According to UNICEF, only 34% of Nigerian mothers exclusively breastfeed, despite its well-documented health benefits for both children and mothers. Although some cannot for medical reasons, many are discouraged by societal pressures, family hierarchies, and superstitions that tell them their milk is inadequate — or even harmful.
These misconceptions strip mothers of their freedom to choose for their bodies, their children, and their finances. Nigerian mothers who rely on formula spend over 30% of their household income on it — money that could be invested in their future. Herconomy — Nigeria’s leading fintech by women — is taking action to empower women to make their own choices, for their wealth and their health.
Breastmilk Money is a first-of-its-kind financial product designed to turn breastfeeding into savings — by earning interest on money not spent on buying formula. The goal is not only to support women in their choice to breastfeed but also to help them gain financial independence. It launched at Nigeria’s largest women-focused finance conference, the Herconomy Summit, on March 28, 2025 — just two days before Nigerian Mother’s Day.
How Breastmilk Money Turns Feeding into Funding
Breastmilk Money acts as a sub-account within a Herconomy bank account. It calculates how much a mother would save each month by breastfeeding instead of using formula, based on the child’s age, typical intake, and current formula prices. This amount is automatically deposited into the Breastmilk Money account each month, where it earns 14.3% interest — a figure that matches the percentage increase in a child’s overall development when breastfed, according to a recent study from the University of Oxford.
Funds can be withdrawn after two years — the WHO-recommended breastfeeding period — allowing both mother and child to grow, physically and financially. The account is currently being rolled out gradually to selected Herconomy users.
“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.”
— Ife Durosinmi-Etti, founder of Herconomy
Beyond Banking: A Movement for Mothers
Breastmilk Money is not just a financial tool; it’s part of a wider movement challenging harmful norms around breastfeeding. The initiative kicked off with the release of the short film “Milk” by award-winning director Fariba Buchheim, capturing the lived experiences of Nigerian mothers. The campaign will continue across out-of-home, radio, social media, conferences, and partnerships throughout 2025.
“Milk was born from a deep interest in female autonomy and the quiet power of stories often left untold. Working closely with creatives in Lagos, we aimed to portray motherhood with honesty, sensitivity, and cultural truth.”
— Fariba Buchheim, Director of Milk
The Science Behind Breastfeeding
While some mothers can’t breastfeed — and that choice should always be respected — scientists agree that breastfeeding has well-established health benefits. Exclusive breastfeeding for the first six months significantly reduces infant mortality, boosts immunity, and lowers risks of infections, diarrhea, and malnutrition. For mothers, it reduces postpartum hemorrhage, lowers the risk of breast and ovarian cancers, and speeds up recovery.
Yet in Nigeria — Africa’s most populous country with over 230 million people — breastfeeding rates remain among the lowest on the continent and far below the WHO global target of 50%.
“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.”
— Dr. Lope Adejuyigbe, certified lactation consultant
Told Through Women’s Eyes
The Breastmilk Money initiative is brought to life by an international team of women across media, health, and design:
Ogechi Ekeanyanwu — Award-winning journalist and contributing editor at TheCable, she led the editorial strategy around breastfeeding and financial empowerment.
Nengi Nelson — A Lagos-based photographer and filmmaker known for her work with BBC and Reuters, she captured real-life stories of Nigerian mothers.
Yagazie Emezi — A National Geographic photographer whose images explore motherhood and tradition in Nigeria.
Fariba Buchheim — An award-winning director who brought cultural and emotional nuance to the campaign film.
Dr. Lope Adejuyigbe — Founder of The BestFeeding Club, Nigeria’s first dedicated breastfeeding clinic, and a leading voice in maternal health.
Titilayo Medunoye — Board-certified lactation consultant, founder of Milky Express, and an Obama Leader focused on expanding breastfeeding support nationwide.
More about Herconomy
Herconomy is revolutionizing financial inclusion for women in Nigeria. With funding from Google, it is building the country’s first women-focused bank, empowering women with tools for saving, investing, and accessing capital.
Led by founder Ife Durosinmi-Etti — a business executive, author, and global leader — Herconomy is using technology and community-driven solutions to close the gender wealth gap and create lasting impact.
