The Central Bank of Syria (CBS) hires an international company to assess the financial sector

On Thursday, the Governor of the Central Bank of Syria, Abdul Qader Al-Hasriya, held a joint session with representatives of banks operating in Syria and licensed exchange companies and offices, in conjunction with the launch of the work of the "Oliver Wyman" company, which aims to assess the gaps in the Central Bank of Syria and the Syrian financial sector.

The Central Bank of Syria said in a publication through its official IDs, that the session discussed the mechanisms of cooperation between financial institutions and the consulting firm, in order to contribute to preparing a comprehensive assessment of the reality of the financial and banking sector, and identifying the technical and organizational needs necessary to develop it in accordance with international standards.

He stressed the importance of this step in supporting the path of financial and banking reform, and enhancing the efficiency of financial institutions, in line with global developments and consolidating the principles of transparency and governance in the Syrian financial sector.

This move comes within the framework of the government's efforts to restructure the financial and banking sector, and improve the regulatory and supervisory environment, in light of the economic and financial challenges the country is facing.

Mastercard announces the completion of its readiness to return to Syria

The international company "Mastercard" announced on Thursday the completion of the technical readiness necessary to process international bank card transactions inside Syria, in a step that is considered the first of its kind in more than 15 years.

Adam Jones, regional head for the western Arab region at Mastercard, said the company was working with the Central Bank of Syria to build a "robust and secure payment system".

Jones said that the completion of the technical readiness represents "an essential step towards strengthening the digital financial architecture and expanding access to secure financial services, reaffirming the ongoing commitment to financial inclusion," according to SANA.

Syria opens the portal for dealing with Visa and Mastercard

On Monday, May 4, 2026, the Governor of the Central Bank of Syria, Abdul Qadir Al-Hasriya, issued a decision allowing banking financial institutions and licensed electronic payment companies operating inside the country to deal with global payment networks such as Visa and Mastercard.

In a post on his personal Facebook page, Al-Hasriyah described the decision bearing the number 259/LA as a "qualitative step" towards modernizing the financial sector in Syria and represents a "strategic shift" in the structure of local payment systems, as it opens the door to the integration of the Syrian market into the global financial system after years of reliance on limited traditional instruments.

The new decision allows local banks and payment companies to expand their services to include more sophisticated and secure payment solutions for individuals and businesses alike, and allows Syrian citizens and visitors coming to the country to easily use their international banking cards inside Syria.

 Al-Hossiriya said that the decision represents a strategic step towards a more developed and inclusive digital economy, while facilitating the movement of money and payments for Syrians inside and outside the country.

 The decision follows a series of strategic understandings recently signed by the Central Bank that laid the technical and legal basis for Syria's gradual return to the global payments ecosystem.  The MoUs with Visa and Mastercard formed the core pillar for building a modern digital payment architecture and connecting local banks to international networks in accordance with global compliance standards.

Memorandum of Understanding with Mastercard – September 2025

The MoU was the first step in the path of financial openness and was signed by the Governor of the Central Bank of Egypt, Abdulkader Al-Hossiriya, with the company's Regional President. It focused on developing the payment infrastructure in line with international security standards, and promoting financial inclusion by expanding access to digital services and reducing dependence on cash.

This partnership resulted in the first practical result in January 2026, with QNB Group Syria granting a license to issue and accept Mastercard cards  locally and internationally.

Roadmap with Visa – December 2025

The agreement was announced at the Reuters Next conference, and was described as a strategic roadmap for building an integrated digital payment ecosystem.

It focused on enabling licensed banks to issue modern payment cards based on EMV and advanced encryption technologies, as well as supporting merchants through low-cost payment solutions such as QR codes  and Tap to Phone technology. The partnership also aims to accelerate Syria's return to the SWIFT system and facilitate international remittances for importers and expatriates.

The Ministry of Communications and Technology (MCIT) is also working on signing complementary memorandums to develop the digital infrastructure necessary to operate these services efficiently, ensuring the readiness of national networks to accommodate the transition towards a more open digital economy.