A survey by the official station Radio Sancti Spíritus published this Saturday reveals that less than 10% of small and medium-sized enterprises and private workers in the city accept bank transfers as a regular and efficient method of payment, in direct contradiction to the banking policy promoted by the Cuban regime since 2023.
Most small businesses and private services, such as cafes, workshops, and clothing stores, still operate with cash or, at best, with a personal transfer code loaded with restrictions, including high minimum amounts, delays in product delivery until the balance is verified, and limitations based on the type of item.
"Almost no private business accepts transfers. When you ask, they tell you that only cash is accepted or, at most, you can deposit it into an account number, but with the condition that you wait for them to verify the balance before they give you the product. With how poor the connections are, that can take hours or may never arrive," reported Yadira Pérez, a housewife and regular user of digital banking.
Among the businesses that do accept transfers, phrases like "only if you purchase over 1,000 pesos" or "the transfer is only for certain products" are common responses that discourage consumers, the source pointed out.
Specialists consulted by the media outlet identify several factors behind this resistance, including the deeply rooted habit of cash, distrust in the immediacy of electronic transactions, and, above all, tax evasion.
"The transfer is traceable, which provides security to the consumer; however, it also requires declaring every peso that enters. For many individuals, informality remains an enticing option, and this hinders the adoption of electronic payment methods," commented an economist consulted by the outlet.
The official press acknowledged in April that banking is not functioning well on a national scale. The official portal Cubadebate admitted that "cash remains the undisputed king of daily economics" and that illegal surcharges for electronic payments reach up to 20% in some provinces.
In Pinar del Río, banking services have also failed, as only between 10% and 12% of about 700,000 monthly transactions were conducted through digital means, and the provincial government coordinator acknowledged that the policy "has created another problem rather than making people's lives easier."
In Santiago de Cuba, the police arrested individuals in May who charged between 35% and 50% commission for converting cash transfers, reflecting the worsening liquidity crisis.
The Central Bank of Cuba launched banking integration in August 2023 with Resolution 111/2023, which set limits on the use of cash and required all economic actors to accept electronic payments. Despite the government's closure of 476 establishments in April 2024, following over 8,000 inspections, the reality did not change.
The very director of macroeconomic policies at the BCC, Ian Pedro Carbonell Karel, admitted days ago that the Central Bank insists on forceful measures to extend the policy. "If electronic payment is not easier or faster than paying in cash, of course it won't catch on," he pointed out.
Meanwhile, in Sancti Spíritus, paying by bank transfer remains a privilege for a few businesses, and most customers must carry cash or return home without the product they need.
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