The Central Bank of Cuba changes strategy and focuses on promoting payments through transfers

The Central Bank of Cuba (BCC) has presented a set of measures aimed at promoting digital or transfer payments, slightly relaxing the policy that has been in place since 2023. They are now focusing on economic incentives in national currency, so that consumers and businesses voluntarily choose electronic channels.

The central measure is the Resolution 74/2026, published in the Official Gazette No. 81 Extraordinary, signed on July 10 by the president minister Juana Lilia Delgado Portal.

The regulation indefinitely suspends the limit of 5,000 Cuban pesos for cash transactions between economic actors —established by Resolution 111/2023— and replaces it with a flexible scheme negotiated on a case-by-case basis between each commercial bank and its clients. The resolution comes into effect on Monday, July 20.

The high demand for tickets exceeds the capabilities of Cuban banks. The institution assures that its goal is to "ensure that each economic actor can manage their cash flow according to their actual needs, without losing sight of the strategic objective of increasing digital payments".

The measures to encourage payment by transfer

The new package includes a set of complementary actions that will be gradually implemented, with several operations starting from August 1, 2026:

1. Immediate accreditation of payments: Merchants will receive the money in real-time (first for operations within the same bank, starting August 1). This addresses one of the main complaints from businesses: the delay in accessing funds.
2. Reduction of commission for merchants: Decrease from 1.5% to 0.8% for Online Payment commission. Makes accepting digital payments more profitable.
3. Consumer Bonus: A direct economic incentive of 4% bonus for Online Payment is maintained. A cap of 210 CUP for transactions over 5,250 CUP. It is an encouragement for customers to prefer electronic payment.
4. Bonus for businesses: Businesses will also receive a 2% bonus, with a limit of 105 CUP per transaction. This complements the reduction in commissions.
5. Elimination of the commission for cash deposits: Depositing cash at the bank will no longer incur a cost. Although it does not directly promote digital payments, it encourages money to enter the banking system, from where it can be used electronically.
6. Greater flexibility for economic actors, conditioned on the use of digital channels: The limit of 5,000 CUP for cash payments between economic actors is removed. However, the amount of cash they can withdraw will depend, among other factors, on the income recorded in accounts, the use of Online Payment, and the use of the Extra Cash service.
7. Simplification of bank transfers: The limit per transaction between individuals has been removed. It will only be necessary to justify the purpose of the funds when a monthly threshold of 2.5 million CUP is exceeded, which is supposedly intended to ease the everyday use of transfers.
8. 0.2% Commission for Cash Withdrawals: It introduces a small fee for withdrawing physical cash, making electronic payments relatively more attractive.
9. Specialized attention for economic actors: Aims to facilitate the banking management of businesses and self-employed workers, including services related to accounts and payments.

The failure of forced banking

The strategic shift comes after three years of poor results in banking services. Only 3.77% of the transactions in Cuba are digital in 2026, and less than 10% of private businesses regularly accept transfers.

More than 50% of the ATMs in Havana were out of service in May. In Santiago de Cuba, the parallel market operated with commissions of up to 40% to convert transfers into cash. Transferring 1,000 pesos meant receiving only 600 in physical bills.

The regime imposed 15,240 fines and ordered 269 closures of establishments for not accepting electronic payments, failing to reverse the trend. The banking crisis has become a new social issue in Cuba.

The public reaction on social media was skeptical. "Now there are no limits on cash payments, the problem is that there is no cash in the banks," summarized a comment that circulated widely this Friday after the announcement from the BCC.