Herconomy has launched a mobile savings app that allows women to save and earn up to 10 percent annual interest on their savings. The firm has improved its former model to enable it to provide new offerings for African women.

Now a fintech company, Herconomy believes the new business model is the springboard it needs to provide socio-economic development for a large number of women.

“Our mission is to empower women in Nigeria and beyond to be financially independent, thereby contributing to the socio-economic development of their ecosystem. This is in line with our vision to empower one million women by the year 2025,” Rahmat Lasisi, the chief technical officer, told Business Day at a media parley.

To fulfil this vision, the firm has launched the Each Woman Bring One Campaign. The campaign financially incentivises women through its referral program to encourage at least one person in their circle to start saving with this new savings app.

The founder of Herconomy, Ife Durosinmi-Etti, said the campaign encourages women to save as a community and access even more opportunities.

Last year, Herconomy’s pre-seed raise shocked the tech ecosystem after it recorded $600,000 within 24 hours of an Instagram post by its founder.

The funding helped scale its Software as a Service (SaaS) product, which offered women continued access to career opportunities and discounts from selected brands.