Syrian President makes first international Visa transaction in Syria

Syrian President Ahmed Al Shara made history on Wednesday by conducting the country's first international Visa transaction in Damascus, signaling the nation's progress towards reintegration with the global financial services system. Visa collaborated with Fransabank Lebanon and Paymera to facilitate the transaction, as announced by the company following a December agreement with Syria's central bank.

President Shara swiped the card in the presence of Central Bank Governor Mohammed Safwat Raslan, who described the event as a "new beginning." The US State Department's decision to remove Syria from its list of state sponsors of terrorism earlier in the week was seen as a significant milestone, removing a major obstacle to the country's economic recovery.

The removal is anticipated to facilitate relationships between Syrian banks and international lenders, as well as attract foreign investment to Syrian companies. Raslan highlighted that the transaction paves the way for international card acceptance in Syria and will support transactions for international visitors.

Raslan emphasized that the Central Bank of Syria views modernizing the national payments ecosystem and its integration with international payment systems as crucial for Syria's broader financial infrastructure modernization. He stressed that maintaining strong compliance, risk management, and operational controls remains essential to safeguard the integrity of payment and settlement operations and bolster confidence in the payment ecosystem.

Since the fall of the Assad regime in 2024, Syria has been actively working to rejoin the global economy. In June of last year, the country conducted its first electronic transfer via the Swift system, a secure global messaging network that enables banks and financial institutions to send and receive payment instructions for international transactions.

Following the US repeal of the Caesar Act in December, the European Union lifted economic sanctions on Syria in May, further facilitating the nation's integration into the global economy.

Visa's Senior Vice President Leila Serhan noted that the company has taken significant steps to support the reintroduction of digital payments in Syria and increased participation in the global digital economy, all while adhering to legal, regulatory, and compliance requirements. She expressed the company's intention to enable international visitors to use their Visa cards while in Syria.