This week, Metropolitan Bank launched the Virtual POS service across all its branches in Havana, allowing clients from Banco Popular de Ahorro (BPA) and Banco de Crédito y Comercio (BANDEC) to withdraw cash, albeit with a fee.
According to the bank's official statement, this feature enables holders of RED magnetic cards, issued by BPA and BANDEC, to directly access cash withdrawals at Metropolitan Bank's branches.
The bank clarified that this service entails a fee, which is applied according to the official fee and charge schedules set by Metropolitan Bank, though the exact percentage remains undisclosed.
This development comes amidst a period where more than half of the ATMs in Havana are either out of service or devoid of funds, with users reporting waits of up to three days to make withdrawals.
In April, the Cuban Central Bank acknowledged that the economy has shrunk by over 15% in GDP since 2020, with an additional decline of 5% projected for 2025, partially explaining the liquidity constraints affecting the banking system.
In a similar vein, BPA admitted its inability to provide cash dollars to its customers due to a "low availability of freely convertible currencies," marking a rare public acknowledgment of the Cuban state's financial difficulties.
Simultaneously, BANDEC has rolled out a parallel Virtual POS service accepting cards from BPA and Metropolitan Bank, suggesting a coordinated effort by the state banking system to address the cash shortage.
Challenges and Limitations of the New Service
Despite these measures, the underlying issues persist: the monthly withdrawal limit remains at 120,000 Cuban pesos per account, forcing those with substantial deposits to wait months to access their own funds, as reported by citizens with over a million pesos stuck in banks.
Furthermore, the cash scarcity has fueled informal networks where operators charge up to a 15% commission to convert bank transfers into physical cash. In September 2025, police in Santiago de Cuba arrested two individuals involved in such operations, seizing over 250,000 pesos and several magnetic cards.
The crisis has led to extreme situations, such as retirees sleeping on the streets of Santiago de Cuba to collect their pensions amidst empty ATMs and frequent banking system failures.
The new service from Metropolitan Bank, while officially billed as an expansion of cash access, adds yet another financial burden on citizens already facing significant restrictions on accessing their money. This comes as the Cuban peso has depreciated by 47.8% against the informal dollar rate between March 2025 and March 2026, plummeting from 345 to 510 pesos per dollar.
Key Questions About Cuba's Banking and Economic Situation
What is the Virtual POS service offered by Metropolitan Bank?
The Virtual POS service allows clients of BPA and BANDEC to withdraw cash from Metropolitan Bank branches, but it includes a fee based on official charge schedules.
Why is there a cash shortage in Havana's ATMs?
More than 50% of ATMs in Havana are out of service or lack funds, causing significant delays and difficulties for users trying to access cash.
How has the Cuban economy's decline affected its banking system?
The economy's decline, with over a 15% GDP drop since 2020, has led to liquidity issues, affecting the banking system's ability to provide cash to clients.