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Herconomy seeks to improve savings culture of women

By Silver Nwokoro
22 October 2022   |   4:03 am
Alarmed by the low financial status of women, Herconomy has introduced the ‘Each Woman Bring One’ Campaign to encourage women to save as a community and access better opportunities.

Human Resource Manager, Gbemi Araba (left); Chief Technical Officer, Rahmat Lasisi; Chief Executive Officer, Ife Durosinmi-Etti and Associate Product Manager, Opral Ogbuigwe.

Alarmed by the low financial status of women, Herconomy has introduced the ‘Each Woman Bring One’ Campaign to encourage women to save as a community and access better opportunities.

According to the 2021 Global Findex Report by World Bank, the percentage of women in Nigeria with financial accounts in any formal institution increased from 24 per cent to 35 per cent over the last few years, the highest in 10 years.

The founder of Herconomy, Ife Durosinmi-Etti, however, explained that the ‘Each Woman Bring One’ campaign takes into account the fact that 35 per cent was still very low, adding that the main push for the increase was technology.

“The reality is that when women do not have access to bank accounts, they have no financial footprint. They cannot access credit and they cannot make real financial decisions about their health, career, children and life in general,” she said.

To be a part of the campaign, Durosinmi-Etti urged women to encourage one another to begin the savings journey on the Herconomy app.

Speaking further, she stated that the campaign was the firm’s way of working to reduce the number of women excluded from financial services.

“We have set an ambitious target of reaching 50,000 women and having them become active savers on our platform by December 2022,” she added.

After a live demo on the Herconomy application, Associate Manager, Opral Ogbuigwe, said the products and services include Vault, Float, Plans, Accountability Partners and Discounts; an array of products and services that could be assessed following an onboarding process in less than two minutes.

Herconomy Chief Technical Officer, Rahmat Lasisi, said the mission of the female-focused organisation was to empower women in Nigeria and beyond to be financially independent, thereby contributing to the socio-economic development of their ecosystem.

In a related development, Herconomy has announced that it would celebrate the World Savings Day 2022, on October 31, this year.

According to the firm, this edition would be a hybrid event featuring sessions from Manager, Advisory Services – Africa Women World’s Banking, Ara Sadiq; Founder, Veronica’s Daughter Empire, Ella Ezeadilieje; Founder, LagosHouseWife, Rayo Ahenmokhai; Founder, FinTribe, Jennifer Chinenye AKA Financial Jennifer; President, Funke Felix-Adejumo Foundation, Rev. Funke Felix-Adejumo; Project Lead, Linka.ng, Dr. Noimot Balogun, among others.