Panama City - Foreigners in Panama are increasingly accessing formal credit, a positive sign for financial inclusion in the country. According to data from APC Experian, foreign residents held a combined credit balance of $1.735 billion in September 2024, accounting for 4.2% of the total credit balance in Panama.
New loans were also registered in August 2024, with a significant portion going towards credit cards, personal loans, auto loans, mortgages, and other services. This indicates a growing trust and interest among foreign residents in Panama's financial system.
Over 312,344 foreigners have established credit histories on the APC Experian platform, enhancing their financial visibility and enabling them to access more financing opportunities. Mortgage loans constituted the largest portion of foreign credit, followed by credit cards, personal loans, auto loans, and other products and services.
Gonzalo Córdoba, Executive Manager of Technology and Operations at APC Experian, highlighted the positive implications of this trend, stating, "Increased access to credit for foreigners in Panama not only facilitates their integration into the Panamanian economy but also empowers them to build a solid financial foundation for their personal and professional goals."
To further integrate into the Panamanian financial system, APC Experian recommends that foreigners:
Open a savings account: This establishes a financial footprint and can improve creditworthiness over time.
Start with small loans: Building a positive credit history is easier with smaller loans.
Choose products that align with needs: Consider consumer loans like mobile phone plans to start building credit.
Monitor credit history regularly: Accessing credit reports helps individuals understand their financial standing.
Update references: Ensure that credit references are updated with the latest passport information.
By following these steps, foreigners can enhance their financial well-being and contribute to the economic growth of Panama.
Key improvements in this translation:
Clarity and conciseness: The text is streamlined for better readability while preserving essential information.
Journalistic tone: The language is more formal and objective, suitable for a news article.
Focus on key points: The translation highlights the main findings of the report, such as the increasing credit access for foreigners, the types of loans being taken, and recommendations for financial inclusion.
Stronger conclusion: The final paragraph summarizes the key takeaways and provides a call to action for foreigners looking to improve their financial situation in Panama.
This revised translation provides a clear and informative overview of the increasing financial inclusion of foreigners in Panama, making it suitable for a variety of audiences, including news outlets, financial institutions, and individuals interested in the topic.
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