Herconomy Sallah

A Sallah I’d live to remember

Herconomy recounts the Sallah Story of Khadija, a community member who describes a delightful memory of the Eid-al-Adha celebrations. 

In the vibrant city of Lagos, Nigeria, preparations for the auspicious occasion of Sallah, the joyous celebration of Eid-al-Adha, were in full swing. I could feel the excitement building up as my family and I busily made arrangements, ensuring that everything was in order for this special day.

Amidst the bustling streets of Lagos Island, my home was abuzz with activity. With a sense of anticipation, I joined my parents in meticulously cleaning our house and adorning it with colourful decorations. The aroma of delicious delicacies filled the air as we prepared a feast that would delight our taste buds.

As the sun began to set, signalling the end of the holy month of Ramadan, my family and I, dressed in our finest traditional attire, headed towards the local mosque. Hand in hand, we walked with a sense of unity and gratitude, ready to partake in the first congregational prayer of the day.

After the prayer, we joined our neighbours and friends at the open field adjacent to the mosque, where a lively atmosphere enveloped the surroundings. Laughter, joyous conversations, and the tantalizing aroma of freshly cooked food created an ambience of togetherness and happiness.

But amidst the festive cheer, there was an exhilarating tradition that awaited us - the thrilling spectacle of the ram fights. As I squeezed through the crowd, my eyes filled with anticipation. The makeshift arena was adorned with colourful ribbons and flags, ready to witness the clash of the bravest and strongest rams.

The moment the first pair of rams were released into the arena, a collective gasp escaped the onlookers. Adorned with ornate harnesses, these magnificent animals proudly clashed their horns, each displaying their might and agility. The crowd erupted into cheers and applause, their excitement growing with each powerful collision.

I stood there in awe, captivated by the grandeur of the ram fights. The strength and determination of these animals left me spellbound, their eyes filled with an unyielding spirit. The cheers of the crowd served as the soundtrack to my joyous experience. From the sidelines, I witnessed the graceful dances of the rams, their synchronized movements captivating both young and old.

While the ram fights provided a thrilling spectacle, the essence of Sallah was never forgotten. Amidst the excitement, families generously shared their blessings, distributing portions of sacrificial meat to the less fortunate, strengthening the bonds of compassion and unity within our community.

As the night drew to a close, the echoes of laughter and the memories of the breathtaking ram fights lingered in my mind. I returned home with a heart filled with gratitude for the experience and a deep appreciation for the cultural traditions that made Sallah so vibrant and memorable.

Years later, I would often recall that eventful Sallah, cherishing the moments spent with my loved ones and the exhilarating ram fights that added an extra dose of thrill to the celebration. It was a Sallah that etched itself into my memory as a testament to the rich tapestry of Nigerian culture and the spirit of unity that Sallah brought to our lives.

As Sallah approaches each year, I eagerly anticipate the celebration, remembering the resounding clash of horns, the vibrant colours, and the sense of community that makes Eid-al-Adha a joyous occasion to cherish forever.

This year, several savers on Herconomy were able to save towards their Sallah goals. For some, the goal was to buy a ram. Others just wanted to have a good time with money they had put together over time. it’s always a pleasure for us to be plugged into the lives of our customers as we help them achieve their money goals.

At Herconomy, we organise numerous capacity-building and wealth-creation programs to empower communities of women. We also have a savings solution; an app we designed to help women grow their wealth. With us, you get 10% interest on your savings and kiss transaction charges goodbye. You can also save with a community of women in a way that enforces your relationships and commitment to financial freedom. Herconomy’s got the solutions you need, We were born with you in mind. 

Secure your future. Start saving today

Got questions? Contact us today at info@herconomy.com

Women In Wealth By Herconomy

Nigeria's Floating Naira

In a bold move, the Central Bank of Nigeria (CBN) has officially devalued the naira and allowed it to float freely in the foreign exchange market. 

This decision marks a departure from the previous fixed exchange rate period, where the CBN tightly controlled the value of the national currency.

 In this article, we will explore what a floating naira means in simple terms, discuss the benefits and disadvantages of this shift, and shed light on how it affects various aspects of the Nigerian economy.

What does a floating naira mean?

