Visa to start operations in Syria under new payments framework

By Vriti Gothi

Visa is preparing to re-enter the Syrian market following an agreement with the Central Bank of Syria to develop a national digital payments framework and restore international connectivity to the country’s financial system. The partnership marks the first major move by a global payments company to engage with Syria since sanctions and geopolitical isolation disconnected the nation from global banking networks more than a decade ago.

The central bank confirmed the collaboration during the Reuters NEXT conference, with Governor AbdulKader Husrieh stating that discussions with Visa are ongoing. He emphasised that the agreement serves Syria’s broader agenda of building a modern and secure financial ecosystem, with participation from global players. According to Husrieh, the country is focused on establishing “a fully finished payment system” that can support cards, digital wallets, merchant payments, and cross-border remittances.

Visa, in its communication, said it will begin by working with licensed Syrian financial institutions to lay down the foundational elements of digital payments. These include developing a secure card-issuance system, enabling domestic and cross-border transactions, and supporting compliance measures aligned with international standards.

This development comes during a period of political and economic transition within Syria. The change in government leadership last year, coupled with renewed diplomatic engagement from Western governments, has led to a partial easing of economic sanctions. Several European economies have removed earlier financial restrictions, while the United States has relaxed selected sanctions in sectors supporting reconstruction and essential services. These shifts have strengthened Syria’s position to re-establish correspondent banking channels that are critical for settlement and remittance flows.

The International Monetary Fund has also reinstated technical advisory work with Damascus, offering support on rebuilding regulation, supervisory oversight, and payments infrastructure. Although Syria is not part of any lending programme, this advisory support is seen as an important foundation for financial-sector stabilisation.

For consumers, Visa’s return could reintroduce formal electronic payments, reduce reliance on cash, enable international purchases, and provide trusted rails for overseas remittances—a significant income source for households. For businesses, digital acceptance infrastructure could support merchant onboarding, improve cash cycles, and allow integration with regional trade channels.