Inclusion in financial systems in Africa has faced challenges over the decades. Women, especially those in Tier-2 and Tier-3 cities, have been underserved, with limited access to structured credit, investment products, and financial literacy programs. In agriculture, where millions of women work, fewer than 10 percent of female farmers access formal capital. This disparity has hindered financial growth and fostered inequality.
The startup HerVest, founded in 2019, is changing this reality. The platform, which combines Gender Lens Investing (GLI) and technology, places women at the heart of financial ecosystems by supporting their savings, investments, and credit needs.
Table of Contents
The Conception of a Mission-Focused Mainframe
The inspiration behind HerVest was quite bold: she aimed to close the $42 billion gender finance gap in Africa. Its founders believed that when women have equal access to financial tools as men, communities will develop more quickly.
HerVest, through its digital platform, has reached over 40,000 women by helping them improve their financial wellness through structured savings programs, impact-driven investments, and accessible credit. The app is simple, mobile-focused, and effective, even for women in peri-urban or semi-rural areas with limited traditional bank infrastructure.
Busting Barriers in Agriculture
In many Tier-2 and Tier-3 economies in Nigeria, where agriculture is a key sector, women farmers often face marginalization. HerVest addresses this issue directly through a comprehensive business model that includes coaching women farmers on financial literacy and modern agricultural techniques, helping them access affordable credit via blended financing options, and connecting them to larger markets to ensure fairer prices and increased demand. In Kwara State, HerVest has successfully financed and trained 1,000 female smallholder farmers, providing not only loans but also empowering them with sustainable farming skills.
Impact in Numbers
The advancement of HerVest is impressive and highlights its significant impact. The platform currently boasts over 40,000 active female users who actively save and invest through it. Additionally, more than 8,000 women farmers across six Nigerian states have benefited from its financing and training programs.
To date, over $750,000 in blended financing has been deployed to more than 10,000 farmers, supporting income growth and job creation. The goal is to reach one million women investors within two years and generate a transaction volume of $40 million. These figures reflect more than mere adoption; they signify a financial shift that places women firmly in charge.
Creating Financial Literacy and Community
HerVest’s efforts extend beyond transactions, demonstrating a proactive commitment to fostering a culture of empowerment through various initiatives. Notably, the annual Value Up Event provides women the opportunity to share knowledge, connect with others, and enhance their skills in entrepreneurship, career growth, and finance.
The Campus Ambassadors Program targets young women to promote early financial literacy while offering mentorship and career development opportunities. These programs highlight that HerVest is not just about financial support but also about building knowledge, confidence, and camaraderie among women.
Leadership with a vision
Its chief executive and co-founder is Solape Akinpelu, who serves as the Technology Chair of the Nigerian-British Chamber of Commerce and advises national advisory bodies on formulating female economic empowerment policies.
Her leadership has attracted international attention. HerVest was the first African startup to be featured in the Google WeArePlay campaign, a testament to its innovativeness and global appeal. Support from institutions such as USAID, Standard Chartered Bank, and VC4A further underscores its dual mission of financial inclusion and commercial scalability.
How Tier-2 and Tier-3 Cities are important
HerVest has a narrower focus on smaller cities and rural regions, which are often the most affected by financial exclusion. Its mobile-first strategy leverages technology to reach customers regardless of poor conventional banking infrastructure. The platform specifically aims to empower women farmers in many Tier-2 and Tier-3 economies, recognizing them as the backbone of economic performance; by supporting them directly, HerVest helps to scale the overall value of the community. HerVest prioritizes social equity by focusing on underserved regions, not only providing necessary financing but also addressing the broader issue of inequality.
Empowering Women, Transforming Africa’s Financial Future
HerVest aims to expand across Africa with new stock options and low-connectivity solutions like USSD to reach rural areas. It plans to connect international investors with local women-led ventures, incorporating entrepreneurship, digital skills, and cooperative financing into its training. This makes HerVest more than a fintech; it’s a trans-continental movement towards gender-based financial equality.
It demonstrates how technology and mission can create change by empowering women in Tier-2 and Tier-3 cities with access, knowledge, and opportunities as investors and entrepreneurs.
In global efforts for financial inclusion, HerVest shows that empowering women benefits entire communities. Its success is a model for emerging markets: inclusive growth is profitable and sustainable.
