Syrian President Ahmed Al Shara Completes Country's First International Visa Transaction

Syrian President Ahmed Al Shara has carried out the country's first international Visa transaction as Damascus continues to reintegrate with the global financial services system.

Visa worked with Fransabank Lebanon as the acquiring financial institution and Paymera for the transaction, the company said in a statement. The company had announced in December that it would return to Syria after signing an agreement with the country’s central bank.

Mr Shara swiped the card in the presence of Syrian Central Bank governor Mohammed Safwat Raslan, who called the event a "new beginning".

"For the first payment transaction using a Visa card to take place in the heart of Damascus the day after Syria's name was removed from the list of state sponsors of terrorism, is — for me — a feeling that's hard to sum up in words," Mr Raslan said.

The US State Department officially removed Syria from its list of state sponsors of terrorism, clearing a major obstacle in the economic recovery of Damascus. This move is expected to simplify the process for Syrian banks to establish relationships with international lenders and for companies to attract foreign investment.

The latest Visa transaction paves the way for international card acceptance in Syria and will support transactions for international visitors, according to Mr Raslan.

“The Central Bank of Syria views the modernisation of the national payments ecosystem and its greater integration with international payment systems as an important part of the broader modernisation of Syria’s financial infrastructure," he said, adding that maintaining strong compliance and risk management remains essential.

Syria has begun to accelerate the global reintegration of its economy following the toppling of the Assad regime in 2024 and under the government led by Mr Al Shara. In June last year, the country completed its first electronic transfer via the Swift system, which allows banks and financial institutions to send and receive payment instructions for international transactions, following a 14-year exclusion during the civil war.

In December, US President Donald Trump repealed the Caesar Act to pave the way for more investment, while the European Union removed economic sanctions in May to support Syria's reintegration into the global economy.

"Over the past several months, we have taken important steps to support the reintroduction of digital payments in Syria and greater participation in the global digital economy within applicable legal, regulatory and compliance requirements," said Leila Serhan, senior vice president at Visa. "We plan to enable international visitors to use their Visa cards while in Syria."