SMEs and Ventures

Fintech startup NowNow and Mastercard Trust Centre partner to improve cybersecurity for SMEs

To help SMEs lower the risk of cyberattacks, Mastercard has teamed with NowNow, a Nigerian startup that specializes in digital payments.

Cybercrime has significantly increased over the past few years. Nigeria loses an estimated USD500,000,000 (Five Hundred Million United States Dollars) year as a result of cybercrime, according to the Nigerian Communications Commission.

Because they frequently lack the resources to defend themselves or to respond appropriately after a breach, SMEs are a major target for cybercriminals. Regular web application penetration examinations by NowNow help SMEs make sure their programs are secure from online attacks. It is currently offered in Nigeria and Angola, and it is gaining popularity in a number of other markets (Equatorial Guinea, Liberia, and UAE).

NowNow received operational support, commercial engagement, and the chance for strategic investment as a part of the Mastercard Start Path Global Program, which is intended to aid later-stage businesses in innovating and growing.

“It is crucial that company owners feel as secure and safe from cybercrime as possible as Mastercard draws the next billion people into the digital economy. The key to accomplishing this is our collaboration with NowNow. Businesses of all sizes should have the assurance that they are protected so that they can function with confidence, according to Paul Trueman, Executive Vice President of Product Optimization and Customer Advancement, Cyber & Intelligence at Mastercard.

For an economy to grow, SMEs must be strong and resilient. The World Bank estimates that SMEs account for 90% of all enterprises worldwide and employ more than 50% of the labor force.

Mastercard pledged USD250,000,000 (Two Hundred and Fifty Million United States Dollars) over a five-year period to assist SMEs in response to the devastating effects of COVID-19, including the establishment of the Mastercard Trust Centre to address their cybersecurity concerns.

According to NowNow CEO Sahir Berry, “Like Mastercard, NowNow is committed to fostering financial and digital inclusion by creating an ecosystem that digitizes payments and expands access to financial services for organizations, governments, and customers in rural and urban communities through streamlined branchless banking initiatives. We are thrilled to collaborate with the Mastercard Trust Center to assist our customers in enhancing the security of their online ecosystem and enhancing their level of protection against online fraudsters.

On the website, there is a microsite called the Mastercard Trust Centre. By giving online access to reliable cybersecurity research, tailored education, resources, and tools from Mastercard and reliable external sources, it aids SMEs in protecting their vital assets, businesses, and reputation. The Mastercard Trust Centre offers a tailored approach for business owners who are extending their understanding of cybersecurity or mastering it since it understands that every company has specific demands.

To deliver the Mastercard Trust Centre to the SME communities of its partners, Mastercard forms alliances with external companies like NowNow, nonprofits, and governments.

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