New Credit System to Make Borrowing Easier in Belize?

The way Belizeans borrow money will change in 2026 with the launch of a national credit reporting system. The Central Bank of Belize announced the initiative during a press briefing held at its headquarters in Belize City, bringing together banks, credit unions, moneylenders, utility providers, and insurance companies.

This system has been in the works since 2014. It will collect your credit history from banks, credit unions, moneylenders, utility companies, and insurance providers. That information will help lenders decide who they can trust to repay loans.

Central Bank Governor Kareem Michael said the lack of reliable credit information has long been a barrier to financial access in Belize. “Without a way to distinguish between borrowers, lenders hesitate to extend loans,” he explained. “They raise interest rates, ask for excessive collateral and deny credit altogether.”

The new system aims to fix that by creating transparent and standardised credit histories. According to Michael, this will help lenders assess risk more accurately, reduce discriminatory lending practices, and open doors for more Belizeans to participate in the formal financial system.

Micro, small, and medium-sized enterprises (MSMEs) are expected to benefit significantly. “These businesses are the backbone of our economy,” Michael said. “With the CRS, even small enterprises can build what is known as reputational collateral, a financial track record that substitutes for physical collateral.”

On a national level, the Central Bank says the system will make lenders more confident, reduce loan defaults, and strengthen the entire financial sector. The rollout is scheduled to begin early 2026.