Herconomy Expands into a Fintech Startup

Herconomy, a vibrant community of women, has joined the fintech space. Ife Durosimi-Etti initially founded the company to grant women access to jobs, opportunities, training and workshops. However, it has launched its fintech product-a mobile savings app that allows women to save and earn up to 10% annual interest on their savings.

Before the launch, the community-based startup raised $600,000 in funding to scale its initiative. This came shortly after an Instagram post by the founder, Durosimi-Etti, who sought funding to give women the opportunities to thrive in the economy.

Asides from access to opportunities, the founder has a dream to make Herconomy a movement for the financial emancipation of women across Nigeria and beyond. The aim is to help women grow wealth, save, invest, manage their resources and get access to funding to build their careers and businesses.

Statistics by Tech Cabal hold that only about 33% of women in Nigeria have bank accounts. This makes it difficult for these women to have a sustainable savings plan and get capital for their businesses. This facilitated the development of the new Herconomy savings app. Now, women have the opportunity to save for free and even get up to 10% annual interest on savings.

According to Lasisi, Herconomy’s CTO, the company’s mission is to ensure women are empowered to attain financial freedom.

The CTO said:

“Our mission is to empower women in Nigeria and beyond to be financially independent, thereby contributing to the socio-economic development of their ecosystem. This is in line with our vision to empower one million women by the year 2025.”

The Herconomy savings app is an accountable partner in savings and investment. With the “Save as You Spend” feature, users can get a 30% discount on products or services they order through the app. This shows a deliberate effort by the 31-man team to ensure their empowerment vision is realized.

While the company pushes its new mobile app, it aims to expand the women’s community, connecting women to relevant opportunities and networking events. Herconomy continues to encourage women to break the bias, boldly reach out for their dreams and cause positive disruptions in the tech and financial space.

Source: Tech Cabal