Frequently Asked Questions
Frequently Asked Questions
About + Accounts
We started Herconomy with a very clear mission — to enable the success of women globally by leveraging technology to provide financial services, capacity building, and community
Yes, we do. Our office is located at 226 Bourdillon road, Ikoyi, Lagos. Feel free to come say hi!
This is a one-time PIN for verifying your phone number every time you initiate a transaction. We use this as an extra layer of security to reduce fraudulent attempts and protect your savings
Your BVN is requested to verify your identity and prevent identity theft. This adds an extra level of security to protect your funds and transactions.
Your BVN is requested when you want to make a withdrawal.
If you no longer have access to the phone number associated with your BVN, please contact your bank to have the phone number updated.
The Herconomy community offers three types of subscription plans:
- The Gold plan is a yearly subscription that costs ₦50,000. The gold plan gives you access to all Herconomy features, including lightbox sessions, discounts on Herconomy events, the Affinity Network, and discounts on business partners’ produ.cts and services. As part of this subscription, you’ll also receive a Gold card that allows you to access affinity network events.
The Bronze plan is a free plan. Members with this plan have access to job boards and can chat with other members of the community for free.
Choosing a subscription plan depends on the Herconomy features you want to access. The gold subscription comes with full access to lightbox sessions, discounts on Herconomy events, the Affinity Network, and discounts on business partners’ products and services. The Bronze plan, however, only comes with access to job boards.
Our savings feature is open to ALL USERS. You don’t need a subscription to save with Herconomy
Yes, you can. The OTP will be sent to the provided phone number. Simply input the OTP to complete the registration process
Investments
All investment opportunities on Herconomy come with its own protection.
It depends on the investment opportunity, ensure to checkout infos on each investment to know the minimum
This also depends on the investment as different investment have different coverages
You can use your debit card or Herconomy wallet.
At Herconomy, we make sure all investment opportunities are of maximum safety as thorough investigation are carried out on each investment provided.
In this case, all investments are covered by insurance
Depending on the investment plan interests could be paid daily, monthly, quarterly or annually. And this is paid directly into your Herconomy wallet
Taxes are handled by the government. All you have to do is to declare your earnings as stipulated by the law
Yes. However, to do so, you’ll have to trade the units you own with other existing or new investors.
Discounts
Herconomy Card
To get the Gold Card, simply sign-up for our Herconomy yearly subscription, fill in the form using the link in your welcome email. Card processing and delivery take about Two to Six weeks. On receipt of your Gold card, follow instructions in the Letter to activate your gold card.Your Gold Card works like any other ATM card and comes with digital wallets that allow you to fund it. It can be used at a local ATM and can be used for payments but locally and internationally
Simply, create an account and upgrade your membership to Gold status. Once done, you are entitled to the Herconomy Gold Card
Your card entitles you to discounts from any of our affinity partners. SImply display your card at the point of purchase. Also, your Gold Card works like any other ATM card and comes with digital wallets that allow you to fund it. It can be used at a local ATM and can be used for payments but locally and internationally.
Yes, you can pay for goods and services wherever Visa cards are accepted.
Yes, you can make withdrawals on ATM machines wherever Visa cards are accepted.
In this case, all investments are covered by insurance
Depending on the investment plan interests could be paid daily, monthly, quarterly or annually. And this is paid directly into your Herconomy wallet
Taxes are handled by the government. All you have to do is to declare your earnings as stipulated by the law
Yes. However, to do so, you’ll have to trade the units you own with other existing or new investors.
Withdrawals
Savings
Currently, there are 4 savings products on Herconomy: vault (Fixed Wallet), Float (Flexible Eallet), the Easy-Save (Automated Payment), and Accountability Partner.
It depends on your saving goals and the time you have to achieve them. For example, if you intend to save long-term, then choose the vault. If you want to save for security funds, then choose Float
It’s very easy to start saving on Herconomy. All you have to do is register on the herconomy website or visit Google Playstore or apple store to download our app which is completely free and register. Then complete your bank details into which your withdrawals will be sent to and also fill in your card details ( MasterCard, Visa or Verve ) with which you would like to make payments. You can then proceed to choose a savings plan best for you
By stating the goal and inputting the amount set for the goal. Your monthly savings will then be calculated from the information given, and you will be notified when your goal has been reached
Yes, you can create multiple savings plans.
It’s very easy to get started. But first, you need to register an account on the Herconomy website or app (available on the Google Playstore or App Store).
As part of the account setup, you will be asked for your bank account information into which withdrawals will be made. You will also be asked to provide your credit card details (MasterCard, Visa, or Verve) with which you wish to make payments. When this is completed, you can start saving
It’s absolutely free. No charges are deducted for depositing money into your herconomy account
You can start with any amount above N50. To set up Easy-Save, an example is
Daily : #50 – #50,000
Weekly : #1,000 – #200,000
Monthly : #5,000 – #500,000
Your money and personal data are safe and protected. Herconomy is in a partnership with Providus bank, so we use their Microfinance banking license. All your funds are insured, so your money is always safe.
Because your security is a top priority for us, we use Paystack, a PCIDSS-compliant payment processor, to handle your card information.
Your card information is kept in a secure location where it will never be compromised.
In the event that you miss your days, due to system error or insufficient funds. We will continue the attempt to charge your card for 3 days. After the 3rd day, your Easy-Save will automatically be turned off
You can choose to turn on/off Easy-Save as it suits you. Simply login to the web app, click on Vault and visit your Easy-Save settings.
Yes, you can. The more you save, the more interest you receive
Our system will attempt to make a charge on your debit card. In the event that it fails, you will be notified at that instant or via email
After logging in, go to the wallet you want to interact with. Click on the “Accrued Interest” button, and click on “Claim Interest”. Follow the process and your interest will be paid into your Float wallet
Interest is paid monthly and can be claimed from the first of the next month.
You will soon be able to turn on interests. This feature is coming soon. In the meantime, you can choose not to claim your interests
We are determined to provide you with higher interest rates in comparison with the competition. Due to our agreement with Providuus bank and our dedication to you, we have been able to achieve this.
Simply log onto the web app, select the wallet you wish to interact with ensuring you have sufficient funds and click on “Withdrawals”。Provide an amount and complete the process to make a successful withdrawal
You will be required to pay a 2.5% processing fee.
Yes, you can!
