The Central Bank of Cuba (BCC) has unveiled a series of initiatives aimed at boosting digital and transfer payments, subtly relaxing the policies established in 2023. The focus is now on offering economic incentives in the national currency to encourage both consumers and businesses to voluntarily embrace electronic payment channels.
A pivotal component of this strategy is Resolution 74/2026, which appeared in Extraordinary Official Gazette No. 81, signed on July 10 by Juana Lilia Delgado Portal, the president of the bank.
This resolution indefinitely suspends the previous cap of 5,000 Cuban pesos for cash transactions between economic actors—originally set by Resolution 111/2023—and replaces it with a flexible system negotiated individually between each commercial bank and its clients. The new regulation takes effect on Monday, July 20.
Addressing Cash Shortages with Digital Solutions
The overwhelming demand for cash is exceeding the capabilities of Cuban banks. The institution emphasizes its goal to "ensure that every economic actor can manage their cash flow according to their real needs, while maintaining the strategic objective of increasing digital payments."
Incentives to Encourage Transfer Payments
The new package includes a range of complementary actions, to be gradually implemented, with several starting from August 1, 2026:
Immediate Payment Credit: Businesses will receive funds in real-time (initially for transactions within the same bank, starting August 1). This addresses one of the major complaints from businesses: the delay in accessing funds.
Reduced Commission for Businesses: The online payment commission is lowered from 1.5% to 0.8%, making digital payments more profitable to accept.
Consumer Bonuses: A direct economic incentive of a 4% bonus for online payments is maintained, with a cap of 210 CUP for transactions exceeding 5,250 CUP. This encourages customers to choose electronic payment methods.
Business Bonuses: Businesses will also receive a 2% bonus, capped at 105 CUP per transaction, complementing the reduced commissions.
Elimination of Cash Deposit Fees: Depositing cash in the bank will no longer incur a fee. While this doesn't directly promote digital payments, it incentivizes money entering the banking system, where it can be used electronically.
Greater Flexibility for Economic Actors, Conditional on Digital Channels: The 5,000 CUP cash payment limit between economic actors is removed. However, the amount of cash they can withdraw will depend on various factors, including income registered in accounts, the use of online payments, and the use of the Extra Cash service.
Streamlining Bank Transfers: The limit per transaction between individuals is removed. Justification for fund destinations will only be required if a monthly threshold of 2.5 million CUP is exceeded, supposedly facilitating everyday transfer usage.
0.2% Cash Withdrawal Fee: A small fee is introduced for withdrawing physical money, making electronic payments relatively more attractive.
Specialized Attention for Economic Actors: Aims to ease banking management for companies and self-employed workers, including services related to accounts and payments.
The Failure of Forced Bank Integration
This strategic shift comes after three years of poor results in attempts to increase bank integration. By 2026, only 3.77% of transactions in Cuba are digital, and less than 10% of private businesses regularly accept transfers.
Over half of the ATMs in Havana were out of service in May. In Santiago de Cuba, the black market operated with commissions as high as 40% to convert transfers into cash, meaning transferring 1,000 pesos only yielded 600 in physical bills.
The regime imposed 15,240 fines and ordered 269 business closures for not accepting electronic payments, failing to reverse the trend. The banking crisis has evolved into a new social issue in Cuba.
The public reaction on social media was skeptical. "Now there are no limits for cash payments, the problem is there's no cash in the banks," summed up a widely shared comment following the BCC's announcement on Friday.
Understanding Cuba's Digital Payment Incentives
What is the main change introduced by the BCC's Resolution 74/2026?
The resolution suspends the 5,000 Cuban peso limit for cash transactions between economic actors and introduces a flexible system negotiated individually between banks and clients.
How does the new strategy aim to promote digital payments?
The strategy includes immediate payment credits, reduced commissions for businesses, consumer bonuses, and eliminating fees for cash deposits, among other incentives.
What challenges has Cuba faced with digital payment adoption?
Cuba has seen limited success with digital payment adoption, with only 3.77% of transactions being digital by 2026, and logistical issues like malfunctioning ATMs and high black market conversion rates further complicate the situation.