Let’s Talk Money & Investment with Solape Akinpelu in This Week’s “Doing Life With…”

Doing Life With… is a BellaNaija Features series that showcases how people live, work, travel, care for their families and… everything in between. We are documenting the lives of all people and ensuring everyone is well-represented at BN.

Did you miss last week’s conversation with Kechi Okwuchi? You can catch up here. 

Today, we’re doing life with Solape Akinpelu, the CEO and co-founder of HerVest. We talk HerVest, women, investment and everything money.  Enjoy the conversation!

Hi Solape, how are you feeling today?

Hi BellaNaija, I’m great.

Awesome! Give us a glimpse into your background – education, career, and what part of your childhood influenced who you are today

I have always been inclined towards entrepreneurship and, in a way, most things I do revolve around that. Watching my mom and the women around me juggle so many businesses gave me an opening into that world. I was also always curious and eager to learn. Then I ventured into marketing as a profession, this made me passionate about connecting with people and understanding their needs, especially women.  

My childhood was filled with lots of reading which fostered my love for writing and storytelling. I believe it was the experiences of women around me that shaped my path and led me to co-found HerVest. My journey has been a blend of continuous learning, professional growth, and a desire to make a meaningful impact in the world.

Talking about being a founder, tell us about HerVest 

HerVest was born out of a vision to help women do more financially. The early days were a mixture of excitement and challenges and it still is. We started in 2020 at the peak of the pandemic- when businesses were wounding up and others trying to make sense of the massive technological disruption. Women accounted for the highest number of job losses in the pandemic because of their presence in industries that were heavily impacted by the effects of COVID. This signalled that our arrival was indeed overdue. 

Another constant thing around me is the significant gap in financial services tailored for women. We wanted to create a platform that offered access to loans, savings, and investment opportunities specifically designed for women’s needs. We started small, with a passionate team and a big dream. Our inspiration came from the stories of women around us, women who were resilient, ambitious, and often underserved by traditional financial institutions.

What would you say are the biggest opportunities and barriers for women-led tech startups in Africa?

The biggest opportunity for women-led tech startups in Africa lies in the continent’s rapid digital transformation and the growing recognition of women’s contributions to the tech industry. There is a tremendous potential to create solutions that address local challenges and leverage technology for social impact. However, barriers such as limited access to funding, mentorship, and networks still persist. Additionally, societal norms and gender biases can make it more challenging for women to succeed in this space.

Overcoming these barriers are what we are on about everyday, I mean it typically gets me out of bed. My weekly publication on LinkedIn: Zero to One addresses a lot of these issues. I think that we are getting it but more effort is needed from all stakeholders to support and invest in women-focused initiatives and businesses.

Can you share one success story of HerVest that makes you proud?

One of our proudest moments recently was launching a loan product for women and women-led/focused businesses. This extended our credit access beyond female farmers, widening our business scope and impact. Seeing these women succeed and improve their communities has been incredibly fulfilling. It’s stories like these that remind me why, on my down days, it’s enough to go on.

You wear many hats, Solape, what’s a typical day in your life like?

I hope the hats don’t dwarf me anyway, haha.

Usually, I begin with some quiet time for prayer and planning my day because I am an organised person. Sometimes, I do breakfast and sometimes I don’t.  For the most part of the day, it is me and the laptop working, which includes meetings with my team, strategy sessions, and reviewing progress on various projects. 

I also make time for writing, whether it’s for my newsletter, Zero to One, or personal reflections. And my evenings, let me say late evenings are reserved for family, relaxation, and sometimes catching up on industry news or a good book. I won’t say it’s easy but the contrast between my work and being a mom and wife is a variety that keeps me energised and engaged.

Looks like you have everything on lock

Indeed!

What is the most absurd financial advice you’ve ever heard?

“You should avoid all debt at all costs.” So while it’s true that excessive debt can be detrimental, not all debt is bad. Even the richest people borrow money, so don’t be shy to borrow once you have your calculations right. The key is to manage debt well and have a solid plan to repay. Let’s say you take out a loan to invest in education or start a business, this is definitely going to either improve you personally and financially.

I agree. Talking about money, what unconventional thoughts do you have about Nigerians’ money habits that you believe people won’t agree with?

Many Nigerians, especially women, tend to focus too heavily on saving rather than investing. While saving is important, investing offers the potential for growth and financial security in the long term. There’s often a fear of risk associated with investing, but I believe that with proper education and guidance, more people can benefit from putting their money to work in various investment opportunities like we have at HerVest.

So what’s that one basic investment hack everyone must know?

The most basic investment hack everyone should know is the power of compound interest. According to Warren Buffer “Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t pays it.”

Start investing as early as possible, even if it’s a small amount. Over time, your investments will grow more than you imagine, as the interest earned also earns interest. It’s a simple yet powerful concept that can significantly impact your financial future.

If you could go back a decade, say 2010, what’s that financial advice you’d have taken more seriously?

2010 right? I would tell myself to start investing in stocks and real estate earlier. The importance of diversifying investments and taking calculated risks cannot be overstated. Who knows how much more I would have by now?

A billion dollars?

Haha

What is that thing you do to feel happy and alive during tough times?

I find solace in writing, and even reading. It’s a way for me to process my thoughts and emotions. Whether I’m journaling or crafting an article, writing helps me gain clarity and perspective. Also, spending time with my family is a blessing. I am really a big fan of gratitude because I think it makes obvious the things that you have, and makes your joy fuller. 

One wellness or inspiration quote that gets you all fired up?

One that I really like is from Maya Angelou. She once said: “I am grateful to be a woman. I must have done something great in another life.” 

Awwwn. What is one small habit you’ve adopted recently that has had a big impact on your well-being?

Practising mindfulness and gratitude. Taking a few minutes each day to reflect on what I’m grateful for helps me to set the tone for my days.  

What is your ideal creative outlet, and how often do you make time for it in your life?

Writing is my ideal creative outlet. It allows me to express myself, explore ideas, and connect with others. I make it a point to write every day, even if it’s just for a few minutes. 

Thank you for being a part of Doing Life With… Solape

Thank you, BellaNaija, for having me.

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Many thanks to Solape Akinpelu for having this conversation with us and answering all our questions – and swiftly too, we must add.

Do you love this content, have any feedback for us or want to be a BellaNaija Features contributor? We’d love to read from you. Shoot us an email: [email protected]. Join us on Saturday for the next episode!