The Mastercard and NowNow alliance is announced at a time when cybercrime has significantly increased in recent years. Figures provided by the Nigerian Telecommunication Commission emphasize this issue. According to the commission, Nigeria loses an estimated $500 million annually due to cybercrime.
It has frequently been observed that SMEs are common targets for cybercriminals. They are targeted more frequently than larger organizations since they are less likely to have the means to protect themselves. SMEs are also less likely to respond appropriately to breaches because they lack established mechanisms for doing so.
NowNow conducts routine web application penetration tests in an effort to safeguard Businesses. These tests aim to guarantee that SMEs’ apps are not exposed to any online risks. Already accessible in Nigeria and Angola, the startup’s product will soon be offered in more regions.
Also, NowNow is the only startup from Africa taking part in the most recent Mastercard Start Path Global Program. The initiative is meant to support scaling and innovation in later-stage firms. The initiative provided NowNow with operational assistance, commercial engagement, and the chance for strategic investment.
Moreover, the alliance seeks to increase partner Businesses’ access to the Mastercard Trust Center. Mastercard built the center as part of its $250 million pledge to assist SMEs after the consequences of COVID-19 severely hurt firms in order to help them handle cybersecurity risks.
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Paul Trueman serves as Mastercard’s executive vice president of product improvement, customer advancement, cyber security, and intelligence.
As Mastercard draws the next billion people into the digital economy, it is critical that company owners feel as secure and safe from cybercrime as possible, according to Trueman, who outlined the need to safeguard SMEs. The key to doing this is our collaboration with NowNow. Businesses of all sizes should be able to operate with confidence knowing that they are protected.
The partnership’s goals were also mentioned by Sahir Berry, CEO of NowNow. Berry declared: “Like Mastercard, NowNow is dedicated to promoting financial and digital inclusion by establishing an ecosystem that digitalizes payments and expands access to financial services for organizations, governments, and clients in rural and urban communities. This is done by utilizing streamlined branchless banking initiatives.
“We are thrilled to join with the Mastercard Trust Center to assist our clients in enhancing the security of their digital environment and enhancing their level of protection from online fraudsters.”