Beyond figures, bankarization is moving in Matanzas.

A publication of the Central Bank of Cuba assures that one year after its implementation, banking penetration in the country stands as a milestone on the road to the nation’s modernization.

A publication by the Central Bank of Cuba (BCC) assures that one year after its implementation, the process of bankarization in the country stands as a milestone on the road to the nation’s modernization.

It is a transformation that reconfigures the way of managing finances, opening doors to a more efficient, transparent and digital future in banking services with operations from the comfort of a cell phone.

The opening of accounts provides new options for managing money, which fosters confidence in the Cuban financial system and becomes a means to achieve a comprehensive development that benefits all citizens.

In this new scenario, it is crucial that digitalization be extended to all sectors of society, boosting innovation and productivity.

In the Presidential Program, the First Secretary of the Party and President of the Republic, Miguel Díaz Canel, assured that the process of bankarization contributes to the digital transformation of society and helps to reconform elements of the country’s macroeconomic stabilization program.

Among other issues, it is associated with the control of the levels of cash in circulation, as well as the relationship between the money supply in local currency and in foreign currency. At the same time, he considered that it promotes savings and constitutes an important mechanism to support the development of the economy and reduce the use of cash.

At the end of last July 31st, the province of Matanzas had 576,352 magnetic cards and 217,681 multibank cards, which are the customers who use the electronic payment channels.

During the period, more than 8,621,448 transactions were made through the electronic payment channels and more than 20,082 billion pesos were handled through them, while 1,701 establishments in the territory benefited from extra cash.

Ailín Lozano Lozano, institutional communicator of the Bank of Credit and Commerce (BANDEC) in the province, assured that they have presence in the seven Digital Self-Service Stations with magnetic cards, multibanking and savings accounts.

The growth in the use of electronic payment channels is increasing year after year with mobile banking, which includes Enzona and Transfermóvil operations for the payment of electricity and telephone services, online payments and transfers.

Lozano Lozano highlighted the development of e-commerce, commercial and technological fairs in the neighborhoods in the strategic alliance of banks with other organizations such as Xetid, the Youth Club, the Union of Cuban Informatics and Etecsa.

This alliance allows raising the financial education of the population of Matanzas regarding the proper and safe use of digital platforms such as Transfermóvil, Enzona, Ticket, Viajando, among others.

Customers can manage their finances without having to carry cash and benefit from the bonuses implied by their use. In addition, in that same space they can learn about what economic actors need to obtain the QR code of their business and how to create their virtual store, as well as learn about other banking services such as savings accounts, bank financing, Virtual Bandec, among others.

Although Matanzas was a pioneer in the process of bankarization in Cuba, its growth compared to June is surpassed by the provinces of Santiago de Cuba, Ciego de Avila, Sancti Spíritus, Pinar del Río and Granma.

At the same time, reference was made to tax evasion and how bankarization can contribute to its control; to the reluctance of economic, state and private actors to join the process; as well as to the complaints presented by workers of the peasant and education sectors on the matter.

Bankarization transversalizes the economy and its principle is that the user decides the means of payment to be used with benefits for customers, commercial establishments and the country.

Among the benefits of online payments, it is recognized that they reduce the storage and transportation of cash, but the territory requires greater use in the sales areas of economic actors, consumer protection, diversification of products and services to make cash deposits.

Written by Odalys Oriol Miranda.