Shares of Logiq Inc (OTCMKTS:LGIQ) is trending higher in Tuesday’s trading session as investors reacting to the latest news related to a partnership Novaji Introserve. At the time of writing, LGIQ stock is moving higher by 14.20% to $3.46.
Partnership To Offer Home Delivery And Mobile Financial Services To Millions In Nigeria
Digital wallet technology company, Logiq Inc on September 20, 2021, entered into an initial agreement with value-added IT and financial services company, NovajiIntroserve, for providing mobile financial services and home delivery to millions of underbanked in Nigeria.
The company stated that Lagos-based Novaji will be deploying PayLogiq and GoLogiq platforms for offering home delivery services, point of sale, mobile digital wallet, micro-lending as well as mobile fintech products.
The first phase of engagement will entail Logiq working with Novaji’s technology as well as business teams for assessing feature and product offerings. A pilot is being aimed for launch by end of the year and would be rolling out fully in 2022.
Logiq President Brent Suen said that combining forces with Novaji ensures forays into emerging markets besides Indonesia. Suen said that Nigeria’s population of 212 million, with a large unbanked population, about 56% of the adult population, provides an opportunity for its fintech platforms and mobile commerce. Furthermore, field-proven solutions can give financial services to millions of people.
The country’s Central Bank National Financial Inclusion Strategy program has kept a target of ensuring 80% adult population having access to financial services by year-end. It is estimated that 81% of the population own a mobile phone.
