ATM withdrawals are restricted to Cuban MSMEs

One of the measures taken in Cuba to improve cash availability at ATMs is to restrict withdrawals to MSMEs.

This was announced to the newspaper by the Board of Directors of Bondek at Sancti Spiritus Escambrayof that province. “During shortages, we are also struck by high levels of extraction by certain segments such as MSMEs, self-employed workers,” he said.

To overcome this “problem at ATMs”, he assured, “soon some restrictions will be put in place in the country to curb excessive cash withdrawals by these particular sections of ATMs”.

An official from the accounts department believes that “this way of getting money will continue for some time”.

“We have to try to make sure that they are open as much as possible, that the money reaches us on time, especially the high-value bills,” journalist Mary Luz Borrego told reporters.

According to the above article, many private initiatives do not accept electronic payments for their services because they fear control over their funds as the money goes to their operating account where they have to pay taxes.

Cashless ATMs in Cuba

In fact, from the BPA in the region, they assure that the majority of customers who use electronic channels to pay for services and make transfers are “natural persons, not companies or MSMEs or the self-employed, but focus”. Huge amounts of money for your transactions.

This is the reality they want to change in Cuba. “Not to grow too much on ATMs but to work through payment channels,” they said Escambray.

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Sources consulted by the local newspaper denied rumors that banks had run out of money and workers at some companies were unable to collect their wages.

“Salaries are not paid late due to lack of cash in the branches. We have money in our banks but the salary amount is very high and you have to organize the issue of withdrawal,” they said from Pantek.

Esmond Harmon

"Entrepreneur. Social media advocate. Amateur travel guru. Freelance introvert. Thinker."

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