A Presidential Decision on Payments
The Central Bank of Syria has adopted a national electronic payment system under Decision No. 1124, issued by the General Secretariat of the Presidency. The step, announced on 18 August 2026, sets out a legal framework for licensing and supervising electronic payment activity across the country.
Officials described the aim as building a modern national payment infrastructure and widening the payment options available to citizens and businesses. Cash transactions in Syrian pounds (SYP) are to continue alongside the new digital channels rather than being phased out.
Three Licensed Categories
The framework defines three types of licensed entities: payment service providers, electronic money service providers, and operators of payment systems. Each category must obtain authorization from the central bank and falls under its supervision before it can begin operating.
Grouping these activities under a single licensing regime is intended to make clear which firms may move money electronically and on what terms they operate.
Governance and Cybersecurity
The system establishes requirements for corporate governance, standards for cybersecurity, and protections for users of digital payment services. It also provides for a regulatory sandbox, allowing new financial technologies to be tested under supervision before any wider rollout.
Building on Card Access
The measure follows a decision in May 2026 that allowed licensed financial institutions and electronic payment companies to work with international card networks such as Visa and Mastercard. Taken together, the two steps point toward a gradual expansion of formal, traceable payment channels in an economy where cash remains central.
Reach for Households and Firms
By setting out who may issue electronic money and operate payment platforms, the framework is meant to bring more transactions into regulated channels. The central bank has signaled that cash will stay in use, positioning the electronic system as an added option rather than a replacement.