Cuba authorized the Banco Popular de Ahorro(BPA), Banco de Crédito y Comercio (BANDEC) and the Banco Metropolitano (BANMET) the granting of credits for consumption concept for the purchasing of household goods and personal effects to individuals.

The Official Gazette published the Resolution 276/202 which stipulates that, by means of a consumer credit contract, banks are allowed to concede credits in the form of deferred payment under the different modalities used in the banking practice. 

The regulation states that in order to access to the loan it is a requirement to demonstrate lawful personal incomes and to have at least a bank account in one of the aforementioned banks.

About the loan, it is detailed in the text that it will be granted in Cuban pesos with a minimum amount of 5000 Cuban pesos for its execution in the retail market that operates in Cuban pesos.

The Official Gazette referrers that the credit will be made available to the debtor through magnetic cards u other payment instrument stablished in the legislation in force, different from what is stipulated for cash, as agreed in the contract.

Related information:

Gaceta Oficial public la Resolución 276/2021(PDF315kb)

Taken from ACN