Mastercard Gears Up to Resume Operations in Syria After 15-Year Gap

(MENAFN) Mastercard has finalized the technical groundwork needed to process international bank card transactions within Syria — a landmark move that ends more than 15 years of financial disconnection from global payment networks, a state news agency reported Thursday.

Citing the company directly, the news agency said the development "paves the way for reconnecting the Syrian market to the global payments network and supports efforts to modernize the country's banking and financial sector in line with the requirements of the global digital economy."

Central Bank Governor Abdelkader Husrieh hailed the milestone, saying it would provide "a strong boost" to the national economy while opening the door to international investment. He further noted the move would generate fresh opportunities for both businesses and individuals, expand access to digital payment tools, streamline payment processing, and improve remittance channels for the Syrian diaspora.

Adam Jones, Mastercard's regional head for West Arabia, said the company is actively collaborating with the Syrian Central Bank to build a "strong and secure payment ecosystem." He described the completion of technical readiness as "an essential step toward strengthening digital financial infrastructure and expanding access to secure financial services," reaffirming Mastercard's broader commitment to financial inclusion, according to the news agency.

The development follows a memorandum of understanding inked on September 23, 2025, between the Central Bank of Syria and Mastercard, aimed at advancing digital payment infrastructure and broadening financial access across the country.

Mastercard's return signals a turning point in Syria's prolonged financial isolation — the company had been largely shut out of the Syrian market for years due to sanctions and wartime restrictions, though some measures were gradually lifted. The reintegration of one of the world's largest payment networks marks a concrete step toward Syria's full reconnection to the international financial system.

The broader push comes in the wake of former President Bashar al-Assad's removal from power in late 2024, after which Syria's new leadership moved to implement political and economic reforms, foster social stability, and deepen ties with regional and international partners.

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