Brief
LuLu Money Business and Mastercard sign MoU to create SME financial ecosystem in UAE
The partnership aims to combine LuLu Money accounts, Mastercard card solutions and advisory services for UAE SMEs.
By Felo News Desk · Published
LuLu Money Business, the SME‑focused arm of LuLu Financial Holdings, signed a Memorandum of Understanding with Mastercard at Investopia Bridge in Abu Dhabi on Oct. 8, 2026. The ceremony was attended by UAE Minister of Economy & Tourism Abdulla Bin Touq Al Marri, Minister of Investment Mohamed Hassan Alsuwaidi, LuLu Financial Managing Director Adeek Ahamed and Mastercard’s Executive Vice President Mete Guney.
The MoU sets out a plan to create a more connected financial ecosystem for small and medium enterprises across the UAE. LuLu Money Business will issue accounts through Ruya, an Islamic bank licensed by the Central Bank of the UAE, while Mastercard will provide its card solutions and a suite of value‑added services.
Beyond payments, Mastercard will extend advisory and consulting expertise to LuLu Money’s SME clients. The partnership is positioned to support SMEs throughout their growth stages, from daily transactions to cash‑flow management and broader business needs.
According to the Mastercard SME Confidence Index 2026, 74 % of small‑business decision‑makers in the UAE are confident about their outlook for the next 12 months, underscoring demand for integrated financial tools.
Adeek Ahamed said SMEs are the backbone of economies and the collaboration aims to make LuLu Money a one‑stop solution. Mete Guney highlighted Mastercard’s global goal to connect 500 million people and small businesses to financial health by 2030. Ruya CEO Christoph Koster added that a regulated, Shariah‑compliant banking foundation is essential for scaling such propositions.
Key facts
- LuLu Money Business and Mastercard signed an MoU in Abu Dhabi on Oct. 8, 2026. (gulfnews.com)
- The partnership will combine LuLu Money accounts issued by Ruya with Mastercard card solutions. (gulfnews.com)
- Mastercard will provide advisory and consulting services to SME clients. (gulfnews.com)
- 74 % of UAE SMEs expressed confidence in their outlook for the next year, per Mastercard’s SME Confidence Index 2026. (gulfnews.com)
- The MoU was witnessed by UAE ministers Abdulla Bin Touq Al Marri and Mohamed Hassan Alsuwaidi. (gulfnews.com)
Sources
- [1] gulfnews.com — originally reported as “LuLu Money Business partners with Mastercard to build a connected financial ecosystem for SMEs”
