Connect with us

People & Lifestyle

Africa’s Female Focused Community, Herconomy, Raises $600,000 Pre-Seed Funding

Published

on

From a women-focused community on social media to planning Africa’s largest financial services platform for women, Herconomy is leveraging fintech to empower women.

Women account for half of the world’s population but are faced with more hurdles in accessing financial products and services that can improve their well-being and economic empowerment. UNCTAD, based on the World Bank Financial Inclusion data, estimates that while 72% of men globally had a financial account in 2017, only 65% of women did – a gap of 7 percentage points).

In Nigeria, this gender parity is a concern even though financial inclusion has progressed over the years. According to EfiNA, a financial sector development organisation that promotes inclusive finance in Nigeria, only 15% of women (compared to 27% of men) were banked in 2008 (a gender gap of 12 percentage points). By 2018, 33% of females were banked but the gender gap had worsened to 13 percentage points. In the Global Gender Gap Index 2020 rankings by the World Economic Forum, Nigeria ranked 128 out of 153 countries emphasizing the economic disenfranchisement of women. Given the urgency in bridging the gender divide and enhancing the quality of life for women, policymakers and the public and private sector have continued to collaborate on many fronts.

For Herconomy, Africa’s first women-focused digital platform, changing the course of the financial exclusion narrative and underrepresentation of women in the economy will require a frontline and hands-on approach. Formerly AGS Tribe, the female-focused organization has repositioned itself as a financial technology (Fintech) service provider to democratize economic opportunities for women and even the financial landscape. “We decided to rebrand this year to Herconomy so the essence of what we do is easily communicated,” said Ifedayo Durosinmi-Etti, the founder and CEO of Herconomy. “We understand that when the life of a woman is positively impacted, value is created not just for that woman but for the community at large.”

Advertisement

Following the success of her 2018 book “Accessing Grants for Startups” (which was forwarded by former Lagos State Governor Akinwunmi Ambode), Ifedayo founded the AGS Tribe due to popular demand as she kept receiving requests from people from various walks of life, including entrepreneurs and working professionals seeking to improve and build their skill sets and access global opportunities. Sensing a steep knowledge gap, the MBA degree holder decided to take a holistic approach by creating a community that would be a pan-African female-focused network.

To accommodate the growing community, the AGS Tribe was hosted on Telegram which was a fully paid community. “The time on Telegram served as a customer discovery time,” said Ifedayo. “We eventually had to migrate to our mobile application because Telegram was not as supportive and as flexible for what we wanted.”

Once their mobile app launched, they knew they wanted to reach even more women, so they introduced a free tier which gave members of their platform access to all opportunities on their platform for free. They also introduced another tier that offered up to 30 percent discount off various products and services. These brands ranged from sectors like fashion, travel, salons, spa and wellness, law, and hospitality so, Gold members with Visa cards enjoy services that enhance their well-being. As a result, the AGS Tribe community scaled up and the community snowballed to over 15,000 members by the middle of July 2021.

One of the success stories of the AGS Tribe is Mobaby Care Nigeria, whose founder Mariam Adebola-Salami won a grant of $1,000 in March 2019 and another N1,000,000 in June 2019. Mariam, with the advisory support of AGS, was able to achieve a 10.5% growth in her business in ten (10) months with a customer base appreciation of over 1,000. Subsequently, Mobaby Care Nigeria was able to secure equity investment.

Advertisement

“Some of our members have won international grants, and in November 2021 one of our members, Confidence Stalavey, became an Obama Leader,” said Ifedayo. “Another community member of ours died in an unfortunate incident of domestic violence in June 2020 and as a community, we facilitated a fundraiser, which eventually raised over N26 million which has been placed in an FBNQuest trust fund for education for her kids. The organization does so much to help each other as a community. Another community member successfully secured a job in the UK after attending one of its weekly capacity-building workshops.

Very recently too, through the AGS Savings Challenge, over 500 women were able to save $100,000 cumulatively in 6 months.

This year, they unveiled the Herconomy Cooperative Multipurpose Society, which was described as a first step on the community’s mission to owning a female-focused bank here in Nigeria. To fund the expansion of Herconomy, the community embarked on its capital raising exercise.

In August 2021, Ifedayo shared plans to raise capital for Herconomy on her Insta story, and 130 people indicated interest in participating. “I had previously spoken with some investors in the past and the vision was lost on them but I knew what I wanted and trusted my community,” said Ifedayo.

