The First Bank Account that Provides Interest on Breastfeeding

May. 01, 2025

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 mothers 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 instead be invested in their future. Herconomy Nigeria’s leading fintech by women, for 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. Developed in collaboration with creative agency Serviceplan Innovation, Breastmilk Money was 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 It Works

Breastmilk Money acts as a new sub account within a regular Herconomy bank account. It calculates how much mothers would save each month by breastfeeding instead of using formula, based on the child’s age, typical intake and formula prices. This amount is then automatically deposited into the Breastmilk Money account each month, where it earns 14.3% interest — which matches the percentage increase in a child’s overall development when breastfed, according to a recent study.

Funds can be withdrawn after two years — the WHO-recommended breastfeeding period — allowing both mother and child to grow, physically and financially.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.

Ife Durosinmi-Etti, founder of Herconomy said:

“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.”

 

More Than a Bank Account

Breastmilk Money is not just a financial tool; it’s part of a larger effort that will continue to unfold through the year, challenging societal norms around breastfeeding. Kicking off with the release of the short film “Milk” by award-winning director Fariba Buchheim, capturing the reallife experiences of Nigerian mothers. Breastmilk Money will be further promoted through an integrated campaign across Nigeria, featuring out-ofhome, radio, social media, partnerships and conference appearances.

Tanvi Phalak, creative at Serviceplan Innovation said:

“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.”

 

Why Breastfeeding Matters

Although there are various reasons why women cannot breastfeed, and the choice should always be the mother’s, scientists agree that breastfeeding has many proven health benefits. For example, exclusive breastfeeding for the first six months significantly reduces infant mortality,boosting immunity and lowering the risk of infections, diarrhea and malnutrition. For mothers, breastfeeding reduces the risk of postpartum hemorrhage and breast and ovarian cancers, and speeds up postpartum recovery. Unfortunately, although there has been progress in recent years, the breastfeeding rate in Nigeria, which has a population of more than 230 million, making it the most populous country in Africa and the sixth largest in the world, remains among the lowest in Africa and well below the global WHO target of 50%.

Dr. Lope Adejuyigbe, certified lactation consultant said:

“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.”

 

A Campaign by Women, for Women

The Breastmilk Money initiative is brought to life by an international team of female experts across media, design and health care, ensuring authenticity and impact:

•  Ogechi Ekeanyanwu — An award-winning journalist and contributing editor at TheCable, Ogechi led the editorial strategy, shaping the narrative around breastfeeding and financial empowerment.
•  Nengi Nelson — A Lagos-based photographer and filmmaker known for her work with BBC, Reuters, and WhatsApp, she documented the realities of Nigerian mothers, bringing depth and authenticity to the campaign through striking visuals.
• Yagazie Emezi — A New York Times and National Geographic photographer, Yagazie’s powerful imagery of Nigerian mothers’ experiences with breastfeeding is featured in the campaign.
• Fariba Buchheim — A multinational, award-winning director, Fariba directed the campaign’s short film, offering an intimate look at the cultural and financial challenges surrounding breastfeeding in Nigeria.
• Dr. Lope Adejuyigbe — A medical doctor and certified lactation consultant, Dr. Lope is the founder of The BestFeeding Club, Nigeria’s first dedicated breastfeeding clinic. She provided expert insights, ensuring mothers receive accurate, supportive information.
• Titilayo Medunoye — A board-certified lactation consultant and founder of Milky Express, Titilayo has championed breastfeeding support across Nigeria through private practice and hospital-run clinics. As an Obama leader and maternal health advocate, she brought her expertise to the Breastmilk Money initiative.