Díaz-Canel Admits Digital Banking Can't Be Forced on All Cubans

President Miguel Díaz-Canel acknowledged this Wednesday that the government's push for digital banking, which began in 2023, has insurmountable challenges: "Digital banking can't be forced on everyone," he stated, highlighting that large segments of the population lack devices, connectivity, or access to digital payment platforms.

This admission came during the second broadcast of his radio program "Shared Criteria," aired from Radio Rebelde's studios alongside journalist Bárbara Betancourt.

Díaz-Canel linked the difficulties of implementing digital banking directly to the ongoing electrical crisis on the island, noting that frequent power outages render ATMs, point-of-sale terminals, and online banking services inoperative.

In response, he announced a new initiative to install photovoltaic panels at all bank branches across the country to ensure that a power cut won't also result in a collapse of financial services.

Challenges and Ongoing Efforts

Despite acknowledging these issues, Díaz-Canel defended the continuation of the digital banking policy, arguing it brings traceability and transparency to economic transactions. However, this admission starkly contrasts with years of governmental efforts to expand digital banking and the penalties imposed on non-compliance. As of July 2026, authorities had identified over 26,500 deficiencies, imposed 15,240 fines, and ordered the closure of 269 establishments.

Available data reveals the operational failure of the policy. By July 2026, only 3.77% of transactions in Cuba were conducted digitally. In provinces like Sancti Spíritus, less than 10% of private businesses regularly accepted electronic transfers, and over half of Havana's ATMs were out of service by May of that year.

Informal Market and Vulnerable Populations

In the informal market, the distortion reached extreme levels: intermediaries offered just 600 pesos in cash for every 1,000 pesos transferred, a 40% commission reflecting the desperation of those needing physical cash to operate.

This week's program focused on assisting vulnerable groups: the elderly, retirees, and people with disabilities. In this context, Díaz-Canel admitted the shortage of medications in Cuba, blaming it on a lack of foreign currency and the U.S. embargo, and acknowledged the existence of an illegal drug market. The Cuban basic drug list includes 651 medications, 250 of which are imported, and 401 are domestically produced.

The president also provided an update on the follow-up to the first airing of the program, held on September 23, 2026. Of the 24 calls received then, "sixteen people were visited," he reported, with two participants still awaiting visits. "Of the calls, eight were complaints. Five were justified, and three were partially justified," he detailed.

Economic Reforms and Inflation

Regarding inflation, Díaz-Canel reiterated his stance that price controls are not the solution: "I continue to insist that the issue of prices isn't solved just by capping them," to which the host replied with a phrase summarizing the structural problem: "Production is needed."

In June 2026, the government announced a reform to open the banking system to private and foreign institutions, introducing new credit mechanisms and payment services with state, cooperative, and private participation, signaling that even within the regime's ranks, the current model is recognized as insufficient.