Advertisement

Ifedayo had gotten into the Startup Bootcamp, which is an accelerator, in June, so she shelved the capital raising project till September to free up time to work on the business model of Herconomy. By September, she sent an email to the 130 people who had indicated interest in investing in Herconomy saying to them that it was time for them to invest. She also attached a google form so they could indicate their investment amount. She then went on her instastory again to say that ‘if you indicated interest earlier, you’ve got mail’. All of a sudden, more people indicated interest. That list grew from 130 people to 509 people, but this time, with actual figures that they could commit to within the next 2 weeks. To their surprise, Herconomy recorded a massive 11.4x oversubscription as it raised $5.7 million compared to the $500,000 target within 24 hours of its capital raise exercise.

“70 percent of the funding we received came from our community while the rest was from Venture Capitalists and Angel Investors,” said Ifedayo. “Due to the minimum floor of $20,000 investment, a Special Purpose Vehicle (SPV) was created to onboard members with less than $20,000.”

The funds, according to the organisation, will be channeled towards hiring an in-house tech team, improving on their product, increasing their marketing efforts and expanding their operations.

Some Angels who invested in Herconomy include:

Advertisement

1. Nkiru Ayemere – CEO, Zephans and Co

2. Ehi Onwudiwe – Director, Business Transformation, Ernest and Young

3. Olanrewaju Smith – CEO, World Bay Technologies

4. Ope Makinwa – Head of Reserve, Diageo

Advertisement

5. Ama Akpata – Co – Founder, Jand2gidi

This is what some investors had to say;

“I have followed the Herconomy story right from the AGS Tribe days and I have witnessed tremendous growth over the years. Not just the business, but of the founder as well. I have been a member of the community from the beginning so when the opportunity came up to invest, I certainly was interested in deepening my commitment by contributing my own token as an investor towards building a future where women thrive. I love Ife’s passion, doggedness and drive and you know what they say…..you don’t only invest in business idea, you invest in the founder. Herconomy is the future and I chose to invest in the future!” – Ehi Onwudiwe – Associate Director, Business Consulting, EY.

“Our thesis is that community is very key to the future of consumer fintech in Africa. The company has a very strong community element, and also focuses on creating financial products and prosperity for women- who have historically been underserved with financial services. We like the company very much and are happy to be on this journey with the team” – Olu Oyinsan – Managing Partner, Oui Capital.

Advertisement

The female-focused organisation has also announced it would embark on additional capital raising exercises and is open to interests from investors that share the same vision of women empowerment, inclusion and diversity.

Inspired by the great strides made and the need to consolidate gains for women in the economy, Herconomy is setting its eyes on more audacious and ambitious targets. According to Ifedayo, the upward trajectory of Herconomy will lead to the creation of Africa’s largest digital bank that will be focused on financing women and projects that elevate the status of women in the economy. In the meantime, “Herconomy is committed to enabling women to learn, network, and earn high interest on their savings as they spend. ” said Ifedayo.

Advertisement

People & Lifestyle

3 Tips For Hosting The Perfect Cookout

Published

on

A cookout is a great opportunity to get together with your friends and loved ones in the summer weather and enjoy some great food with one another. However, holding a cookout at your house isn’t always an easy endeavor, especially if you’re planning to provide all of the food for everyone. 

To help you make sure any cookout you’re throwing turns out great, here are three tips for hosting the perfect cookout this summer. 

Opt For The Easy Choice

When hosting a cookout, there are going to be a lot of different responsibilities that fall on your shoulders. So to help you not feel quite so stressed about everything in the lead up to your event, you should consider opting for the easiest choices and making decisions that will be the most convenient for you. 

Advertisement

While you might like the idea of having a signature cocktail for all of the guests at your party, if this is going to be one too many things on your plate for this event, choose to just have premixed drinks or cans and bottles that people can open for themselves. Additionally, if cooking all of the food on your own will be too much, ask your guests to bring a dish to share or consider catering some of the dishes you want to provide. 

Prep As Much Food Beforehand As Possible

On the day of your cookout, you’re likely going to have a million and a half things to get taken care of before your guests arrive. So if you have the capability to prep some of the food you’ll be providing before everyone arrives, this can ease a lot of your stress. 

By leaving just the necessary food to be cooked in your outdoor kitchen once your guests arrive, you’ll have more time to focus on the same-day tasks that you need to accomplish to get ready for your cookout. Any prep that you’re able to do ahead of time can be a real lifesaver. 

Advertisement

Get Creative With Keeping Things Cool

During a summer cookout, the weather may turn hot on you, which can make it a bit uncomfortable to be outside and trying to prepare food to eat.

