Inspect the masonry wall to determine why the paint is peeling. Check the wall for excessive moisture. Look for water leaks, especially where there are holes or mortar missing in joints. Moisture is a common problem. If you can't find moisture problems, the paint may be low-quality. It's also possible that the masonry wasn't properly prepared. There's no remedy for bad paint or preparation, except to repaint the wall properly.
Repair any holes in the wall with mortar or caulk. Remove dirt and debris on the area to be repaired with a stiff wire brush. If you use mortar, mix it with water in a bucket, according to the manufacturer's directions. Use a trowel to fill the holes completely. Apply caulk by squeezing the tube or with a gun. Allow the mortar or caulk to cure thoroughly before you proceed.
Look for leaks or causes of excessive moisture in the roof above the masonry wall. Clean out gutters and downspouts. Repair any leaks you may find.
Clean the rest of the masonry wall with a stiff wire brush. Scrape off peeling paint, dirt and debris. Refer to the manufacturer's directions on the masonry sealer to determine if the surface needs further preparation.
Put on long-sleeves and long pants to protect your skin from the products you're about to use. Wear safety goggles and an air mask too.
Apply a good quality mortar sealer with a brush, roller or a sprayer.
Apply a good quality primer to the masonry wall with a brush or roller. The primer may also be sprayed on.
Apply a quality masonry paint to the wall. The paint may need to be stirred before it's used. Use a roller or brush to apply the paint.