Mastercard Partners with Syria’s Central Bank to Revolutionise Digital Payments Landscape

Malaz Madani

Last updated 23-09-2025

3 min

Mastercard and the Central Bank of Syria have signed a memorandum to modernise payments.

This agreement focuses on building a national payments system with effective tech and skill transfer.

Governor Husrieh highlighted it as key for financial inclusion, echoed by Mastercard’s Adam Jones.

Despite challenges, digital finance infrastructure could greatly benefit Syrian startups and entrepreneurs.

The MoU sets the stage for future collaboration but relies on proper execution.

Mastercard has entered into a new agreement with the Central Bank of Syria, putting pen to paper on a memorandum of understanding that could reshape the country’s payments landscape. In practical terms, the deal aims to lay the groundwork for a stronger financial ecosystem, with an eye on making digital payments more accessible to ordinary Syrians and businesses alike.

The agreement outlines cooperation on a national payments system, with the two sides set to explore how Syrian banks and financial institutions might integrate more effectively. It’s not just about technology but also about knowledge transfer: training, workshops, and technical expertise are part of the package, designed to help local professionals sharpen their skills in fintech and digital payments.

Central Bank Governor Dr. Abdulkader Husrieh described Mastercard as one of the bank’s most strategic partners, stressing that the alliance will push forward Syria’s financial inclusion agenda. Adam Jones, who heads Mastercard’s West Arabia division, echoed that sentiment, framing the MoU as a step toward building an inclusive system that could serve both citizens and international travellers.

Now, whether this proves to be a seamless partnership or a bit of a faff remains to be seen. Syria’s financial landscape is uniquely challenging, and let’s be honest, I reckon scaling world-class payment tools in such an environment isn’t going to be a walk in the park. That said, laying the rails for digital finance can open crucial doors—especially when it comes to small businesses trying to modernise.

At Arageek, when we meet entrepreneurs across the MENA, we often hear how simple access to digital payments can make or break a young venture. I once sat with a founder in Amman who told me it took him nearly a year just to set up reliable cross-border payments. Imagine the boost if Syrian startups—already battling enough headwinds—could skip that struggle.

The MoU itself isn’t about immediate rollout; it’s a framework for future cooperation. Both sides have agreed to keep talking, plan joint initiatives, and look at training opportunities to move the dial. On the flip side, it’s also clear that everything hinges on execution. Big words and signatures are one thing, but for everyday people to feel the difference, infrastructure has to be built out properly.

Still, if the push succeeds, Syria could find itself better placed to connect with the global financial sphere. And believe it or not, in a region where cash remains king, that shift could be spot on for both individuals and entrepreneurs hungry for growth.

For now, the roadmap is at an early stage, but it definately signals intent: a desire to move the country’s payments system beyond the old ways of doing things, and towards something more resilient, digital, and inclusive.

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