To combat this, you’ll want to get creative with keeping things cool for your guests. While you can use things like fans, shade, and misters to keep things cool, you could also consider replacing the ice around your drinks with frozen water balloons that, as they melt in the heat, your guests can have their own water balloon fight, too.

If you’re wanting to host a cookout this summer, consider using the tips mentioned above to help you with your preparations and to make the most of your time on the day of your event. 

Advertisement
Continue Reading

People & Lifestyle

OmniBSIC Bank enhances local policing with vehicle donation to Airport Police

Published

on

OmniBSIC Bank has donated a Nissan Navara Pickup to the Airport Police Station, aiming to bolster its operational efficiency as well as strengthening security within the community and its surroundings. The Bank’s initiative aims to reinforce the peace and security enjoyed by residents and institutions within the Airport enclave. 

During the presentation, OmniBSIC’s Managing Director (MD), Daniel Asiedu, praised the diligent efforts of the Airport Police Force, attributing the Bank’s seamless relocation to the Airport area to their support.

“Since we relocated our head office here, we have enjoyed enormous support from the Airport Police. This support extends to other locations where we are present. We believe it is important to support the Airport Police to enhance their capabilities. We have never experienced any crime incidents or shortages of police presence here. Amidst all challenges, they are doing their best,” Mr. Asiedu remarked.

The OmniBSIC Bank MD emphasised the collective responsibility in policing, urging other corporate organisations to support security agencies, particularly the Ghana Police Service, enabling them to further safeguard citizens. 

Advertisement

He acknowledged the government’s resource challenges and called for a collaborative approach, especially from corporate institutions, to enhance the police’s capacity to perform their duties. “Policing is not solely the responsibility of the Ghana Police but of all of us. While the government is tasked with resourcing them, it faces significant challenges. Therefore, I call on other corporate organisations to support the security agencies, especially the Ghana Police,” he urged.

“Our commitment to supporting the communities where we operate is unwavering,” Mr. Asiedu further stated. “We will continue to expand our initiatives to give back and enhance the well-being and security of these communities.”

Regional Commander, Deputy Commissioner of Police (DCOP) Arhin Kwesi Annor, reiterated the importance of shared responsibility in policing and highlighted the significance of logistics in their work. He expressed confidence that the donated vehicle would enable the Airport Police Station to “patrol a wider area, respond to emergencies promptly, and engage in proactive policing strategies.”

On behalf of the Airport Police Station, DCOP Annor conveyed profound gratitude to OmniBSIC Bank’s management and staff. He further instructed the District Commander, Superintendent (SP) Michael Asiedu, to ensure proper maintenance of the vehicle to guarantee its longevity and continued service to the community.

Advertisement

SP Asiedu affirmed the station’s dedication to upholding the safety and tranquility enjoyed by residents and institutions in the area. “We are committed to maintaining the high standards of safety and security that our community relies on. This vehicle will significantly enhance our ability to serve and protect,” he stated. 

Other executives of the Bank present at the ceremony were the Company Secretary and Head of Legal and Recoveries, Mrs. Akyaa Afreh Arhin Addo-Kufour, as well as the Group Head, of Corporate Communications, Service Quality and E-Business (CSE), Mrs. Chidinma Braye-Yankee.

About OmniBSIC Bank

OmniBSIC Bank is a fully-fledged universal bank that traces its roots to a merger between the erstwhile OmniBank and Sahel Sahara Bank. The merger was spurned by the banking sector consolidation program introduced by the Bank of Ghana (BOG) in 2017, through several directives including the increment of the minimum capital requirement almost fourfold.

Advertisement

The union between the banks is one of the most successful mergers in the financial services industry. 

With headquarters at Atlantic Tower, Airport City, and an extensive Branch network of 40 across Ghana, OmniBSIC Bank provides a complete range of products, services, and digital offerings tailored to the needs of its Corporate, SME, and individual customers while supporting the communities in which the Bank operates.

The Bank is a member of the Ghana Deposit Protection Scheme. For more information, please visit: www.omnibsic.com.gh

Advertisement
Continue Reading

People & Lifestyle

German State Parliament honours Former KNUST Publishing Studies

Published

on

Dr Ralph Nyadu-Addo, a former head of the Department of Publishing Studies at the Kwame Nkrumah University of Science and Technology (KNUST) has been honoured by the German State Parliament for his significant contribution to the promotion of Ghana-German cooperation for more than two decades. (more…)

Continue Reading

People & Lifestyle

Dj Loft and Kojo Manuel’s Cups & Bass Mix Live at Garage This Sunday,  July 7

Published

on

Get ready for an electrifying night as Dj Loft and Kojo Manuel bring their renowned Cups & Bass mix to life this Sunday, 7th July 2024, at Garage. Known for their dynamic synergy and incredible mixes, this duo has captured the hearts of many Ghanaians both locally and internationally.

