A self-employed worker in Camagüey recently raised alarms about a new practice where finance inspectors, accompanied by police and bank personnel, are visiting private businesses to conduct cash audits. During these visits, they convert all available cash on hand into bank transfers, leaving businesses without immediate liquidity.
The warning came from content creator Katia una cubana más, who shared a video on Instagram on Tuesday that quickly garnered over 110,000 views. In the video, she expressed her concerns:
“A new fear unlocked, folks. Now us self-employed workers are at risk of finance inspectors, along with police, showing up and taking all the cash we have on the premises at any given moment,” she cautioned.
Following a flood of reactions and questions from her followers, Katia released a second video on Wednesday, which has already amassed more than 26,000 views, to provide further clarification on the mechanism.
“I live in Camagüey. This is happening in my city and surrounding municipalities,” she emphasized, highlighting that this issue is not confined to the urban area.
According to her account, while inspector visits are nothing new, the twist is that they now bring bank employees to convert cash to bank transfers on the spot during inspections.
“Inspectors arrive with police and a finance inspector. What happens next? They audit your cash register and transfer all the cash you have at that moment to the bank, taking the physical cash away,” she explained.
Katia clarified that the money isn’t disappearing; it’s recorded as a bank transfer to the business account. However, she noted that this doesn’t alleviate operational challenges.
“Everyone knows, or at least all self-employed workers are aware, that we can’t do anything with that money afterward,” she stated.
The Cuban digital banking system faces structural issues that render these funds nearly unusable. The Central Bank of Cuba restricts cash withdrawals to 5,000 pesos per transaction, imposes fees up to 10%, and connectivity is poor in many areas of the country.
As of 2026, only 3.77% of transactions in Cuba are conducted electronically, and in some provinces like Sancti Spíritus, less than 10% of private businesses accept bank transfers.
This practice is part of a forced banking process the regime has pushed since 2023, intensifying after the Ministry of Finance and Prices issued Resolution 225/2024, which mandates fiscal bank accounts for all self-employed workers.
In August 2025, the National Tax Administration Office launched a crackdown on businesses avoiding the use of fiscal bank accounts, labeling the refusal to accept digital payments as tax evasion.
The situation worsened on June 6, 2026, when Visa and Mastercard ceased operations in Cuba, further reducing digital payment options for businesses and consumers.
In September 2024, the regime shut down 58 businesses and issued 384 fines totaling over one million pesos in several provinces, including Camagüey, for non-compliance with electronic payment regulations.
For self-employed workers, this situation is a no-win scenario. The government forces them to operate via bank transfers under threat of fines and closure, yet the banking system imposed on them does not support the daily operations of their businesses.
Adding insult to injury, the majority of products they sell or the raw materials needed for production must be purchased in stores that do not accept transfers in the national currency.
This policy from the regime leaves Camagüey's self-employed workers in a precarious position once again.
Frequently Asked Questions About Cuban Banking Practices
What is the current issue faced by self-employed workers in Camagüey?
Self-employed workers in Camagüey are experiencing issues where finance inspectors, accompanied by police and bank personnel, are converting their cash on hand into bank transfers during inspections, leaving them without immediate liquidity.
How does the current banking system affect business operations in Cuba?
The Cuban banking system has structural issues that make electronic funds difficult to use. Restrictions on cash withdrawals, high fees, and poor connectivity hinder businesses from effectively using their bank-transferred funds for daily operations.
What impact did the cessation of Visa and Mastercard operations have in Cuba?
The discontinuation of Visa and Mastercard operations in Cuba further reduced the available options for digital payments, affecting both businesses and consumers who rely on these services for financial transactions.