MasterCard Trust Center partners with Nigerian fintech NowNow to improve cyber security for SMEs
Mastercard has partnered with Nigerian digital payments startup NowNow to help small and medium-sized businesses reduce the risk of cyberattacks.
There has been a significant increase in cybercrime in recent years. According to the Nigerian Communications Commission, Nigeria loses an estimated US$500,000,000 (five hundred million US dollars) annually to cybercrime.
SMBs are a major target for cybercriminals as they typically do not have the resources to defend themselves or act accordingly once they have been breached. NowNow supports small and medium-sized businesses with regular web application penetration tests to ensure that applications are not vulnerable to cyber threats. It is currently available in Nigeria and Angola and is expanding to several other markets (Equatorial Guinea, Liberia and the UAE).
As part of the Mastercard Start Path Global Program, which is designed to help later-stage startups innovate and scale, NowNow received operational support, commercial engagement and the opportunity for strategic investment.
“As Mastercard brings the next billions into the digital economy, it’s important that business owners feel as safe and secure from cybercrime as possible. Our partnership with NowNow is key to achieving this. Whether large or small, businesses deserve the peace of mind to operate knowing they are being kept safe, said Paul Trueman, Executive Vice President, Product Optimization and Customer Advancement, Cyber & Intelligence at Mastercard.
The health and sustainability of SMEs is crucial for economic prosperity. According to the World Bank; SMEs represent approximately 90% of businesses globally and employ more than 50% of the global workforce.
Recognizing the devastating impact of COVID-19 on SMBs, Mastercard committed US$250,000,000 (two hundred and fifty million US dollars) over five years to assist SMBs, including the establishment of the MasterCard Trust Center to address their cybersecurity needs.
Sahir Berry, CEO of NowNow says: “Like Mastercard, NowNow is committed to driving financial and digital inclusion by building an ecosystem that digitizes payments and creates access to financial services for businesses, governments and customers in rural and urban communities using the simplified branchless banking initiative. We are excited to partner with the Mastercard Trust Center to help our customers improve the security of their cyber ecosystem, and better protect themselves from cybercriminals.”
The Mastercard Trust Center is a microsite on the Mastercard.com website. It helps small and medium-sized businesses defend their critical assets, business and reputation by providing online access to trusted cybersecurity research, curated education, resources and tools from Mastercard and trusted third-party sources. Recognizing that every business has unique needs, the Mastercard Trust Center offers a tailored approach, whether they are entrepreneurs starting to learn about cybersecurity, or business owners expanding their knowledge or mastering cybersecurity.
Mastercard is developing partnerships with external businesses such as NowNow, non-profits and governments to bring the Mastercard Trust Center to its partners’ SME communities.
