Syria’s Central Bank on Monday announced that local banks and electronic payment firms can now work with global payment networks, in a shift to modernise the country’s financial infrastructure.
Central Bank Governor Abdulkader Husrieh said the move will facilitate money transfers for Syrians at home and abroad, integrating the country into the global financial system.
The move will allow visitors to Syria to use international bank cards, including Visa and Mastercard, boosting electronic payments and potentially reducing reliance on cash. It will also allow Syrians to use cards issued in their country abroad.
Husrieh said that the integration with global payment systems will also facilitate a transfer of expertise and modern technologies into the local market.
Following the announcement, the Qatar National Bank (QNB) Group on Tuesday announced the launch of card payment acceptance services and digital payment solutions in Syria.
In a statement, QNB’s Senior Executive Vice President of Group Retail Banking, Adel Ali Al Malki, said the firm is proud to be the first bank in the world to support the acceptance of digital payments and international payment cards in the Syrian market.
Elsewhere, Syrian American Council political chief Mohammed Alaa Ghanem said on X that he had met with officials from Mastercard last month in Washington, with the firm saying it was ready to launch electronic payment services in Syria.
“The only remaining obstacle to completing that is Syria’s presence on the list of state sponsors of terrorism,” he said, adding that he hopes the classification will be lifted in the near future.
