Osvi Cuba, a young Cuban identified on Facebook, recently voiced his frustration over being unable to purchase a bag of rice because none of the small businesses he visited accepted bank transfers—his only available method of payment.
"Today I'm going to go hungry because I have no cash, only money available through bank transfers," the young man stated at the beginning of a video that has garnered over 11,000 views and nearly 900 reactions on the social media platform.
His experience highlights a widespread issue faced by many Cubans: having funds in their bank accounts but being unable to use them for basic necessities due to the refusal of electronic payments by numerous private businesses.
Struggles with Electronic Payments
Osvi shared that he visited several small enterprises in search of a bag of rice priced between 750 and 800 pesos, yet he was met with rejection at every turn.
"I went to many places and they all told me they couldn't accept the transfer because they have issues with too much money on the card; banks pay out 5,000 pesos, then 4,000, 1,000, and something else," he recounted.
Other businesses provided different explanations, but the outcome remained unchanged.
"Some places said there was no power, no connection, delays in processing transfers, or issues with QR codes... seriously?" he expressed with evident frustration.
Impact Beyond One Individual
Osvi lamented that he can't receive his income in cash, thus relying solely on electronic payment methods.
"The money I earn comes through the card, not in cash. I wish I could get paid in cash to avoid these issues," he said.
This situation mirrors a larger problem acknowledged even by official media. Despite the government's push for banking reforms, effective use of electronic payments remains limited. As of July 2026, only 3.77% of transactions in Cuba are digital, with less than 10% of private businesses in some provinces like Sancti Spíritus regularly accepting transfers.
Various factors contribute to this resistance: suppliers demanding cash payments, banks failing to meet the cash demands of the population, and frequent power outages and connectivity issues hindering payment platforms.
An informal market has emerged where intermediaries convert digital money into cash for hefty fees, with users in some areas losing between 30% and 45% of their transfer value to obtain physical currency.
Banking Policy Adjustments Fail to Solve Core Issues
In response to issues stemming from mandatory banking policies implemented in August 2023 via Resolution 111/2023 by the Central Bank of Cuba, authorities have relaxed some measures.
On July 17, 2026, the Central Bank issued Resolution 74/2026, indefinitely lifting the 5,000-peso limit on cash transactions between economic actors, acknowledging that the country's conditions still do not support this model fully.
Nevertheless, cases like Osvi Cuba's demonstrate the persistence of these challenges. For many Cubans, the issue is no longer the lack of funds in their bank accounts, but rather the inability to convert that balance into essential goods.
As even official media recently admitted, the banking crisis "has ceased to be a banking difficulty and has become a social problem."
Challenges of Electronic Transactions in Cuba
Why can't Cubans use electronic payments for basic purchases?
Many small businesses in Cuba refuse electronic payments due to issues such as connectivity problems, power outages, and a preference for cash transactions driven by suppliers, making it difficult for Cubans to use digital funds for essentials.
How has the government responded to the banking crisis?
The Cuban government has relaxed certain banking policies, such as lifting the cash transaction limit, to address the issues caused by mandatory banking reforms. However, these adjustments have not fully resolved the underlying problems.