The Central Bank of Syria on Monday issued a decision allowing banks and local electronic payment companies to work with global electronic payment companies such as Visa and Mastercard, in a move seen as a step toward modernizing financial infrastructure and expanding digital inclusion.
Central Bank Governor Abdulkader Husrieh said in a statement the decision marks a strategic shift toward a more advanced digital economy and will help facilitate money transfers and payment transactions for Syrians both inside the country and abroad.
He added that the move opens the door to a new phase in the development of electronic payment systems and strengthens Syria’s integration into the global financial system after years of reliance on limited, traditional tools.
Husrieh said the decision enables banks and local electronic payment providers to broaden their services with more advanced and secure payment solutions for individuals and businesses.
Key benefits include allowing Syrians entering the country to use their international bank cards domestically, enabling wider use of Syrian-issued cards abroad, expanding the adoption of electronic payments, reducing reliance on cash, improving user experience, supporting e-commerce and startups, and enhancing the security and reliability of financial transactions.
The governor added that cooperation with global electronic payment companies will help transfer expertise and modern technologies to the local market, improving the efficiency and competitiveness of the financial sector.
The central bank said it continues to implement a package of reforms aimed at rebuilding financial institutions and strengthening monetary policy tools, alongside upgrading electronic payment systems and expanding the digitalization of banking services, in a bid to restore international financial connectivity and create a more efficient and transparent environment to support economic recovery.
