Private sector banking in Cuba

This year Banco Popular de Ahorro (BPA) created an online banking service for the private sector banking in Cuba. The service is a move to reach out to small business clients in the nation.

In an interview with AIN, Greicher La Nuez, Director of Investment for BPA, stated that there is a specialist assigned to the economic activity of private business owners. He also added that for the last two months customers have benefited from remote banking and the electronic delivery of banking services.

Small business owners now have access to online banking services accessible from anywhere in Cuba. This includes the ability to transfer funds, obtain information on the status of current accounts and view their past 10 banking transactions.

The new strategy is not only to promote online banking and other banking products, but also to promote the use of credit in order to grow their businesses economically.  Small business owners can now apply for credit or open a checking account online.  They will only need to visit their local banking branch to sign the contract and obtain the funding.

BPA is also developing a service where small business owners can eventually pay their employees by remote banking. Mr La Nuez stated that debit payroll is now being tested and will enable the transfer of money to the bank accounts of employees holding magnetic banking cards.

BPA aims to move closer to the private sector not only to finance it, but also to extend a range of services for banking in Cuba that contribute to the performance and progress of small businesses.