Mastercard and Nigeria-based digital payment startup NowNow have begun a partnership aimed at supporting Small and Medium-scale Enterprises (SMEs) in combating cyberattacks.
The duo plan to achieve this by providing free materials to SMEs to help educate and intensify their cybersecurity ecosystem.
The agreement between Mastercard and NowNow comes amid major rises in cybercrime in recent years. Figures supplied by the Nigerian Telecommunication Commission underscore this issue. According to the commission, Nigeria loses an estimated $500 million every year as a result of cybercrime.
Businesses have frequently been discovered to be preferred targets for cybercriminals. They are targeted more frequently than larger organisations since they are less likely to have the resources to protect themselves. SMEs are also less likely to respond appropriately following breaches because they lack established mechanisms for doing so.
With regular web application penetration tests, NowNow tries to protect SMEs.
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Such assessments aim to verify that the applications of SMEs are not subject to cyber threats. The startup’s service is presently available in Nigeria and Angola, with hopes to expand into additional areas in the near future.
NowNow is also the first African start-up to be accepted into the most recent Mastercard Start Path Global Program. The initiative is intended to assist later-stage entrepreneurs in their efforts to innovate and scale. The initiative provided operational support, commercial engagement, and the chance for strategic investment to NowNow.
The collaboration also intends to improve access to the Mastercard Trust Centre for its partner Firms. Mastercard launched the centre to assist SMEs in addressing cybersecurity threats as part of its $250 million pledge to assist SMEs following the devastating effects of covid-19.
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Mastercard’s And NowNow’s Support For SMEs
Paul Trueman is Mastercard’s executive vice president of product optimisation and customer advancement, cyber and intelligence.
Mastercard’s executive vice president of product optimisation and customer advancement, cyber and intelligence is Paul Trueman.
“As Mastercard brings the next billion people into the digital economy, it is vital that business owners feel as secure and safe 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 that they are being kept safe.”
On his part, Sahir Berry, CEO of NowNow, explained the firm’s dedication to digitally easing financial payments.
According to Berry, “Like Mastercard, NowNow is committed to driving financial and digital inclusion by creating an ecosystem that digitises payments and provides access to financial services for businesses, governments, and customers in rural and urban communities through simplified branchless banking initiatives.”
“We are excited to partner with the Mastercard Trust Centre to help our customers improve the security of their cyber ecosystem and better protect themselves from cyber criminals.”
About NowNow
NowNow Digital Systems Limited was established in 2018 by Sahir Berry (CEO) and Mahesh Nair (COO). Sahir was previously the Managing Director of Sportwagen Performance New Delhi. Mahesh has over 15 years of diverse worldwide experience, with prior stints at Airtel and Vodacom and competence in handling high revenue producing business throughout African and Indian markets.
NowNow is an African B2B and B2C Digital Payments firm with the objective of providing world-class financial services to SMEs, Agents, and Consumers. It is developing the best technology in the world to digitise cash payments and create financial empowerment for Africans to live better lives.
NowNow seeks to abolish the traditional banking experience by constructing an ecosystem that digitises payments and provides access to financial services for businesses, governments, and customers in rural and urban locations through simplified branchless banking efforts.
Nigerian fintech, NowNow raises $13million seed funding to boost financial inclusion
Mastercard Trust Center
The Mastercard Trust Centre is a subsidiary of Mastercard. It assists SMEs in defending their essential assets, business, and reputation by giving online access to reputable cybersecurity research, tailored education, resources, and tools from trusted external sources and payment platforms.
Understanding that each organisation has distinct needs, the Trust Centre offers a tailored approach, whether they are entrepreneurs learning about cybersecurity for the first time or business owners extending their expertise or mastering cybersecurity.
Mastercard forms alliances with external firms such as NowNow, non-profit organisations, and governments to offer the Mastercard Trust Centre to the SME communities of its partners.