Official Gazette: Central Bank authorizes Canadian entity to finance MSMEs "without restrictions"

In a decision by the Central Bank, published in the Official Gazette this Thursday, Cuba opened its financial system to Novabank, the first foreign bank authorized to serve MSMEs. More details to follow.

The Central Bank of Cuba granted in official Gazette This Thursday, a license was granted to Canadian companies Groupe Novinvest Inc. and Les Fonds Génération Nova Inc. to establish NOVABANK SA, a new financial institution in the form of a corporate bank with 100% foreign capital.

By Resolution published in the Official Gazette, the creation of was authorized NOVABANK SA, a corporate bank with totally foreign capital, promoted by Canadian companies Groupe Novinvest Inc. y Les Fonds Génération Nova Inc..

The authorization was formalized through the Agreement 10094, of March 8, 2025, of the Executive Committee of the Council of Ministers.

NOVABANK SA will have its headquarters in Havana and may operate indefinitely throughout the national territory.

Official Gazette: Central Bank on Novabank's activities in Cuba

His license, issued under the Decree-Law 362 “On the institutions of the Banking and Financial System”, will allow you to perform a wide range of activities financial intermediation, including:

• Opening accounts in foreign currency y deposit management.

• Loans, credits, transfers and collections.

• Issuance of securities and operations in the stock market.

• Financial consulting services, risk analysis, and economic education.

• Solutions to digital payments, e-commerce and virtual wallets.

• Processing of own and global cards.

• Chronic Disease trusts, insurance and financial leasing.

• Direct relationship with entities such as joint ventures, foreign, state-owned and SMEs.

According to the resolution, NOVABANK SA must adapt all its legal documentation to the license granted and notify any changes. to the Central Bank of Cuba within the next few thirty business days.

Cuba opens its doors to a new type of international financial institution, expanding the possibilities for foreign investment in the national banking system, under clear regulations and state supervision.

The Canadian companies Groupe Novinvest Inc. and Les Fonds Génération Nova Inc., both based in the province of Quebec, received this authorization to establish the financial entity Novabank SA in Cuba.

As a wholly foreign-owned corporate bank, it is the first of its kind on the island with the authority—at least initially—to operate without restrictions with the private sector.