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Mastercard Trust Centre Partners with Nigerian fintech Startup NowNow to SME’s Cybersecurity

February 18, 2023

Mastercard has partnered with Nigerian digital payment startup NowNow, to help SMEs 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 USD500, 000, 000 (Five Hundred Million United States Dollars) yearly due to cybercrime.

SMEs are a huge target for cybercriminals as they typically do not have the resources to defend themselves or to act accordingly once they have been breached. NowNow supports SMEs with regular web application penetration tests to ensure that applications are not vulnerable to any cyber threats. It is currently available in Nigeria and Angola and is expanding into several other markets (Equatorial Guinea, Liberia, and UAE).

As part of the Mastercard Start Path Global Program, which is designed to help later-stage startups innovate and scale, NowNow was provided with operational support, commercial engagement, and the opportunity for strategic investment.

“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,” said Paul Trueman, Executive Vice President, Product Optimization and Customer Advancement, Cyber & Intelligence at Mastercard.

The health and sustainability of SMEs is essential for economic prosperity. According to the World Bank; (https://www.worldbank.org/en/topic/smefinance), SMEs represent about 90% of businesses globally and employ more than 50% of the global workforce.

Recognizing the devastating impact of COVID-19 on SMEs, Mastercard committed USD250, 000, 000 (Two Hundred and Fifty Million United States Dollars) over a five-year period to help SMEs, including establishing the Mastercard Trust Centre 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 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.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

NowNow, A Nigeria-based Digital System Startup, Raises $13M Seed

September 9, 2022

NowNow, a Nigerian digital system company, has received a seed round of $13 million.

NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi led the fundraising round.

With the additional capital, the business plans to increase financial inclusion and empowerment across Africa, as well as develop new products that will complement its present services.

“Today we announce that we have moved to the next stage of our commitment to drive financial access and empowerment for Africans at the last mile. With the secured funding, we look to not only provide services that include everyone financially but also upscale our agile ecosystem which ensures that our multidimensional offering remains a market leader. The credit facility will also support our unique strategy to advance financial inclusion and independence through financial education. The interest and backing of our investors will enable us to grow our world-class team as we would be unveiling innovative products and services,” the CEO and Co-founder, Sahir Berry, said.

Why The Investors Invested

Gary Peters, the managing partner of Capital V Ltd, said:

“One of the key elements that propelled us to invest in NowNow through one of our funds is based on the founders’ tenacity to grow the company to a viable level, as well as overcoming many challenges and market cycles since its inception in 2018. Its core business and vision of digitizing the African region through facilitating daily payment services is also another important element. Whenever we meet a company founder like Sahir Berry, whose leadership’s vision aligns with Capital V’s fund of funds strategy to back disruptive and high-potential start-ups, especially in emerging markets like Africa, the decision process becomes easier.”

A Look At What The Startup Does

NowNow, founded in 2018 by Mahesh Nair and Sahir Berry, is a Fintech platform that allows users to easily send and receive money, acquire airtime, and pay bills.

It stated that it focuses on increasing financial inclusion in Africa and bridging the gap between the banked and unbanked in Nigeria.

The business stated that it has always worked tirelessly to deliberately develop a dynamic ecosystem of experiences within and outside mobility for its customers.

NowNow digital system

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert