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 service 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 specially 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.
Logiq Inc. (NEO:LGIQ)(OTCQX:LGIQ) 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.
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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.
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