from EMEKA OKONKWO in Abuja, Nigeria
Nigeria Bureau
ABUJA, (CAJ News) – NIGERIA’S women-focused digital bank, Herconomy, is encouraging breastfeeding with a new bank account.
The initiative called Breastmilk Money is hailed as a financial product that transforms breastfeeding into a structured savings tool.
It functions as a sub-account within a Herconomy savings account and calculates how much a mother would typically spend on formula and automatically redirects that amount into monthly savings.
The funds earn 14,3 percent annual interest.
The bank says this figure symbolically reflects the proven developmental benefits of breastfeeding.
“When women have access to tools that help them save, invest, and grow their wealth, they gain the freedom to make the best choices for themselves and their families,” said Ife Durosinmi-Etti, Chief Executive Officer of Herconomy.
The bank pledges that the initiative aligns with Nigeria’s National Strategic Health Development Plan, which emphasises improved maternal and child nutrition.
The campaign has officially been launched at the Herconomy Summit.
“Breastfeeding is the most cost-effective intervention we have in the fight against childhood malnutrition,” Dr Lope Adejuyigbe, lactation consultant and founder of The BestFeeding Club, said at the event.
Statistics provided by Herconomy indicate only 34 percent of Nigerian mothers practice exclusive breastfeeding, despite its well-established health and developmental benefits for both mother and child.
The obstacles are seen as cultural pressure, misinformation, and a lack of support.
Formula is denounced as costly, consuming over a household’s income, especially in urban areas.
– CAJ News