Mastercard Trust Centre taps NowNow

Mastercard has joined forces with NowNow, a Nigerian fintech start-up, to help small and medium-sized enterprises (SMEs) in Nigeria and Angola guard against cybercrime. The partnership will provide operational support, commercial engagement, and the opportunity for strategic investment to NowNow as part of Mastercard’s Start Path Global Program, which assists later-stage start-ups in scaling up and innovating.

As part of this initiative, NowNow conducts regular web application penetration testing to prevent cyber threats and ensure that applications remain secure. The firm has also unveiled plans to expand its services to several other markets, including Liberia, Equatorial Guinea, and the United Arab Emirates.

According to the Nigerian Communications Commission, the country loses an estimated $500m annually due to cybercrime, highlighting the increased incidence of cybercrime. SMEs are highly vulnerable to cybercriminals because they do not typically have the resources to defend themselves or react effectively after a breach. Paul Trueman, Executive Vice President, Product Optimization and Customer Advancement, Cyber & Intelligence at Mastercard, stated that “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.”

Given that SMEs account for approximately 90% of businesses worldwide and more than half of the global workforce, the health and longevity of these organizations is crucial for economic growth. Mastercard’s five-year commitment of $250m to assist SMEs includes the creation of the Mastercard Trust Centre to address their cybersecurity needs. Sahir Berry, CEO of NowNow, says, “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.”