MICROCAPITAL BRIEF: Cuba’s Banco Popular de Ahorro Launches Mobile Banking Service

Banco Popular de Ahorro (BPA), a government-owned bank in Cuba, recently began offering a mobile banking service called Banca Movil that operates through an app on mobile phones that use the Android operating system. To enroll in the service, customers have to register at a branch with their identity card and BPA magnetic payment card. The service allows users to perform balance inquiries, view recent transactions, transfer money between accounts, and make electricity and telephone bill payments.

BPA was founded in 1978. As of 2017, the Banco Central de Cuba lists BPA’s financial portfolio at CUP 2.48 billion (USD 2.48 billion).

Cuba has nine banks and a mobile internet penetration rate of 28 percent.

By Sascha Strobl, Research Associate

Sources and Additional Resources:

5 Septiembre on Banco Popular de Ahorro’s mobile service:
http://www.5septiembre.cu/banca-movil-el-cajero-automatico-en-el-celular/

Banco Popular de Ahorro:
https://www.bpa.cu/

The Cuba Journal: The Cuban Banking Sector in 2016:
http://cubajournal.co/the-cuban-banking-sector-in-2016/

Central Bank of Cuba on Banco Popular de Ahorro:
http://www.bc.gob.cu/English/commercial_banks.asp

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