A woman from Cuba, Yasmila Otero Heredia, recently shared two videos on Facebook highlighting the utter disorganization she encountered at a state-run bank while attempting to secure a loan, a scenario that underscores the persistent dysfunction within the Cuban banking system.
In a primary video lasting over three minutes, Yasmila describes a day meant for distributing payments to the physically impaired and retirees, which spiraled into a chaotic scene: elderly individuals in wheelchairs, people with canes, and those with limited mobility waiting for hours, some even sitting on the floor without any assistance offered.
"The number of elderly people in wheelchairs, with canes, and everything else, just lying on the floor for hours, it's unbearable," expressed Yasmila, clearly outraged.
Yasmila spent an hour and a half outside the bank unable to enter, resorting to shouting at the door attendant to explain her reason for visiting. After all this time and an additional half-hour of persistence, all she received were forms to start her loan application process.
Instead of merely complaining, she suggested a practical solution: the bank should post schedules with specific days, times, and areas for different types of transactions, ensuring that retirees, those with physical disabilities, and commercial service users do not overlap.
"Why can't the bank, a state institution with monopolistic power, organize itself?" she questioned.
Her assessment was blunt: "I think it's not difficult at all; it's just poor organizational and administrative management."
Yasmila's account is not unique. Retirees and people with disabilities in Cuba have been lining up from as early as three or five in the morning, even spending nights on sidewalks with no assurance of withdrawing money the next day. Over 1.7 million retirees rely on a failing system where minimum pensions don't exceed 4,000 Cuban pesos, less than seven dollars at the unofficial exchange rate.
Since June 2026, Banco Metropolitano has cut the withdrawal limit from 5,000 to 3,000 pesos per transaction, exacerbating the crisis. In Granma province, the local government admitted to lacking more than 400 million pesos needed to pay pensions to over 111,000 retirees. Tragically, in Cárdenas, a retiree died from injuries sustained during a mugging while waiting in line for payment.
Even the official Guantánamo newspaper, Venceremos, acknowledged on July 3 that the banking crisis "has ceased to be merely a banking issue and has become a social problem." Three days later, the state-run Cubadebate admitted the failure of the mandatory banking system implemented since 2021: only 3.77% of transactions in Cuba are digital, and less than 10% of private businesses in provinces like Sancti Spíritus regularly accept transfers.
In response to the collapse, the regime approved a package of 176 measures in June 2026, which includes allowing private banking for the first time since 1959, yet no specific regulations or timeline have been released.
Yasmila concluded her complaint with a question that encapsulates the frustration of millions of Cubans: "Is it really so hard to maintain order and discipline and help people so they don't have to struggle so much?"
Understanding the Crisis in Cuban Banking
What prompted Yasmila Otero Heredia to speak out?
Yasmila Otero Heredia spoke out after experiencing extreme disorganization at a state bank while trying to apply for a loan, which she documented in videos shared online.
How has the banking system in Cuba failed its people?
Cuba's banking system is plagued with inefficiency, leading to long wait times and inadequate service for retirees and those with disabilities, compounded by low pension payouts and restrictive withdrawal limits.
What measures has the Cuban government taken to address this crisis?
In June 2026, the Cuban government approved a series of measures permitting private banking for the first time since 1959, although specific regulations and a timeline for implementation have not been provided.