The live event promises to be an unforgettable experience, filled with pulsating rhythms, crowd engagement, and an atmosphere charged with excitement.

Dj Loft, a maestro behind the decks, will be delivering his signature sound that has made him a household name. Kojo Manuel, known for his charismatic presence and hype-man skills, will ensure the crowd is energized and fully immersed in the night’s festivities.

Whether you are a long-time fan or new to the Cups & Bass phenomenon, this is a night you won’t want to miss. Join the party at Garage and witness firsthand why Dj Loft and Kojo Manuel are celebrated as some of the best in the business.

Advertisement

Mark your calendars and prepare for a musical journey like no other. See you on the dance floor this Sunday!

Continue Reading

People & Lifestyle

Paulina Mefia Denteh Becomes First Black Valedictorian with Red Diploma in Russia’s Yaroslav-the-Wise University

Published

on

Paulina Mefia Denteh, a recent graduate of general medicine from Yaroslav-the-Wise Novgorod State University, has made history by becoming the first Ghanaian, African, and female foreigner to receive the prestigious red diploma from the university.

This extraordinary achievement marks a significant milestone in the university’s history and serves as a testament to Paulina’s unwavering determination, perseverance, and dedication to excellence.

Paulina’s journey began at Methodist Senior High School in the Eastern Region of Ghana, where she demonstrated exceptional academic prowess despite the school’s limited science facilities.

Watch Dr. Paulina’s Acceptance Speech as Valedictorian & Red Diploma Certificate recipient below:
Advertisement
She played a pivotal role in pioneering the school’s first robotics team and was an integral member of the inaugural National Science and Maths Quiz team, showcasing her passion for science and technology from an early age.

Her pursuit of higher education led her to Russia, where she embarked on a rigorous academic journey at Yaroslav-the-Wise Novgorod State University. Throughout her medical studies, Paulina not only excelled academically but also served as a teaching assistant from her fourth year until graduation.

Her contributions to the university community were recognized with numerous praises and citations, underscoring her commitment to academic excellence and service.

Paulina’s groundbreaking achievement as the first black foreigner and first female foreigner to receive a red diploma in the university’s history is a source of immense pride and inspiration. Her story is a powerful reminder that with determination, hard work, and resilience, barriers can be broken, and new heights can be reached.

Advertisement

In addition to her academic accomplishments, Paulina is currently spearheading an innovative project aimed at addressing the issue of long queues and limited access to doctors in Ghana. Her project involves the development of an AI-backed platform that enables patients to communicate with doctors anytime and without geographical boundaries.

This revolutionary platform has the potential to transform healthcare delivery not only in Ghana but globally, by providing remote medical advice and consultations, thus reducing waiting times and improving access to healthcare services.

Paulina Mefia Denteh’s achievements reflect her dedication to improving healthcare and her commitment to making a meaningful impact in the world. As she continues to break new ground, her story will undoubtedly inspire many others to pursue their dreams and contribute to the betterment of society.

About Paulina Mefia Denteh:

Paulina Mefia Denteh is a trailblazing medical doctor and recent graduate of Yaroslav-the-Wise Novgorod State University, where she made history as the first black foreigner and female foreigner to receive the highly-coveted and prestigious Red Diploma Certificate.

Advertisement
From her very humble beginnings in Ghana, Paulina’s journey of perseverance and dedication has inspired many, and she continues to contribute to the field of medicine through innovative projects aimed at improving healthcare access.
Continue Reading

People & Lifestyle

Understanding Clay Powder for Hair Care: A Comprehensive Guide

Published

on

Clay powder has detoxifying properties that can be used to cleanse your skin and hair. Using clay powder for hair is beneficial as it removes impurities like dead skin cells, dust, excess oil, etc. from your scalp. So, you can use them for maintaining the health and hygiene of your hair and scalp. Powder clay hair care recipes like hair masks have become quite popular in recent times. In this article, we will study how to use Clay Powder for Hair. Also, we will look at the benefits of using hair powder clay DIY recipes in detail.

