Electronic payments have been gaining strength in Cuban society for some time, especially since basic services such as electricity, telephony and water began to be paid through gateways such as Transfermóvil and EnZona.
In recent years, in the wake of the covid-19 pandemic, there was a growth in banked transactions. However, in 2023 there was a setback in the payment matrix of these transactions. To counteract this, the Central Bank of Cuba (BCC) approved Resolution 111/2023 last August, which was intended to respond to the increase in cash circulating outside the bank.
Shortly thereafter, the measure was complemented by Resolutions 93/2023 of the Ministry of Domestic Trade (Mincin) and 245/2023 of the Ministry of Finance and Prices (MFP). The first one establishes the obligation of suppliers of goods and services to guarantee their clients electronic payment channels. The second extends to all taxpayers (individuals) to open and operate a current account for tax purposes.
According to a summary on banking penetration at the end of 2023, provided by the BCC to Cubadebate, since Resolution 111/2023 was approved, cash withdrawal operations have decreased. At the same time, there has been progress in the use of electronic means and channels of payment, concluding the month of December with 21.10% in relation to September.
However, “these increases do not correspond to the increase in the number of entities that have contracted the services of the gateways, which has been 30% since September”, warned the Minister President of the BCC, Joaquín Alonso Vázquez, during the work in commissions prior to the National Assembly of People’s Power (ANPP), last December 19.
