Mastercard and LikeCard introduce family banking platform in MENA

The main goal of this partnership is to launch a digital family banking solution aimed at promoting financial literacy and responsible spending. 

The initiative provides families with a digital banking experience that allows parents to monitor spending while helping children develop financial management skills.

Features and financial education tools 

The platform, accessible through a smartphone app, incorporates AI-driven financial tools designed to assist families in tracking expenses, setting spending limits, and teaching money management. Parents have access to real-time transaction oversight, while children engage with interactive features that reinforce positive financial habits. 

An important component of the platform is the Earn, Spend, and Save feature, which enables children to receive rewards for completing chores, establish savings goals, and practise responsible spending. Additionally, the service includes cashback offers, discounts on various services such as education and entertainment, and access to financial products like instalment plans and lending options. 

Regarding these new developments, a Mastercard representative stated that financial literacy is essential for economic empowerment, adding that the collaboration with LikeCard provides families in the MENA region with tools to encourage smarter financial decision-making. The official described the platform as a modern approach to banking that supports digital-native users in developing prudent financial habits. 

In turn, LikeCard officials noted that the company was founded to address financial access challenges through digital solutions. They highlighted the partnership with Mastercard as a step towards delivering AI-powered family banking tools that improve security, financial awareness, and convenience for users across the region. By integrating financial education into daily transactions, the initiative aims to support families in MENA in managing their finances more effectively while supporting responsible spending behaviour.