Herconomy - This female-focused fintech is on a mission to salvage women in Nigeria from financial constraints
Nigerian largest women-led fintech Herconomy
recently hosted a media event where the company unveiled a new
way for women to bank and save money.
Herconomy, provides women with the resources they need
to thrive, save money, and take advantage of opportunities. The network connects
women with professionals and industry experts, as well as providing financial
services, capacity-building opportunities, and other possibilities to a network
of over 60,000+ participants, with the aim of financially empowering 1 million
women by 2025.
Ife Durosinmi-Etti, the founder of Herconomy, launched
the "Each Woman Bring One" Campaign as a means of inspiring women to
save collectively and have access to more opportunities.
The percentage of women in Nigeria who have bank
accounts in any conventional financial institution has climbed in the last
few years from 24% to 35%, the highest in the past ten years, according to the
2021 Global Findex Report by the World Bank. The "Each Woman Bring
One" campaign recognizes that, despite the fact that 35% is still a very
low number, technological innovation has been the primary driver of this
growth.
The products and services of Herconomy were summarized
in a video demonstration of the Herconomy app by its associate product manager Opral
Ogbuigwe. These products and services, which range in diversity and can be
evaluated in less than two minutes after an onboarding process, include Vault,
Float, Plans, Accountability Partners, and Discounts.
Herconomy also unveiled their preparations for World
Savings Day 2022, which occurs on October 31 every year.
The group's most recent funding was far back in 2021
when it announced the completion of a $600,000 pre-seed round in
order to increase the range of products available on its marketplace.
Members of the Herconomy community, the venture
capital firm Oui Capital, and a number of angel investors led the pre-seed
round. These investors included Zephans & Co. CEO Nkiru Ayemere, Ehi
Onwudiwe, Director of Business Transformation at Ernst & Young, Ope
Makinwa, Head of Reserve at Diageo, and Ama Akpata, co-founder of Jand2Gidi,
among others. Ife Durosinmi-Etti, the founder and CEO, claimed that within
24 hours of the round beginning, the organization had pledges totaling $5.7
million from 509 community members; nevertheless, it only chose to accept the
$600,000 it required to scale.
About
Herconomy
Herconomy is the largest female-focused and women-led
fintech in Nigeria. It is also the largest community for Nigerian women.
Herconomy, was created to provide women with the resources they need to
succeed, change the way they handle their money, and create the life they
desire.
Herconomy connects its members with financial
professionals for insightful guidance on retirement planning, investing, and
saving. It enables individuals to enhance their professional abilities and
succeed in their career or entrepreneurial journey by giving them access to
informative trainings and resources encompassing the most sought-after skills.
By giving them access to fresh investments, funds,
grants, and scholarships, it also helps them broaden their horizons. Currently,
Herconomy has a sizable network of more than 60,000 women.
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