- HerVest brought together diverse individuals who are passionate about growth, bringing about an opportunity to learn from industry experts
- The event encouraged women to embark on self-discovery and unleash their potential for breakthroughs in business and career development
- The panel session had experts who advised individuals on financial planning and management
Value Up! Unleash your Potential was the theme of a discussion and networking event by HerVest, a digital platform providing financial inclusion for women through a Gender Lens Investment (GLI) approach.
Nairametrics reported the event, which brought together diverse individuals who are passionate about growth, bringing about an opportunity to learn from industry experts, engage in thought-provoking discussions, and explore new strategies to unleash our potential.
The event was a power-packed event which has a session on financial planning, career growth and entrepreneurship with various experts in each panel.
Convener, Chief Host and Co-founder of Harvest, Solape Akinpelu made opening remarks at the event which took place at the MUSON Centre on Saturday, 20th of May, enlightening people on how financial prosperity can be forged through value.
She stated that in the past few years, HerVest has shown a commitment to closing the gender finance gap, empowering over 30,000 women across sectors. HerVest is evolving to provide the necessary resources for empowering and mentoring female entrepreneurs.
The MD of FCMB Mrs. Yemisi Edun, the keynote speaker spoke on how Fintech is dedicated to improving women’s lives through a gender lens approach, adding that in doing better, it is necessary to break barriers, because Nigerian women have a can-do spirit.
She remarked that AFDB reported a 42 billion dollar gender gap with billions trapped in Agriculture which presents an opportunity for women.
On her advice for women to level up, she emphasized the following:
- The need to embrace risk as it is not easy to be successful because it requires unwavering self-confidence. She advises that women start each day with affirmations to celebrate milestones.
- Another is, to be passionate about what you do which serves as a vital catalyst for entrepreneurs. They must exhibit strong work ethics. Visualizing your goals offers a simple yet effective means to develop resilience.
- Power of networking is an integral part of communication, so listen attentively, taking crucial details. Introverts can network by learning new habits and imbibing new ones
- Creative thinking: Discover innovative products
- Leadership and empathy: Prioritize tasks and delegate
- Adaptability: Successful entrepreneurs adapt to various scenarios
- Lifelong learning: Be committed to lifelong learning. Learn new tools, skills, and insights into business growth. Being open to learning requires humility and respect.
She revealed how FCMB supports women in entrepreneurship, business advisory, and business loan support. Internally, there is a 40% female representation on the Board, while about 50% of women are in Management.
The Financial Planning and Management panel had in attendance Tunji Andrews of Awabah, Tosin Olaseinde of Money Africa and Ladda, Oyelude Eigbe of Vetiva Capital, and Solafunmi Sosanya of Wealth Motley. The panel was moderated by Roseline Amaefule, the CFO of HerVest.
The event enlightened attendees on the following:
How to have a successful financial plan
Tosin Olaseinde of Money Africa noted:
- “When planning for your finances, it is advisable to get a 3-6 month bank statement to track your spending habits. She noted that most times financial problems stem from an earning problem or spending problem”.
- “80% is about financial behaviour while 20% is about knowledge. Hence it is important to cut down on expenses and purchase only what you can afford. She also advises on the need to have an insurance plan”
Solafunmi Sosanya of Wealth Motley advises individuals to be wealthy in their mind, and avoid instant gratification. She advised investing money to enable it to grow because according to to her, “Money grows on trees- through investments”.
Oyelude Eigbe of Vetiva Capital stipulated that,
- “The type of investment an individual needs to make depends on what works for the person, what his/her plans are and risk appetite”.
- “It is also important to understand one’s investment objectives such as retirement plans, asset acquisition plans, and education plans. For instance, the Money markets are low-risk, while penny stocks are for high-risk takers. Others such as equities could be listed or private”
- “Money market instruments can be either fixed deposit, money market funds, commercial papers. Bonds are good for retirement and could be long-term such as 2 to 40 years”.
Effective ways entrepreneurs can be investment ready
Tunji Andrews discussed how entrepreneurs can obtain funds for their businesses.
- “It depends on the business so you need to have a plan. Identify your product-market fit, and know your business to understand the kind of financial assistance you need which could be from a venture capitalist who can provide funds based on equity”.
- “The downside to this though, is that you may end up losing the business. If the business already has cash flow, it is advisable to get funds from a lender, not a venture capitalist”.
Common mistakes people make when managing money
Oyelude Eigbe of Vetiva Capital indicated that “People don’t think long-term and don’t invest in social capital enough. It’s important to build emergency funds and make long-term investments. For instance, in 2021 Meta stocks went up to over 100%. Make your money work for you”.
How to identify the right places to invest
Oyelude also stated that one needs to search for companies that have the right licenses and are regulated by SEC or CBN. Also, those with a track record. Also, consider having insurance and a trust plan which you can ask from Trustees.
The panel concluded with words of advice which in a nutshell is to open a micro-pension plan to secure life after retirement, invest in yourself, spend wisely and follow financial principles to become wealthy.
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