Three years after the Cuban regime implemented mandatory banking, the Isle of Youth accumulates digital figures that contrast with a reality of endless lines, limited cash, and a population that cannot even withdraw its own salary from the banks.
Despite its institutional tone, an article published on Thursday by the official newspaper Victoria acknowledged the failure of the process, describing a setting of "anxiety and powerlessness" among the residents of Isla de la Juventud.
According to the outlet, bank branches are now only allowed to dispense up to 2,000 pesos per transaction, whereas the previous limit was 5,000 CUP.
On the other hand, private businesses respond with phrases that have become routine: "I don't accept transfers," "I've already reached my daily limit," or "due to the lack of electricity, I’m not receiving messages and cannot confirm."
The data presented to the Municipal Assembly of the People's Power shows that by May, more than 3,200 establishments, nearly 78% of them, were using payment gateways. In addition, electronic channel revenues increased by 91% year-on-year, and bank deposits rose by 141.5%.
However, these figures coexist with inadequate infrastructure, with only 305 POS terminals and 37 Extra Cash points to serve the entire population of the territory.
The central contradiction of the process is that the State requires electronic payments while the system does not ensure the conditions for them.
A local entrepreneur put it bluntly: "They demand a lot from us, but they always start with the small players. Why not do it with the small and medium-sized businesses dedicated to wholesale? There are few here, and we know which ones they are. They force us to buy from them in cash."
The vicious circle is clear, as small businesses reject transfers because their own wholesale suppliers require physical cash, which pushes them into the parallel market, where intermediaries charge between 30% and 45% commission for converting digital balances into cash.
Nationwide, the official press itself admitted the failure, considering that only 3.77% of transactions in Cuba are digital in 2026. The regime imposed over 15,240 fines and ordered 269 closures of establishments, without reversing the trend.
In light of that acknowledged failure, the Central Bank of Cuba published Resolution 74/2026 on July 17, which indefinitely removes the rigid cap of 5,000 CUP for cash transactions between economic actors and replaces it with a case-by-case negotiation scheme between each bank and its clients.
The regulation also announced incentives, considering that the commission for Online Payment for businesses decreased from 1.5% to 0.8%, and consumers will receive a 4% bonus for digital transactions.
The Central Bank also promised immediate credit for digital payments starting August 1 for transactions within the same bank, while also acknowledging that the delays were "one of the main objections to the digital channel."
The newspaper hoped that with the announced changes, "hopefully these modifications urgently have the impact that the people of Pine need so that salaries and pensions gain value; likewise, digital payment should not be a source of embarrassment, much less a favor."
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