Mastercard announced that it has granted QNB Group a license to issue and acquire Mastercard‑branded payment solutions in Syria, giving the bank the authority to offer cards and digital payment services that are accepted both locally and internationally.
The move marks Mastercard’s first formal entry into the Syrian market, a country that recently re‑opened to international financial services after the resumption of SWIFT connectivity in June. By partnering with QNB Group, the largest financial institution in the Middle East and Africa, Mastercard gains immediate access to an established branch network, local expertise, and a customer base that can be leveraged to roll out its high‑margin value‑added services.
For Mastercard, the license expands its global acceptance footprint and positions the company to capture remittance and cross‑border transaction volumes in a post‑sanctions economy. The partnership also signals a competitive push, as Visa has announced a similar digitization plan with the Central Bank of Syria, indicating a growing opportunity for international payment networks in the region.
QNB Group benefits from the deal by broadening its product portfolio and strengthening its digital banking capabilities. The bank’s existing presence in Syria, dating back to 2009, provides a foundation for rapid deployment of Mastercard‑branded cards and mobile payment solutions, potentially increasing its market share and revenue streams in the country.
The announcement also highlights several headwinds. Syria’s economy still faces liquidity shortages, outdated banking systems, and ongoing geopolitical risks. Regulatory hurdles and the pace of digital adoption remain uncertain, and the company must navigate the complex sanctions environment while ensuring compliance with international standards.
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