Three years after the mandatory electronic payment system was enforced, businesses in Sancti Spíritus are either charging up to a 40% surcharge or outright rejecting electronic transfers, highlighting the failure of the forced banking initiative.
The state-run newspaper Escambray outlined this scenario in a report published on Friday, marking the third anniversary of the implementation of the Central Bank of Cuba's Resolution 111/2023, which mandated electronic transactions for economic actors across the country.
The report, titled "Transfers: The Seven-Headed Hydra (Part II)," describes establishments refusing transfers, some accepting them only partially, and others imposing fees exceeding 40%.
In the article's comments, a reader named "Lia" complained about a small business on Colón Street, opposite the Cupet, charging "up to 50% more" for electronic payments, questioning the absence of inspectors.
Banking statistics from Sancti Spíritus indicate a decline in the use of these systems. Maité Hernández Gómez, head of the Electronic Banking Department at the Banco Popular de Ahorro (BPA) in the province, reported over 1,600,000 electronic transactions in the first quarter of 2026, a decrease compared to the same period the previous year.
Arelis Alfonso Valero, also leading the Electronic Banking Department at the Banco de Crédito y Comercio, noted over 2,555,000 transactions amounting to more than 8,592,000 pesos during the early months of 2026, similarly down from the prior year.
The lack of deposits in private businesses' fiscal accounts worsens cash shortages. Fidel Fernando Betancourt, director of Bandec's branch 5241, explained that out of 32 micro, small, and medium enterprises (mipymes) served, 24 had not made deposits in the first four months of the year. Among the 2,792 self-employed workers, only 338 had done so.
"Without cash deposits, the bank cannot meet the public's demands," summarized the official.
The situation at the BPA is no different. José Couso Villarreal, head of Personal Banking, noted that out of more than 15,000 self-employed workers with active fiscal accounts, nearly 6,000 remain inactive, with no deposits or transactions.
The official blamed the hoarding of cash on "tax evasion and the purchase of dollars on the black market."
However, the report highlights another crucial issue. Private businesses require cash because their wholesale suppliers demand it for restocking.
This contradiction undermines the purpose of banking reforms. A survey by Radio Sancti Spíritus in May revealed that less than 10% of the province's private businesses consistently accept transfers.
Those needing to convert digital balances into cash turn to the informal market, where intermediaries charge commissions between 30% and 45%.
Three years after the regulation took effect, authorities have responded to noncompliance by increasing pressure on businesses. So far in 2026, Sancti Spíritus has issued over 80 fines for violations related to online payments, the media reported.
The crackdown extends to other provinces. Five businesses in Bayamo were closed this week for not accepting transfer payments.
Additionally, authorities in Guantánamo warned on Friday that there is "no middle ground" for establishments failing to comply with the obligation.
The national outlook is even more dismal for a policy touted as a path to modernize transactions. According to official media, only 3.77% of transactions in Cuba are digital, despite authorities imposing over 15,240 fines and closing 269 establishments nationwide.
Understanding the Challenges of Electronic Payments in Cuba
Why are businesses in Sancti Spíritus imposing high surcharges on electronic payments?
Businesses impose high surcharges due to difficulties in accessing cash, as their wholesale suppliers require cash payments. This forces them to rely on the informal market to convert digital funds into cash, incurring additional costs.
What impact has the mandatory electronic payment policy had on businesses in Cuba?
The policy has led to a reduction in electronic transactions and compliance issues, with businesses either refusing electronic payments or charging high fees. This has resulted in fines and closures, further straining the already struggling economy.
How are authorities responding to noncompliance with electronic payment regulations?
Authorities have increased enforcement efforts, imposing fines and closing businesses that fail to comply with electronic payment mandates. This approach aims to pressure businesses to adopt the electronic payment system.