Understanding Different Types of Clay for Hair

Different types of clay powder are available in nature. Now, let’s understand how different types of clay powder are included in the hair care routine:

  1. Bentonite Clay: Bentonite Clay is found in volcanic ash and possesses highly absorbing and cleansing properties. It is usually used in hair detox hair masks and hair packs to remove toxins from the hair and scalp. You can also use it to cleanse your hair before using colour treatment. 
  1. Kaolin Clay: Kaolin Clay is mostly used for cleansing sensitive scalp skin. It is also known as white cosmetic clay because of its pure white colour. Due to its mild cleansing properties, it is also used to prepare hair masks for removing dandruff. 
  1. Fullers Earth Clay: Fullers Earth or Multani Mitti also removes excessive oil, dead skin cells, and dirt from the scalp. Due to its mild cleansing properties, it is often used in several hair care recipes. It is also beneficial for preventing hair loss. 
  1. Rhassoul Clay: Rhassoul Clay is a rare form of clay that needs to be mined from deep parts of the ground. It is brownish-red in colour and is known for its antiseptic and anti-inflammatory properties. So, it is normally used to soothe irritated and sensitive scalp. 
  1. French Green Clay: French Green Clay is sourced from France where it is made using green illite clay. It is antibacterial in nature and soothes the scalp due to its anti-inflammatory effects on the scalp skin. It gives a natural shine to the hair and is mostly used in scalp detox methods. 

Benefits of Using Clay Powder for Hair

Now that you have understood the different types of Natural Clay Powder For Hair Care available in nature, let’s have a detailed look at the benefits of using clay powder for hair:

Advertisement
  1. Detoxification: The primary purpose of using clay powders is the detoxification of hair and scalp. Their natural cleansing properties ensure that your scalp and hair become clean. They also eliminate the foul smell from your hair by cleansing the hair follicles deeply. 
  1. Oil Control: The deep yet gentle cleansing properties of clay powders help to control oil or sebum production in your scalp. This automatically prevents further issues like dandruff and scalp infections. 
  1. Moisture Retention: Clay powders help to retain the natural moisture of  your hair. Their natural formulation ensures that your hair remains soft, smooth, and shiny even after cleansing them. So, they are a key ingredient of several commercial hair masks these days. 
  1. Volume and Thickness: Clay powders are rich in minerals and nutrients. So, they reach deep into your hair roots and strengthen them. Eventually, they help in increasing the volume and thickness of your hair strands. 
  1. Scalp Health: Using clay powders for hair is beneficial because they help in maintaining scalp health. Clay powders also enhance hair health by cleansing the scalp thoroughly. Their natural composition also soothes and nourishes your scalp. 

How to use Clay Powder for Hair

1. Clay Hair Mask

Ingredients:

Clay Powder (Bentonite, Rhassoul, etc.)- 1/2 cup

Water or apple cider vinegar- 1/2 cup

Advertisement

Honey or aloe vera gel – 1 tablespoon

Directions:

Step1. Mix the clay powder with water or apple cider vinegar in a non-metal bowl. 

Step 2. Add honey or aloe vera gel if extra moisture is needed.

Advertisement

Application:

Step 1. Apply the mixture to your scalp and hair, ensuring even coverage. 

Step 2. Massage gently to stimulate blood circulation and enhance absorption.

Step 3. Leave the mask on for 15-20 minutes and Rinse thoroughly with lukewarm water. 

Advertisement

2. Clay Shampoo

Ingredients:

Clay powder – 2 tablespoons

Water – 1/2 cup

Advertisement

Essential oils (optional, for fragrance and additional benefits)

Directions:

Step 1. Combine the clay powder with water to form a smooth, liquid consistency.

Step 2. Add a few drops of essential oils like lavender or tea tree for added benefits.

Advertisement

Application:

Step 1. Apply the mixture to wet hair, focusing on the scalp. 

Step 2. Massage gently to cleanse.

Step 3. Rinse thoroughly with lukewarm water, ensuring no residue is left.

Advertisement

How to Choose the Right Clay Powder?

Choosing the right Natural Clay Powder for Hair depends upon the hair issues you are facing. For instance, using bentonite clay powder for hair removes hair impurities and suits curly hair. Similarly, using Kaolin Clay powder for hair prevents dandruff and improves hair elasticity. You can use French Green Clay for hair if you are struggling with scalp itchiness. It also helps in styling hair. So, keep these things in mind before choosing the right clay powder for your hair. 

Conclusion

These were some clay powder benefits for hair. For more details, you can research the individual clay powder and their uses for skin and hair. Get them from trusted sources such as VedaOils as they offer pure and high-quality natural clay powders. Use natural clay powders in your hair care routine and detoxify your hair naturally without using chemical-based hair treatment products! 

Advertisement
Continue Reading
Advertisement
You want to bet with the best odds on every football match? bestbets.com.gh shows you the highest odds for all important games.

Trending