CRIF officially obtains the license to establish and operate the first credit bureau in the Bahamas
The Central Bank of The Bahamas has recently issued a license to CRIF, allowing it establish the first private credit bureau in the country. As a result, Bahamian commercial banks, credit unions and other eligible lenders will be required to share credit information with CRIF and allowed to access credit reports once the credit bureau will be operational.
In January 2019, CRIF was selected by the Central Bank of The Bahamas, through an international tender process, to establish and operate the first private credit bureau in the country.
“We are proud to have been chosen as a strategic partner by the Central Bank of The Bahamas, and today we celebrate the formalization of this partnership. Thanks to CRIF’s advanced technology platform capable of processing positive and negative data sourced from both banks and non-banking entities, we will help The Bahamas to develop its local credit market, allowing SMEs and consumers to move to a more advanced market based on credit references” - commented Davide Michele Meo, CRIF International Sales and Direct Markets Director.
CRIF was initially selected by the Central Bank of The Bahamas as its strategic partner in light of its proven track record in delivering similar solutions in the Caribbean region and credit bureau services for banks and financial institutions in Europe, Asia, Africa, and the Americas. The set-up of a CRIF wholly-owned local company in The Bahamas has now started, and this will lead to the establishment of a local private entity operating under the supervision of the Central Bank of The Bahamas.
The synergy between the two entities will make it possible to establish the first world-class credit bureau in the country, which will contribute to the improvement of the retail market, supporting SMEs and individuals in accessing credit. In line with the local regulatory and legal framework, the credit bureau platform system developed by CRIF will gather credit information on individuals and businesses from eligible lenders.
Moreover, the local credit bureau will encourage a more advanced and automated model based on credit references. As a result, lenders will be able to deliver financial services at significantly reduced costs and expand credit to additional segments of the economy.