By Ngozi Egenuka
The call for women’s financial independence took center stage at the Herconomy Conference 2025, themed, ‘Wealth Building to Break Systemic Barriers’, where global and local leaders emphasised the urgent need for economic empowerment as a driving force for sustainable development.
Founder and CEO, Herconomy, Ife Durosinmi-Etti, reaffirmed the organisation’s mission to serve as a wealth-building partner for women. She highlighted statistics that illustrate the financial challenges women face in Africa, where 76 per cent lack access to conventional financial products. “Even among those who are banked, only 10 per cent reinvest in opportunities that generate more wealth,” she revealed, attributing this to financial illiteracy and limited access to resources.
She noted that Herconomy has taken significant strides in addressing these gaps through technology-driven financial services, including high-yield savings accounts, financial education programmes, and business grants. Since the launch of its mobile app in 2022, the platform has facilitated over four billion Naira in collective savings for its members and distributed grants to over 60 women entrepreneurs. “We are not just a financial platform—we are a movement,” Durosinmi-Etti affirmed.
Representing Lagos State Governor Babajide Sanwo-Olu, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, lauded Herconomy’s efforts in bridging the financial inclusion gap. She stressed the state government’s commitment to empowering women through various initiatives, including micro-enterprise support programmes and vocational training.
“Financial inclusion is not just an economic necessity; it is a fundamental human right,” she declared, calling on stakeholders from both the public and private sectors to collaborate in advancing gender-sensitive policies.
Public Affairs Officer, United State Consulate in Lagos, Julie McKay, highlighted the significance of investing in women’s financial freedom, noting that economies thrive when women do.
“Women have always been wealth builders, but now they are receiving the recognition, resources, and support needed to lead on their own terms,” she stated. Citing a Forbes report, McKay pointed out that companies with more women in leadership deliver a 35 per cent higher return on equity, emphasising that women’s economic contributions are more than just a slogan, but backed by data.
She noted that the United States government, through initiatives such as the Women’s Global Development and Prosperity Initiative and the Academy for Women Entrepreneurs, has been actively empowering women in Nigeria by providing training, mentorship, and access to capital. With almost 900 women entrepreneurs already benefiting from these programs, McKay encouraged more women to participate, reinforcing America mission’s commitment to supporting financial inclusion for women.
Group Managing Director, NedcomOaks Group, Dr. Kennedy Okonkwo, underscored the impact of financial literacy and empowerment, adding that women are natural wealth builders, while referencing his wife’s pivotal role in their multiple business empire. The conference also witnessed a strategic partnership between NedcomOaks and Herconomy, to help women acquire properties.
First lady, Ogun State, Mrs. Bamidele Abiodun, represented by Non-Executive Director, Development Bank of Nigeria, Mrs. Folakemi Fatogbe, said the event ignites transformation, helps to reshape our collective future and empowers women across the society, adding that empowering a woman financially uplifts a nation.
She however noted that the barriers women face in wealth creation are deeply systemic, from limited access to credit and land ownership to digital exclusion and gender biased social norms, which require bold action to change. She said the government must be more than just cheerleaders but catalysts in order to see the desired change.
“It is time for a national shift in mindset. One where we no longer see women as beneficiaries of aid, but as drivers of economic innovation. We must create an ecosystem where public private partnerships thrive, fintech companies collaborate with the government to scale access to high yield savings, investment education and micro capital,” she added.
