In a move aimed at modernizing the country’s financial sector, the Central Bank of Syria (CBS) authorized local banks and electronic payment companies to work with global payment providers such as Visa and Mastercard.
The decision, issued May 4, allows licensed banks and payment firms operating in Syria to engage directly with international electronic payment companies. The step is part of ongoing efforts to expand financial services and move beyond the country’s long reliance on limited local cashed-based payment tools.
The measure marks the beginning of a new phase for payment systems in Syria. It could, the CBS stressed, strengthen the country’s connection to global financial networks while improving access to modern banking services for individuals and businesses.
Expanding Access and Reducing Cash Dependence
The decision is expected to widen the use of electronic payments and reduce dependence on cash transactions. It will allow Syrians visiting the country to use international bank cards more easily, while also enabling those traveling abroad to make payments with greater flexibility.
The move should improve the overall user experience in financial transactions, both domestically and internationally. There are also potential benefits for e-commerce and startups, which often depend on reliable digital payment systems.
In addition, the policy is designed to strengthen transaction security and reliability. Officials say cooperation with global payment networks could introduce new technologies and operational standards to the local market, helping raise efficiency across the financial sector.
Steps Toward Global Financial Integration
The decision builds on recent efforts by the Central Bank to reconnect with international financial systems. Authorities have finalized settlements with several foreign banks, including institutions in Austria and France, and are working to restore access to the SWIFT network.
These steps reflect a gradual approach to reintegration after years of financial isolation. Officials say expanding partnerships with international providers could support a more competitive and inclusive financial environment.
Agreements with Major Payment Providers
Recent agreements with major payment companies laid the groundwork for current shifts. In September 2025, the CBS signed a memorandum of understanding with Mastercard supporting the development of digital payment infrastructure, promoting financial inclusion and expanding access to basic financial services.
In December 2025, the bank announced a separate roadmap agreement with Visa focused on building a modern payment system and advancing digital financial services. Officials say these partnerships are part of a longer-term strategy to create a more connected and resilient financial system while improving access to services for Syrians at home and abroad.
