The Central Bank of Syria has issued a decision allowing licensed financial institutions, banks, and electronic payment companies operating in the country to connect with global payment networks such as Visa and Mastercard, in a move considered a major step toward modernizing the financial sector and expanding digital financial inclusion.
The decision is expected to broaden the use of electronic payment methods, reduce reliance on cash, and facilitate the purchase of goods and services across the country, while also improving user experience and supporting e-commerce and startups. It will also allow Syrians arriving in the country to use their international bank cards inside Syria, while giving holders of Syrian-issued cards greater flexibility to use them abroad.
At the same time, the decision faces several challenges, most notably weak digital infrastructure, limited telecommunications and internet services, and the condition of the banking and fintech sectors, which still require significant rehabilitation and development.
As part of adapting to this transition, the Central Bank is expected to work on upgrading payment systems, strengthening monetary policy tools, rebuilding financial institutions, expanding the digitalization of banking services, and improving the security and reliability of financial transactions.
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