New family banking solution to promote smart spending

Mastercard and LikeCard, a leading e-commerce prepaid card platform in the Middle East and North Africa (MENA), have partnered to launch a new family banking solution aimed at enhancing financial literacy and responsible spending in Egypt, Saudi Arabia, and the UAE.

The AI-powered digital platform provides parents and children with a secure and seamless banking experience, allowing families to track expenses, set spending limits, and encourage smart money management habits.

Parents gain real-time oversight, while children learn financial responsibility through interactive learn-and-reward features.

“At Mastercard, we believe financial literacy is the foundation of economic empowerment. By partnering with LikeCard, we are equipping families across MENA with the knowledge and tools to build responsible financial futures. This solution reimagines banking for the digital age, fostering smarter spending and saving habits for the ‘digital natives’ generation,” said Muhammad Nana, SVP, Digital Partnerships and Enablers, Mastercard EEMEA.

Family banking solution to help inculcate good money habits

The platform’s Earn, Spend, and Save feature enables children to earn rewards for completing chores, set savings goals, and develop responsible money habits.

“LikeCard was founded to bridge financial access gaps with innovative, user-friendly digital solutions. Our collaboration with Mastercard brings an AI-driven family banking experience to the region, empowering families with financial literacy tools while enhancing security and convenience,” said Ammar Alsoos, CEO of LikeCard.

Beyond banking, the solution offers personalised savings opportunities, including cashback rewards and discounts on education, entertainment, health, and virtual investments.

Families can also access tailored financial products such as instalment plans and lending solutions, making it easier to manage expenses and plan for the future.

By embedding responsible spending tools into everyday life, Mastercard and LikeCard aim to help families across MENA build a smarter and more secure financial future together.