Bandec launches new cash withdrawal option amid Cuba’s monetary crisis.
The Bank of Credit and Commerce (Bandec) has presented a new alternative that seeks to alleviate the growing cash shortage in the country.
The initiative will allow customers of Banco Popular de Ahorro (BPA) and Banco Metropolitano SA to withdraw cash through a service called Virtual POS at Bandec branches.
This announcement comes at a crucial time, when Cuba is facing a serious cash crisis. For months, the population has reported difficulties in accessing their funds in cash, especially in state banks.
Long queues, a shortage of banknotes and a lack of coins have created an atmosphere of uncertainty and frustration for citizens, who depend on withdrawals from their accounts to make their daily purchases.
The new Virtual POS option seeks to mitigate some of these problems. Through this system, holders of BPA and Banco Metropolitano magnetic cards will be able to go to any Bandec branch to withdraw cash directly from the cash register.
This service is intended to offer a faster and more flexible way to obtain money in a context where access to cash has become complicated.
Cash crisis in Cuba
The cash crisis in Cuba is not new. Over the past few years, the country has seen a decline in the circulation of banknotes due to several factors, such as inflation, the devaluation of the Cuban peso, and economic restrictions resulting from the pandemic and international sanctions.
The Central Bank of Cuba has attempted to introduce palliative measures, such as increasing the use of electronic means of payment, but demand for cash remains high, especially in rural areas and among the population with less access to technology.
Despite these circumstances, the implementation of the Virtual POS at Bandec is seen as a temporary measure, which seeks to ease the long queues at the branches of BPA and Banco Metropolitano.
However, some economists have pointed out that without increased banknote issuance by the Central Bank or deeper structural measures, these solutions may not be sufficient in the long term.
The service is already available in Bandec’s main branches, which represents an opportunity for clients of other state banks who need immediate liquidity.
For many, the possibility of having this option is a relief in the midst of the crisis. However, there is still a need to find more lasting solutions to the cash shortage affecting the entire country.
This news was initially published by Canal Habana. Interested customers can obtain more information through Bandec’s official channels, which have made contact numbers and emails available to resolve any questions related to the service.
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