Victor EzejaLeading fintech platform, Herconomy, has launched an initiative tagged “Breastmilk Money,” a novel financial product designed to help mothers turn breastfeeding into savings, by earning interest on money not spent on buying baby formula.
The initiative, which was developed in collaboration with the creative agency, Serviceplan Innovation, was launched during the Herconomy Wealth Building Summit 2025 held in Lagos on 28 March.
Join our WhatsApp ChannelThe summit focused on identifying ways of empowering women with the tools and knowledge necessary for sustainable wealth creation.
According to a press statement by the group, the Breastmilk Money initiative is not just a tool to help women gain financial independence, but is part of a larger campaign to challenge societal norms and misconceptions about breastfeeding.
Health experts have, over the years, highlighted the health benefits of breastfeeding both for children and mothers. Among the benefits are that exclusive breastfeeding for the first six months significantly reduces infant mortality, boosts immunity and lowers the risk of infections, such as diarrhea and malnutrition. On the side of mothers, breastfeeding is said to reduce the risk of postpartum haemorrhage, breast and ovarian cancers, and also speeds up postpartum recovery.
However, despite the avowed benefits, only 34 per cent of Nigerian mothers exclusively breastfeed their babies, according to UNICEF.
Although some cannot breastfeed their babies for medical reasons, many mothers, according to experts, are discouraged by societal pressures, family social status and superstitions that make them believe their milk is inadequate or even harmful.
These misconceptions, according to the Breastmilk Money campaign organisers, “strip mothers of their freedom to choose for their bodies, their children, and their finances.”
The statement said Nigerian mothers who rely on baby formula spend over 30 per cent of their household income on it, which could instead be invested in their future.
How Mothers Can Save with Breastmilk Money
The organisers said that under the Breastmilk Money initiative, breastfeeding mothers are given the opportunity to have a bank account with First Bank that provides interest in breastfeeding.
Explaining how it works, the statement said: “Breastmilk Money acts as a new 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% interest, which matches the percentage increase in a child’s overall development when breastfed, according to a recent study.”
It further stated that funds saved in such an account by a breastfeeding mother can be withdrawn after two years, the WHO-recommended breastfeeding period, allowing both mother and child to grow, physically and financially. It said the account is currently being rolled out gradually to selected Herconomy users.
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Commenting on the Herconomy vision for women’s financial empowerment, the founder, Ife Durosinmi-Etti, said: “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.”
More Than a Bank Account
The group stated that the Breastmilk Money scheme is more than just opening a bank account to save money that would have been spent on buying infant formula. It said that as part of efforts to advance the campaign about the benefits of proper breastfeeding, a short film titled “Milk” has been produced by award-winning director Fariba Buchheim, capturing the real-life experiences of Nigerian mothers.
Also highlighting the significance of the Breastmilk Money, Tanvi Phalak, a creative at Serviceplan Innovation, said: “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.”
Why Breastfeeding is Important
Highlighting the importance of breastfeeding, a certified lactation consultant, Dr. Lope Adejuyigbe, said: “Breastfeeding is the single most effective tool in preventing childhood malnutrition. Beyond that, it’s great for family bonding, mum’s breast health, and our environment. Every mum deserves an enjoyable breastfeeding journey, and that’s what I’m working toward.”
The group noted that the breastfeeding rate in Nigeria, which is regarded as the most populous country in Africa and the sixth largest in the world, remains among the lowest in Africa and well below the global WHO target of 50 per cent.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
