Logiq, Inc., 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.