Syrian President makes first international Visa transaction in Syria

In a landmark move, Syrian President Ahmed Al Shara conducted the nation's inaugural international Visa transaction within Syria's capital, Damascus. The financial institution behind the transaction was Fransabank Lebanon, with Paymera facilitating the operation. Visa revealed the development in a statement, emphasizing the significance of this milestone. Notably, Al Shara performed the transaction in the presence of Syrian Central Bank Governor Mohammed Safwat Raslan, who hailed it as a "new beginning."

The US State Department recently removed Syria from its list of state sponsors of terrorism, a critical step towards the country's economic recovery. This decision is anticipated to facilitate stronger partnerships between Syrian banks and international lenders, as well as encourage foreign investment. Raslan elaborated on the implications, stating that the Central Bank of Syria views the modernization of the national payments ecosystem and its integration with international payment systems as crucial to the broader financial infrastructure overhaul in Syria.

The Central Bank of Syria aims to bolster the overall integrity of payment and settlement operations by upholding rigorous compliance, risk management, and operational controls. Syria has been making strides towards global reintegration since the fall of the Assad regime in 2024. Earlier this year, the country successfully completed its first electronic transfer via the Swift system, a secure global messaging network for international transactions that Syria had been excluded from for 14 years during the civil war.

In December, the US lifted the Caesar Act, opening the door for increased investment opportunities. Similarly, the European Union removed economic sanctions in May, furthering Syria's efforts to rejoin the global economy. Visa's senior vice president, Leila Serhan, expressed the company's commitment to enabling international visitors to utilize their Visa cards while in Syria, further promoting the country's economic resurgence.