Banking - Cuba

  • Cuba
  • In 2024, the projected Net Interest Income in the Banking market in Cuba is expected to reach US$13.00bn.
  • Traditional Banks are set to dominate this market segment, with a projected market volume of US$12.48bn by 2024.
  • Looking ahead, the Net Interest Income is expected to experience an annual growth rate (CAGR 2024-2029) of 3.99%, resulting in a market volume of US$15.81bn by 2029.
  • When comparing globally, it is worth noting that China is anticipated to generate the highest Net Interest Income, amounting to US$4,332.0bn in 2024.
  • Cuba's banking market is undergoing a slow but steady modernization process, as it opens up to foreign investments and embraces digital banking solutions.

Key regions: United States, China, Japan, Brazil, United Kingdom

 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

In recent years, the Banking market in Cuba has shown interesting developments and trends worth exploring.

Customer preferences:
Customers in Cuba have shown a growing interest in digital banking services, seeking convenience and accessibility in their financial transactions. This shift in preferences is in line with global trends towards digitalization in the banking sector, as customers increasingly value the ease of online and mobile banking.

Trends in the market:
One notable trend in the Cuban banking market is the gradual opening up to foreign investment and partnerships. This trend is influenced by the government's efforts to attract external capital and expertise to modernize the banking sector and improve financial services in the country. As a result, we are seeing more collaborations between Cuban banks and international financial institutions, leading to the introduction of new products and services in the market.

Local special circumstances:
Cuba's unique political and economic situation has a significant impact on the banking sector. The country's socialist system and centralized economy have historically limited the development of a robust banking industry. However, with ongoing economic reforms and a more open attitude towards foreign investment, the banking market in Cuba is slowly evolving to meet the changing needs of the population.

Underlying macroeconomic factors:
The macroeconomic landscape in Cuba, characterized by limited access to financing and foreign exchange restrictions, presents challenges for the banking sector. However, recent efforts to attract foreign investment and improve economic conditions are creating opportunities for growth and expansion in the banking market. As the country continues to navigate its economic transition, the banking sector is likely to play a crucial role in supporting financial stability and driving sustainable development.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.

Overview

  • Net Interest Income
  • Analyst Opinion
  • Users
  • Deposits
  • Loans
  • Credit Card Interest Income
  • Mobile Banking
  • ATMs & Bank Branches
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)