In a significant policy shift, the Central Bank of Syria has issued a decision permitting licensed local banks and digital payment companies to partner with international payment networks, including Visa and Mastercard. The move is set to modernize Syria’s financial infrastructure and accelerate digital inclusion after years of relying on traditional payment methods.
Quick Facts
- Allows partnerships with international payment firms
- Aims to boost digital payments and e-commerce
- Integrates Syria into the global financial system
Integrating Syria’s Financial System Globally
The decision marks a critical step toward reconnecting the Syrian market with the global financial ecosystem. According to the Central Bank’s governor, Abdul Qader Al-Husariya, this is a strategic move towards building a more advanced digital economy and will facilitate money transfers and payments for Syrians both inside and outside the country.
This opens a new phase for developing Syria’s payment systems, which have been limited by a long-standing reliance on cash and other traditional tools. The collaboration with global payment companies is also expected to bring modern financial technology and expertise into the local market, improving the overall efficiency and competitiveness of the financial sector.
Unlocking New Payment Solutions for Consumers and Startups
The policy change will enable local banks and payment companies to offer more sophisticated and secure payment solutions to individuals and businesses. One of the most immediate benefits is allowing Syrians returning from abroad to use their international bank cards within the country. It will also provide greater flexibility for using Syrian-issued cards internationally.
Officials anticipate the move will spur the adoption of electronic payments, reduce dependency on cash, and enhance the user experience. This is also seen as a crucial support mechanism for the country’s e-commerce sector and emerging startups, providing them with the necessary tools to process transactions more effectively while improving security and reliability.
The Central Bank of Syria continues to implement a broader package of reforms aimed at rebuilding its financial institutions, strengthening monetary policy tools, and expanding the digitization of banking services to support economic recovery.
About The Central Bank of Syria
Established in 1953, the Central Bank of Syria is the central monetary authority of Syria. Headquartered in Damascus, it is responsible for maintaining the country’s financial stability, issuing currency, and regulating the banking sector to promote sustainable macroeconomic performance.
Source: Erem Business
