Visa announced on Thursday that it plans to begin operations in Syria after reaching an agreement with the country’s central bank, with an initial focus on developing the digital payments ecosystem.
Visa in Syria
The company said its immediate priority will be to work with licensed financial institutions to establish foundational payment infrastructure, including the issuance of payment cards and the rollout of digital wallets based on global standards.
Visa added that it is partnering with the Central Bank of Syria and other financial authorities and institutions to implement a strategic roadmap aimed at rapidly integrating Syria into the modern digital economy.
For merchants, Visa plans to support payment acceptance through its Visa Acceptance Platform, which provides low-cost and open acceptance solutions such as Tap to Phone and QR code payments. The company also said it will invest in targeted capacity-building initiatives and the development of local talent.
“The vision presented by Visa offers a strong pathway to accelerate our modernization agenda, enhance transparency, and equip our people and businesses with the tools needed to rebuild and grow,” said Abdulkader Husrieh, governor of the Central Bank of Syria.
Background
In November, an International Monetary Fund delegation visited Damascus and announced plans to provide technical assistance in areas including financial sector regulation, the restoration of payment and banking systems, and strengthening the central bank’s capacity to implement effective monetary policy and oversee the banking system.
During the civil war between 2011 and 2024, Syrian banks were largely cut off from the global financial system due to extensive Western sanctions, including measures targeting the central bank.
Tangent
Visa’s main competitor, Mastercard, signed a memorandum of understanding with the Syrian central bank in September to help develop a national payments ecosystem in the country.
