Cuban banks make progress in bankarization process

 CIENFUEGOS, Cuba, Cienfuegos, Jan 30 (ACN) The Popular Savings Bank (BPA by its Spanish acronym), in the central province of Cienfuegos, is taking steps forward in the process of bankarization promoted in Cuba, with the increase in the number of clients linked to electronic payment gateways and the increase in virtual operations.

Leydi Gonzalez Mederos, Communication and Marketing specialist of the entity, explained to the Cuban News Agency that in 2023 they personalized more than 52,000 magnetic cards, which led to a growth in the number of users of remote banking ─including mobile, remote and telephone banking─.
She added that last year, more than 20,500 people used mobile banking, who carried out a monthly average of 273,600 electronic transactions.

She said that all BPA branches have an extra cashier's service, a beneficial measure because if the electricity fails or there are connectivity problems, it is another facility for cash extraction.

Gonzalez Mederos pointed out that, in alliance with the Provincial Food Industry Company, candy stores and special bakeries already have QR codes for the commercialization of products.

Another relevant aspect during the period, she affirmed, was that more than 1,300 pensioners of the main municipality who used to receive their pensions by electronic payroll changed their means of payment to magnetic cards and, at present, 72.9 % of the total number of those who receive their pensions at the bank offices do so by means of a card.

Since the implementation of Resolution 111/2023 of the Central Bank of Cuba to promote the use of electronic payment channels and means, the preparation of BPA specialists has been crucial for advising self-employed workers (TCP by its Spanish acronym), micro, small and medium-sized enterprises (MSMEs), the farming sector, other economic actors and sectors of the population, Gonzalez Mederos stressed.