Visa has announced plans to begin operations in Syria after reaching an agreement with the country’s central bank on a roadmap to build a nationwide digital payments infrastructure. In a statement released on Thursday, the global card network said the accord sets out steps to introduce electronic payments in a market that has been largely cut off from international finance for more than a decade.
The company said its immediate focus will be cooperation with licensed Syrian financial institutions to create a “robust and secure payments foundation.” That work will include the issuance of payment cards, the rollout of digital wallets and the use of global security and interoperability standards.
Although Visa did not disclose a timetable for the commercial launch, the agreement marks one of the clearest signs yet that major Western financial firms are prepared to re-engage with Syria’s banking sector. The central bank has presented digitalisation as a way to modernise retail payments and reduce the dominance of cash in everyday transactions.
IMF Support For Rebuilding The Banking System
The move by Visa follows a visit to Damascus in November by a mission from the International Monetary Fund (IMF). After that trip, the IMF said it would provide technical assistance on financial sector regulation, on repairing Syria’s damaged payment and banking systems, and on rebuilding the central bank’s capacity to carry out monetary policy aimed at low and stable inflation.
Syrian banks were pushed to the margins of the global financial system during the civil war that erupted after 2011, when then-President Bashar al-Assad responded to anti-government protests with a harsh crackdown. Western governments imposed sweeping sanctions, including measures targeting the Syrian central bank, which restricted access to correspondent banking relationships and cross-border payments.
Economists say the combination of IMF-backed reforms and the entry of international card schemes such as Visa could help restore basic financial services, from salary payments to online commerce, in a country where much of the population has relied on cash and informal transfer networks. They caution, however, that progress will depend on domestic regulatory changes and the health of Syria’s still-fragile banking sector.
Political Shift Opens Door To Easing Of Sanctions
Syria’s gradual financial rehabilitation has been driven in part by a dramatic political shift. Assad was ousted last year in an offensive led by Islamist-aligned rebel groups, and an interim government has since taken power, putting the restoration of international ties at the centre of its agenda.
Those efforts produced a high-profile meeting in May in Riyadh between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by Sharaa’s visit to the White House the next month. After those talks, Washington eased significant parts of its sanctions programme, and European governments announced the end of their own economic measures on Syria.
The lifting of restrictions has opened space for global firms to consider a cautious return. For international payment companies, the shift reduces legal and compliance risks that had previously made doing business in Syria almost impossible.
Prospects And Challenges For Digital Payments In Syria
Even with sanctions relief and backing from institutions such as the IMF, Syria’s transition to digital payments is expected to be gradual. Years of conflict have weakened physical infrastructure, and many bank branches and ATMs were damaged or destroyed. Reliable electricity, telecommunications coverage and cybersecurity capacity will be essential for the safe operation of card networks and mobile wallets.
Local banks will also need to invest in technology and staff training to meet international standards on anti-money-laundering (AML) and counter-terrorist-financing (CTF) controls if they are to connect to global payment rails. Regulators at the central bank face the task of supervising this expansion while ensuring that consumer protection and financial stability are not compromised.
Officials and international partners argue that a functioning digital payments ecosystem could support broader economic recovery by making it easier for businesses to accept electronic transactions and by facilitating remittances from the Syrian diaspora. For Visa, the planned launch offers both commercial opportunity and an early test of how far Syria’s re-engagement with the global economy can proceed after years of isolation.
