Helping Nigerian SMEs fight cybercrime

February 27, 2023 | By Ebehijie Momoh
The world is witnessing a surge in cybercrime, and Nigeria is no exception. According to the Nigerian Communications Commission, the country loses an estimated USD0.5 billion every year due to cybercrime.

SMEs are an easy target for cybercriminals, as they typically lack the resources to protect themselves from threats or to put up effective defenses once they have been breached.

The health and sustainability of SMEs is essential for economic prosperity. According to the World Bank, SMEs represent about 90% of companies worldwide and employ more than 50% of the global workforce.

As Mastercard brings the next 50 million micro and small enterprises – with a focus on 25 million women entrepreneurs – into the digital economy by 2025, it is vital that business owners feel as safe from cybercrime as possible. Companies large and small deserve the peace of mind to operate, knowing that they are being kept secure.

The Mastercard Trust Center helps SMEs to defend their critical assets, business, and reputation by providing online access to cybersecurity research, curated education, resources, and tools from Mastercard and trusted external sources. Recognizing that each company has its own unique needs, the Center provides a tailored approach. From budding entrepreneurs starting to explore the topic of cybersecurity to established business owners keen to expand their knowledge, everyone can find relevant information on the platform.

Mastercard is building synergies with external businesses, non-profit organizations, and governments to bring the Mastercard Trust Center to SME communities across the globe.

To help SMEs in Nigeria reduce the risk of cyberattacks, Mastercard has partnered with homegrown digital payment startup NowNow. The company supports small businesses with regular web application penetration tests to ensure they are not vulnerable to any cyber threats.

As part of its global program Start Path, designed to help later-stage startups innovate and scale, Mastercard provided NowNow with operational support, commercial engagement, and the opportunity for strategic investment.

Photo of Ebehijie Momoh
Ebehijie Momoh, Country Manager and Area Business Head, West Africa, Mastercard