Mastercard has signed a MoU with the Central Bank of Syria to collaborate on the development of a national payments ecosystem in the country.
The agreement marks a step towards exploring ways to advance Syria’s digital payments capabilities.
The partnership will examine opportunities to expand access to essential financial services for the population and reflects a shared objective of promoting inclusion, resilience, and opportunity through technology.
The collaboration is expected to explore integration opportunities among Syrian banks and other financial institutions, in line with international best practices.
It will also facilitate knowledge transfer through on-site training and technical exchanges to develop local expertise in digital payments and financial technology.
“The formal signing of this MoU establishes a collaborative framework for sharing and exchanging expertise to strengthen our country’s payments infrastructure and advance our financial inclusion agenda. Undoubtedly, our alliance will make great strides in the economic empowerment of our people and businesses,”
said Dr Abdulkader Husrieh, Governor of the Central Bank of Syria.
“We welcome the opportunity to work with the Central Bank of Syria and the Government of Syria to explore opportunities to create a payments system that works for both local citizens and international travellers in this high-potential market,”
said Adam Jones, Division President, West Arabia, Mastercard.
The MoU provides an initial framework for cooperation between the Central Bank of Syria and Mastercard, focusing on the exchange of expertise and knowledge and the exploration of international best practices in digital payments.
Future steps may include training programmes, technical workshops, and joint initiatives to promote financial inclusion and strengthen payment infrastructure.
Both parties have indicated that the MoU is a foundational step towards broader partnerships aimed at supporting individuals, businesses, and Syria’s economic development.
Featured image credit: Mastercard
