Visa intends to commence operations in Syria following an agreement with the country’s central bank. The collaboration aims to establish a digital payments ecosystem within the war-torn nation. According to Syrian central bank governor AbdulKader Husrieh, officials are working closely with Visa to develop a fully functional payment system, with ambitions to position Syria as a financial hub for the Levant region. Visa is a global payments technology company that facilitates digital transactions among consumers, merchants, financial institutions, and governments across more than 200 countries and territories. The company’s products and platforms enable seamless money movement for individuals and businesses.
Visa stated that its immediate focus will involve collaborating with licensed financial institutions to create a secure payments foundation. This includes the issuance of payment cards and the implementation of digital wallets adhering to global standards. The move follows a visit to Damascus by the International Monetary Fund (IMF) in November, where technical assistance was pledged for financial sector regulation, banking system rehabilitation, and rebuilding the central bank’s capacity.
Husrieh noted that while the IMF is providing technical assistance, Syria is not yet under any formal fund program. He also commented on the World Bank’s projection of a modest 1% GDP growth for Syria in 2025, suggesting it doesn’t fully account for the potential impact of easing sanctions and the return of refugees. Syrian banks faced significant isolation from the global financial system during the civil war, which followed President Bashar al-Assad’s crackdown on anti-government protests in 2011, prompting Western sanctions, including measures against the central bank.
Since the ousting of Assad in an offensive by Islamist-led rebels last year, the interim government has been working to restore international ties. These efforts included a May meeting in Riyadh between interim President Ahmed al-Sharaa and U.S. President Donald Trump, followed by Sharaa’s visit last month to the White House. Washington has since eased parts of its sanctions program, and European governments have announced the end of their economic sanctions on Syria.
