Decision 259
The Central Bank of Syria has issued Decision No. 259, authorizing electronic payment companies and financial institutions in the country to deal with the Visa and Mastercard networks. The move opens a formal regulatory path for licensed firms in Syria to engage directly with the world's two largest international card schemes.
The central bank presents the decision as a turning point in the development of the financial sector, framing card-network access as part of the regulated, supervised activity of the country's payment institutions.
Who the Decision Covers
The text applies to electronic payment companies and financial institutions that operate under the central bank's supervision. It clears them to establish commercial and technical relationships with the two card networks, without naming individual banks or processors.
The decision does not specify a timeline. Activation will hinge on bilateral agreements between Syrian institutions on one side and Visa and Mastercard on the other, alongside the technical and compliance onboarding each network typically requires before issuing or acquiring activity can begin.
Payment Infrastructure and Inclusion
The central bank ties Decision 259 to a broader plan to strengthen the country's payment infrastructure. Its stated objectives include widening financial inclusion and facilitating financial operations both inside Syria and across borders.
For households and merchants, the framing positions international card networks as a complement to existing transactions in the Syrian pound (SYP) and the US dollar (USD), rather than a substitute for them.
Digital Economy Signal
The central bank positions Decision 259 as a building block of a more modern and efficient digital economy and as a step toward integrating the Syrian market into the global financial system.
The decision sets the regulatory frame. The concrete impact for cardholders and merchants will depend on how quickly licensed institutions begin to issue cards and process transactions on the Visa and Mastercard rails.