Mastercard has granted QNB Group a licence to extend its issuing and acquiring activities in Syria, the payment network announced.
The licence will enable QNB Group, the largest financial institution in the Middle East and Africa, to provide Mastercard payment solutions to individuals and businesses in Syria. The solutions will be accepted locally and internationally.
The announcement follows a memorandum of understanding signed between Mastercard and the Central Bank of Syria in September. The memorandum aimed to support the modernisation of Syria’s digital payments infrastructure.
The partnership will expand access to digital transactions in the country.
Mastercard and QNB Group partner to bring digital payments to Syria
The alliance marks a milestone for Mastercard and QNB in their efforts to enhance digital banking experience and drive financial inclusion in Syria. The companies said the collaboration will create opportunities through technology.
The partnership reflects QNB’s commitment to digital innovation across its network. QNB Group said the move demonstrates its dedication to fostering growth in the market.
The companies said they aim to contribute to the evolution of Syria’s payments landscape.
Adam Jones, division president for West Arabia at Mastercard, said the company is deepening its commitment to Syria.
“At Mastercard, we are deepening our commitment to Syria as early investors in a market undergoing meaningful transformation. By empowering our partner banks, we are enabling millions of citizens to access modern financial services and laying the foundations for a robust, future-ready payments ecosystem. Our work supports the country’s vision for sustainable economic progress, delivered with full respect for regulatory and compliance standards,” Jones said in a statement.
He said Mastercard’s work in Syria supports the country’s vision for development while maintaining compliance with standards.
“We are proud of this new step, which comes within the strategic plans of QNB Group to expand its business in the region, as the Syrian market he is seen as economically promising , given the development and modernization of the banking sector in this sisterly country,” Yousef Mahmoud Al-Neama, Group Chief Business Officer at QNB Group added.
