenada within the Eastern Caribbean Currency Union.

Under Section 27 of the Act, credit information providers must furnish data to licensed bureaus from the date credit is provided to a data subject. The law defines ‘data subjects’ broadly to include anyone with contractual relationships with credit providers, loan applicants, guarantors, and those connected through other legitimate purposes.

The legislation categorizes credit information providers into primary and secondary designations. Primary providers include banks, financial institutions, money services businesses, credit unions, insurance companies, and micro-finance institutions. The Central Bank may additionally designate secondary providers from sectors including telecommunications, utilities, and hire-purchase businesses when deemed in the public interest.

Notably, existing customers of designated providers do not require separate consent forms for data sharing. Instead, institutions must display notices at physical business locations or on their websites. While credit providers may disclose both positive and negative credit information without prior consent, third parties must obtain explicit consent before inquiring about any data subject’s credit information.

The fundamental purpose of this data collection initiative is to establish comprehensive credit histories and generate credit scores for individuals, ultimately enhancing the financial system’s integrity and decision-making processes.

Grenada’s pioneering Retail Bond Programme has concluded its initial offering, generating EC$4.3 million in investments despite falling short of its EC$5 million fundraising objective. The landmark financial initiative, which ran from October 31 to November 21, 2025, marked the nation’s first attempt to engage retail investors through the Regional Governments Securities Market.

The bond offering attracted participation from over 350 individual investors across the Eastern Caribbean Currency Union (ECCU) region. The securities were distributed on a first-come, first-served basis through brokers authorized by the Eastern Caribbean Securities Exchange (ECSE). Investment thresholds were set between EC$500 minimum and EC$50,000 maximum per investor.

Kerry Pierre, Head of the Debt Management Unit at Grenada’s Ministry of Finance, characterized the auction as successful despite not reaching the full target amount. In a pre-recorded interview disseminated by the ministry, Pierre noted that while the EC$5 million goal wasn’t achieved, the initiative demonstrated significant public interest in government securities.

“We have been very successful in the completion of the auction of the first pilot retail household bond,” Pierre stated during his conversation with Communications Manager Russell John. He acknowledged the learning curve associated with such pioneering financial instruments, explaining that investor participation accelerated as the auction period progressed despite initial cautious engagement.

The two-year government-backed bonds offer investors a fixed annual interest rate of 4.25%, with semi-annual payments scheduled for May and November each year. The programme represents a significant step in financial inclusion, allowing everyday citizens to participate directly in government debt instruments previously accessible primarily to institutional investors.

Pierre emphasized that the experience gained from this inaugural offering will inform future retail bond programmes, potentially paving the way for more successful implementations across the Eastern Caribbean region.