Mastercard announced that QNB Group, the largest financial institution in the Middle East and Africa, was granted a Mastercard license to extend its issuing and acquiring activities in Syria, enabling it to provide Mastercard payment solutions - accepted locally and internationally- to individuals and businesses.
The move, which follows the memorandum of understanding signed between Mastercard and the Central Bank of Syria in September to support the modernization of the country’s digital payments infrastructure, will expand access to seamless, secure and innovative digital transactions.
The alliance marks an important milestone for Mastercard and QNB in their joint efforts to enhance digital banking experience, drive financial inclusion and create new opportunities through technology.
This collaboration also reflects QNB’s commitment to spearheading digital innovation across its international network and underscores QNB Group’s dedication to fostering more resilient growth in this high potential market. Together, QNB and Mastercard aim to contribute to the evolution of Syria’s payments landscape.
“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,” said Adam Jones, division president, West Arabia, Mastercard.
QNB Group Chief Business Officer Yousef Mahmoud al-Neama said: “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 modernisation of the banking sector in this sisterly country