HerVest: Empowering Women in Nigeria's Agricultural Sector
Recent data indicates significant progress in addressing the financial gender gap in Africa. In 2020, only 37% of women in Sub-Saharan Africa had access to bank accounts compared to 48% of men, with North Africa facing an even more significant disparity.
However, the World Bank reports a positive shift, with 55% of Sub-Saharan Africa's population having financial access in 2021, up from 23% in 2011.
Still, the gender gap remains, with only 35% of Nigerian women having financial access.
To address this, innovative services like HerVest are emerging, focusing on women in Nigeria's agricultural sector, offering investment, savings, and credit opportunities to female farm owners and leaders, who make up 75% of the farming population in the country.
Pioneering Peer-to-Peer Capital Reallocation
HerVest operates on a peer-to-peer capital reallocation model, allowing individuals and businesses to borrow funds directly from other individuals or investors through an online platform, circumventing traditional financial institutions like banks.
The platform not only opens up financial opportunities for lenders and investors but also offers a sense of fulfillment to female investors who can make a tangible impact on the lives of women who otherwise might struggle to secure the financial assistance they need to grow their small businesses. Chidinma Ezekwe, an investor, shares her experience, stating, "HerVest has helped me stop spending inadequately. The best part is the insights from financial literacy. I understand the benefits of impact investment, and I’m glad I could help these female farmers in my own little way while still earning returns."
HerVest: A Google #WeArePlay Campaign Star
HerVest has also garnered international recognition, as the company was featured in a full-length film for Google's global #WeArePlay campaign. This campaign celebrates the diverse community of individuals and businesses that are developing innovative apps and games on the Google Play platform. Notably, HerVest is the first African startup to be featured in this campaign.
The company's inclusion in the campaign is a source of pride for the Nigerian tech community and reflects the significant progress being made in driving economic growth across Africa's rapidly evolving technological landscape.
Eva Sgroi / IT News Africa