On 21 June 2024, in Basseterre, Saint Christopher (St Kitts) and Nevis, legislation was passed in all member countries of the Eastern Caribbean Central Bank (ECCB) as part of ongoing preparations for the establishment of a Credit Bureau.
One of the main objectives of introducing a credit bureau in the region is to make accessing credit and finance easier for the citizens and residents of the Eastern Caribbean Currency Union (ECCU).
On this week’s episode of ECCB Connects, Roland Moore, Legal Officer at the ECCB, mentioned that credit reporting legislation ensures a structured framework is established among the ECCU countries. It also outlines the roles and responsibilities of the parties involved, including the credit bureau service provider, financial institutions, and consumers. According to the legislation, the ECCB is responsible for regulating any credit bureau service provider in the ECCU, which in this case is EveryData ECCU Ltd.
As a result of the legislation, citizens and residents will soon be able to access credit in a timelier manner and capitalize on the benefits of credit reporting.
The full discussion can be viewed on the ECCB’s social media platforms using the handle ECCB Connects.