Credit Balances to Foreigners in Panama Exceed $1.735 billion, According to APC Experian

Access to formal credit by foreigners in Panama has shown sustained movement during 2024, evidencing positive activity in the financial inclusion of this population.  According to data from APC Experian, the credit balance from foreigners in September 2024 stood at $1,735 million, which represents 4.20% of the total credit balance in Panama.  In addition, new loans were registered during August 2024. Of these, 125 obligations belong to credit cards, 1,534 to the personal loan portfolio, 145 to car loans, 75 to mortgages and 1,442 to other loans and services. This, according to APC Experian, demonstrates the confidence and interest of foreign residents in becoming part of the Panamanian financial system.  The credit visibility of people with foreign identification is complemented by the fact that 312,344 foreigners already have a credit history on the APC Experian platform, which allows them to better manage their financial information and access new financing opportunities. 

APC Experian also explains that, according to data recorded in its system, the proportion of credit balances reported to people with foreign identification numbers is distributed as follows:  64% are mortgages, with an amount of $1.109 billion; 16% are credit cards, which generate a balance of $238.0 million; 7% are personal loans with $114.2 million; 5% are auto loans with $77.9 million; and 8% are other products and services, with a total of $195.6 million.  “It is great news that foreigners in Panama can access more forms of financing. This access not only allows foreigners to integrate more easily into the Panamanian economy, but also offers them the possibility of building a solid financial foundation that helps them achieve their personal and professional goals,” said Gonzalo Córdoba, Executive Manager of Technology and Operations at APC Experian.  Among the recommendations for foreigners who have not yet taken the step to become part of formal credit in the Panamanian financial system, according to APC Experian, are:

Opening a savings account in Panama: This is a crucial first step to integrating into the financial system, as having an active savings account can facilitate the relationship with financial institutions and, over time, will help you be considered for credit products.

Start with small loans: By starting with small loans, it is easier to build a positive credit history. This is especially important for foreigners who have not yet consolidated their credit history upon arriving in the country.

Choose the financial product according to your needs: Evaluate your first loan according to your needs. Consumer loans, such as mobile phone plans, are a good option to start with. These products are accessible and help establish credit visibility. As you gain experience, you can consider the option of higher credits such as a credit card.

Check your credit history regularly: Accessing your credit information is essential to understand how financial institutions perceive you. Knowing your history will allow you to make informed decisions. You can do this free of charge through APC Experian Customer Service Centers, by presenting your current passport.

Unification of references: Please note that when generating references with a passport number, these will remain registered under this identity document number until the person requests the change.  This means that, when renewing the passport, the consumer must contact the economic agent with whom he has the financial obligation and request that his references be unified with the current identity document, thus migrating all his information to the new passport.  Otherwise, when you are verified with your valid passport, your credit history will not be found.

Gonzalo Cordoba

Executive Manager, Technology and Operations, APC Experian

It is great news that foreigners in Panama can access more forms of financing.”