Logiq Joins Forces with Novaji Introserve to Offer Home Delivery and Mobile Fintech Services to Millions of Underserved and Unbanked in Nigeria

Rhea-AI Summary

Logiq, Inc. (NEO: LGIQ) has announced a preliminary agreement with Novaji Introserve to deliver home delivery and mobile financial services to Nigeria's unbanked population. The partnership aims to implement Logiq’s GoLogiq and PayLogiq platforms for various fintech services, targeting a pilot program by the end of 2021 and full deployment in 2022. With 56% of Nigerian adults unbanked and 81% owning mobile phones, this initiative aligns with Nigeria's goal to enhance financial inclusion significantly.

Positive

• Partnership with Novaji Introserve to expand financial services in Nigeria.
• Opportunity to address the needs of 56% unbanked adults.
• Utilization of established GoLogiq and PayLogiq platforms for service delivery.

Negative

• None.

NEW YORK, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (NEO: LGIQ) (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, has entered into a preliminary agreement with Novaji Introserve, a value-added IT and financial services company based in Lagos, to provide home delivery and mobile financial services to millions of unbanked and underbanked people in Nigeria.

As a government-licensed value-added services and fintech provider, Novaji would deploy Logiq’s GoLogiq and PayLogiq platforms to offer home delivery services, mobile digital wallet and point of sale, micro-lending, and other mobile fintech products and services.

As part of the first phase of the engagement, Logiq is working with Novaji’s business and technology teams to determine product and feature offerings, as well as the necessary integrations and setup required to support a nationwide deployment. A pilot program is being planned for launch before the end of the year, which would set the stage for a full rollout in 2022.

Through the Central Bank of Nigeria’s National Financial Inclusion Strategy program, the country set a target to ensure 80% of Nigeria’s adult population has access to financial services by the end of the year. However, a majority of Nigerian adults still fall into the categories of underbanked or unbanked, and remain largely excluded from the country’s financial system.

About 56 million or 56% of Nigerian adults remained unbanked, while according to a recent survey, 81 percent now own a mobile phone. This presents mobile financial services as the ideal pathway to bring more of the population into the national financial system.

“Joining forces with Novaji marks our first foray into emerging markets outside of Indonesia,” stated Logiq president, Brent Suen. “Nigeria, with a population of 212 million, is one of the most populous countries in the world, yet most people don’t have bank accounts. This creates a major opportunity for our mobile commerce and fintech platforms that have been especially designed for emerging markets. These field-proven solutions can provide much-needed financial services to tens of millions across the region.”

Logiq’s digital wallet technology enables several types of financial transactions to be conducted easily and securely, including money transfers, ‘buy now, pay later’ options, receiving and repaying loans, accessing insurance, buying airtime and data, and paying bills or merchants—all conveniently on a mobile phone, anytime, anywhere.

About Novaji Introserve

Novaji Introserve is a licensed value-added service (VAS) and financial technology (FINTECH) service provider. The company is specialized in mobile financial services, digital content monetization, enterprise and financial solutions driven by a passionate team and state-of-the-art technology.

Its service offerings include Shortcode and USSD, Caller Tunes, Digital Media, ERP Solutions, and other FINTECH Solutions. For more information, visit novajii.com.

About Logiq
Logiq, Inc. is a U.S.-based leading global provider of e-commerce and fintech business enablement solutions. Its DataLogiq business provides a data-driven, end-to-end e-commerce marketing solution. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s Fixel technology offers simplified online marketing with critical privacy features.

In its AppLogiq business, Logiq’s platform-as-a-service, branded as CreateApp™, enables small- and medium-sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. CreateApp™ empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. CreateApp™ is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia. The company’s PayLogiq, branded as AtozPay™ in Indonesia, offers mobile payments, and GoLogiq, branded as AtozGo™ in Indonesia, offers hyper-local food delivery services. Connect with Logiq: Website | LinkedIn | Twitter| Facebook.

Important Cautions Regarding Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of Canadian securities legislation that relate to Logiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.

These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our competitive position in our industry, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading "Risk Factors" in the Company's Canadian Prospectus.

Logiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

Company Contact
Brent Suen, President
Logiq, Inc.
Email contact

Media & Investor Contact
Ronald Both or Justin Lumley
CMA Investor & Media Relations
Tel (949) 432-7566
Email contact

FAQ

What is the partnership between Logiq and Novaji Introserve about?

Logiq has entered a partnership with Novaji Introserve to provide mobile financial services and home delivery solutions to unbanked populations in Nigeria.

When is the pilot program for Logiq's services in Nigeria expected to launch?

The pilot program is planned for launch before the end of 2021.

What platforms will Logiq deploy in Nigeria?

Logiq will deploy its GoLogiq and PayLogiq platforms to offer various financial services in Nigeria.

How many adults in Nigeria are unbanked?

Approximately 56% of Nigerian adults, which is about 56 million people, remained unbanked.

What financial services does Logiq offer?

Logiq's services include mobile digital wallets, micro-lending, and a range of mobile fintech products.