Visa has announced plans to formally enter the Syrian market, following an agreement with the country’s central bank to build a modern digital payments ecosystem.
🔑 Key Developments
- Visa will work with licensed financial institutions to establish a secure payments infrastructure.
- Initial priorities include issuing payment cards and enabling digital wallets aligned with global standards.
- The move follows an IMF mission to Damascus, which pledged technical support on banking regulation, payment system rehabilitation, and strengthening the central bank’s capacity for monetary policy and financial supervision.
🏛️ Geopolitical & Economic Context
- Syrian banks were cut off from global finance for over a decade due to sanctions imposed after the 2011 conflict and central bank restrictions.
- A major political shift occurred last year when Bashar al-Assad was ousted, leading to rapid efforts to restore international relations.
- Diplomatic milestones include a Riyadh meeting between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by a visit to the White House.
- Since then, the U.S. and EU have eased significant sanctions, opening the door for global financial institutions to re-enter Syria.
📌 What This Means for the Region
Visa’s entry signals:
- Renewed international engagement with Syria’s financial sector
- A major step toward modernizing payments infrastructure
- Potential for increased economic inclusion, cross-border commerce, and fintech adoption
As digital payments expand across emerging markets, Syria may soon undergo one of the most significant financial transformations in the Middle East.