A floating naira simply means that the exchange rate of the naira is now determined by market forces of supply and demand. Previously, the CBN set a fixed exchange rate, which often led to shortages of foreign currency and multiple exchange rates.

 With the adoption of a floating exchange rate, the naira's value will now be determined by market forces of supply and demand. Instead of the central bank tightly controlling the exchange rate, it will allow the market to determine the currency's value through free trading.

I am sure you are wondering what this means for you.

Watch out for next week’s newsletter where we will break down the benefits and implications of this new policy. 

We Are Officially Google Backed!!!

Yes, you had it right, we are proud recipients of the Google Black Founders Fund.

Established in 2020, the Google for Startups Black Founders Fund is an initiative that provides up to $150,000 in cash awards without giving up equity in return. The aim of this initiative is to support and empower promising startups like us, by providing resources and opportunities to scale our business and make a lasting impact. 

This selection recognizes our potential as a start-up, and we are deeply honoured to be part of this remarkable initiative.

By the way, we did a really cool collaboration with Frank Itom in celebration of this amazing milestone. Click here to watch the video.

Here are a few of the major fintech news stories from the last week. The fintech industry is constantly evolving, so there is always something new happening in this space.

  • PhonePe Launches a Payment Gateway: This allows businesses to accept payments from their customers through PhonePe. This is a significant development for PhonePe, as it will allow the company to expand its reach beyond consumers and into the business-to-business (B2B) market.
  • Razorpay Launchs Turbo UPI, a new feature that allows users to make instant UPI payments without having to enter their UPI PIN. This is a convenient new feature that will make it easier for users to make quick and easy payments.
  • Seedstars Youth Wellbeing Ventures Mandate to Invest $ 20 Million in Small African Companies: Seedstars Capital and Fondation Botnar have launched the Seedstars Youth Wellbeing Ventures mandate. Together, they intend to invest $ 20 million in early-stage, purpose-driven companies. The aim is to improve the well-being of young people in low- and middle-income countries across the continent.
  • KCB partners with Visa to launch Tap-to-Pay service: The introduction of a groundbreaking service in the Kenyan market has been made possible through a collaboration between KCB, Visa and Thales. This innovative offering enables customers to conveniently make in-store payments using their smartphones, by simply tapping them on contactless-enables payment via the KCB app. 

  • University of Toronto 2024 Lester B. Pearson Scholarship for International Students

The Lester B. Pearson International Scholarships at the University of Toronto provide an unparalleled opportunity for outstanding international students to study at one of the world’s best universities in one of the world’s most multicultural cities. 

Deadline: Not Specified

Link to apply: https://future.utoronto.ca/pearson/about/ 

  • Chulabhorn Graduate Institute 2023-2024 Fully-Funded Post-Graduate Scholarship Program For International Students - Thailand

The Chulabhorn Graduate Institute (CGI) was established in 2005, under the initiative of Professor Dr. Her Royal Highness Princess Chulabhorn Mahidol. It is a multidisciplinary postgraduate academic institute. The objective of the CGI is to employ the most recent interactive teaching techniques used in world-leading educational and research institutions to produce effective thinkers and leaders to better serve their countries’ needs towards sustainable development. 

Deadline: September 30, 2023

Link to apply: https://www.cgi.ac.th/admissions/cgi-af-scholorship/ 

Last week we spoke about the significant shift in Nigeria’s economy, the era of fuel subsidies has come to an end, resulting in an increase in fuel prices across the country. The removal of subsidies is expected to have far-reaching implications for Nigerians, particularly when it comes to managing their finances effectively in this new economic landscape. 

Did you miss out on this? Click here to catch up

Ever wondered how much your money management skills say about your personality? Click here to find out.

Today we spotlight Ellen Zwilich, the first woman to win a Pulitzer Prize for Music (1983). Her early works were marked by atonal exploration, but by the late 1980s, she had shifted to a postmodernist, neo-romantic style. She has been called "one of America's most frequently played and genuinely popular living composers."

Zwilich's compositional style is marked by an obsession with "the idea of generating an entire work – large-scale structure, melodic and harmonic language, and developmental processes – from its initial motives.

If you have gotten to this part of the newsletter, then that means you are a real one.

Dear Woman in Wealth see you same time next week.

Remember we are rooting for you!!!