Aiming to support women in their choice to breastfeed and help them gain financial independence, Herconomy have recently launched ‘Breastmilk Money’ – a first-of-its-kind financial product designed to turn breastfeeding into savings – by earning interest on money not spent on buying formula. The initiative was developed in collaboration with Germany-based creative agency Serviceplan Innovation, and was recently launched at the women-focused finance conference, the Herconomy Summit.
According to UNICEF, only 34 percent of Nigerian mothers exclusively breastfeed, despite its widely known benefits for both children and mothers. Although some cannot due to medical reasons, many mothers are discouraged by societal pressures, family hierarchies, and superstitions that tell them their milk is inadequate – or even harmful.
Herconomy has taken initiative through ‘Breastmilk Money’ to help women make informed
choices not only about their finances but also about their health and well-being.
Breastmilk Money will act as a sub-account within a regular Herconomy bank account. It calculates how much mothers would save each month by breastfeeding instead of using formula, based on the child’s age, typical intake, and formula prices. This amount is then automatically deposited into the Breastmilk Money account each month, where it earns 14.3 percent interest — which matches the percentage increase in a child’s overall development when breastfed, according to a recent study.
Founder, Herconomy, Ife Durosinmi-Etti, stated that when women are financial empowered, they gain liberty to make proper decisions for themselves and their households: “At Herconomy, we believe that true economic power starts with financial independence. When women have the tools to save, invest, and grow their wealth, they gain the freedom to make the best choices for themselves and their families.”
Creative, Serviceplan Innovation, Tanvi Phalak envisions a society where women are afforded the opportunity to make choices that are beneficial to them and their newborns, free of influence from social norms.
“With Breastmilk Money, we hope to empower women, especially mothers, to make their own choices about their bodies and futures. Our role is simply to provide them with all the information they need to make that choice from a place of confidence rather than pressure.” he said.
Founder of Milky Express, Titilayo Medunoye, a key partner in the Breastmilk Money initiative has dedicated her career to helping mothers navigate the challenges of breastfeeding. Her work at Milky Express provides vital lactation support and educational resources, ensuring that mothers have the guidance they need to succeed in their breastfeeding journey. Her involvement in Breastmilk Money adds another layer of support, empowering mothers to make informed choices not only about their finances but also about their health and well-being.
