How a Fintech Turned Breastfeeding Into a Financial Strategy

In Nigeria today, just 34% of mothers exclusively breastfeed, according to UNICEF — far below the World Health Organization’s global target of 50%. While some women are unable to breastfeed for medical reasons and must be supported in those choices, many others are discouraged by misinformation, cultural taboos, and societal pressure. Myths claiming that breastmilk is “inadequate” or even “harmful” are still widespread.

At the same time, for those who turn to infant formula, the cost is enormous: more than 30% of an average Nigerian household’s income. This puts immense strain on families — and disproportionately affects women, who are left navigating both emotional and financial challenges.

Now, a women-led fintech is reframing this issue. Herconomy, Nigeria’s first digital finance platform built by and for women, has introduced a bold new idea: what if choosing to breastfeed could help women build wealth?

Breastfeeding as a Savings Plan
In March 2025, at Nigeria’s largest women-focused financial conference — the Herconomy Summit — the platform unveiled Breastmilk Money, a financial product designed to turn breastfeeding into a structured form of saving.

The logic is simple and powerful: money not spent on formula gets automatically redirected into a dedicated Breastmilk Money sub-account within a Herconomy user’s profile. The platform calculates the potential monthly savings based on a baby’s age, estimated milk intake, and live formula prices.

But what makes the product truly unique is its growth potential. Funds deposited into the account earn 14.3% interest — a figure that reflects the 14.3% increase in child development outcomes associated with breastfeeding, according to a recent study by the University of Oxford.

Mothers can access the money after two years, in line with the WHO’s recommended duration for breastfeeding. During this period, the account grows alongside the child, offering both physical and financial nourishment.

“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.”
— Ife Durosinmi-Etti, founder of Herconomy

Telling the Untold Stories of Motherhood
To launch Breastmilk Money, Herconomy led with a story — not a product. The campaign began with the short film Milk, created by award-winning director Fariba Buchheim. Shot in close collaboration with Nigerian creatives, the film captures the often-unspoken pressures, rituals, and realities surrounding breastfeeding in Nigeria today.

“As a filmmaker, I’m interested in what often goes unspoken — the quiet resilience, the cultural tension, the everyday heroism. With Milk, I wanted to hold space for Nigerian mothers, to reflect their choices and struggles without judgment. It’s in those honest moments that transformation begins.”
— Fariba Buchheim, Director of Milk


The Power of Breastfeeding
Health experts continue to emphasize the medical importance of breastfeeding, particularly in a country like Nigeria with high infant mortality rates and limited access to nutrition.

Exclusive breastfeeding for the first six months has been proven to significantly lower the risks of infections, diarrhea, malnutrition, and even early death. For mothers, it can reduce postpartum hemorrhage, accelerate physical recovery, and lower long-term risk of breast and ovarian cancer.

And yet, in a country with over 230 million people, Nigeria’s breastfeeding rate is still among the lowest in Africa.

“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

The Women Behind the Movement
Breastmilk Money was built through the shared vision of women across health, media, design, and storytelling — each bringing insight from their own disciplines and lived experiences:

Ogechi Ekeanyanwu, award-winning journalist and contributing editor at TheCable, led the editorial strategy, weaving together themes of financial empowerment and maternal health.

Nengi Nelson, a Lagos-based filmmaker and photographer (BBC, Reuters), captured authentic images of mothers in their daily lives.

Yagazie Emezi, National Geographic photographer, explored the intersection of motherhood and cultural tradition through photography.

Fariba Buchheim, the director of Milk, shaped the visual narrative with emotional nuance and cross-cultural sensitivity.

Dr. Lope Adejuyigbe, founder of Nigeria’s first dedicated breastfeeding clinic, provided vital health expertise and clinical context.

Titilayo Medunoye, board-certified lactation consultant and founder of Milky Express, brought her advocacy for nationwide breastfeeding support — also serving as an Obama Leader focused on women’s health.

Together, they’ve helped ensure that Breastmilk Money is more than a feature — it’s a movement grounded in care, credibility, and community.

Herconomy: Banking on Women’s Realities
With backing from Google and other partners, Herconomy is building Nigeria’s first women-focused digital bank — offering savings tools, investment opportunities, and access to capital for women across income levels.

Led by Ife Durosinmi-Etti, the company continues to challenge how financial systems can be more inclusive — especially for women whose work (like motherhood) is rarely seen as an economic asset.

By turning the choice to breastfeed into an opportunity for long-term savings and self-determination, Breastmilk Money is not just an innovation in fintech — it’s a new way of valuing women’s contributions.