A swarm of elderly citizens crowded into Plaza de Dolores in Santiago de Cuba, hoping to obtain their pensions in cash from the Banco Popular de Ahorro (BPA).
The scene was captured by a local resident and shared by independent journalist Yosmany Mayeta Labrada on social media, accompanied by a sarcastic remark: "No, this isn't the carnival."
The video reveals dozens gathered beneath the colonial plaza's trees, waiting for their turn to access cash that Cuba's banking system struggles to provide. This public square, a symbol of the city, holds significant cultural importance.
Elderly Endure Long Waits Across the Island
Santiago de Cuba's scene is a distressing snapshot of a situation mirrored across the nation. More than 1.7 million Cuban retirees endure queues lasting four to six hours to collect pensions that, at their lowest, amount to just 4,000 Cuban pesos—less than seven U.S. dollars when exchanged informally as of June 2026.
In Santiago, many retirees begin queuing as early as 6 PM the previous day. Seniors, some as old as eighty, spend the night on sidewalks outside banks to secure a spot in line.
Systemic Failures Amplify the Crisis
The BPA branch at Plaza Dolores manages to serve about fifty pensioners daily with priority service, a number that falls far short of meeting actual demand.
The problem extends beyond logistical issues—it's deeply rooted in the system. Granma province's government confessed in June 2026 that they lack the over 400 million pesos required to pay their 111,000 retirees, leading them to establish a staggered payment system dependent on each branch's daily cash intake.
More than half of Cuba's ATMs are perpetually out of service or empty. Power outages shorten banking hours, and private businesses rarely deposit their cash earnings in banks, exacerbating the liquidity crisis.
The forced banking measure, Resolution 111/2023, has not alleviated the issue.
Digital Solutions Fall Short
The vast majority of Cuban retirees lack smartphones or the technological skills to navigate digital transactions. "My card is only good as a keychain," lamented a Cuban in May 2026, highlighting the impracticality of digital solutions for an aging population.
The Central Bank initiated pilot programs to distribute pensions at shopping centers and through home delivery, initially limited to Havana. In Holguín, a similar initiative allows around 5,000 pensioners to receive cash directly from private businesses. However, these measures barely scratch the surface of a national crisis.
Monthly queues plague Holguín, Camagüey, Matanzas, Havana, and Santiago de Cuba. In April 2026, shoving and chaos erupted in Havana banks as retirees awaited their payments.
On June 18, 2026, the Communist Party's official newspaper, Granma, acknowledged that "reality demands urgent and necessary changes," a rare admission after decades of silence about the system's decline.
Understanding Cuba's Pension Crisis
What are the main challenges faced by Cuban retirees?
Cuban retirees confront long waits to collect their pensions, with some lining up the night before. Many lack access to digital banking solutions, and the banking system's cash shortages further compound the issue.
How has the Cuban government responded to the pension crisis?
The government has implemented staggered payment systems and pilot programs for alternative pension distribution, but these measures have limited impact compared to the scale of the crisis.
Why is there a liquidity shortage in Cuba's banking system?
Chronic outages of ATMs, power cuts reducing banking hours, and private businesses withholding cash deposits all contribute to the liquidity crisis in Cuba's banking system.