Arese Ugwu has started a movement for African millennial women which has them excited about making smart money decisions. Following her background in wealth management and her interest in storytelling, she has created media products which spark conversations about investment, wealth, entrepreneurship and employment.
After two best-selling books and a wildly successful Pan African book tour, Arese went on to produce the hit Netflix series, The Smart Money Woman. Through her work, she has built strong relatable characters which depict the daily financial struggles of the modern African woman and practical strategies for building wealth in an African Context.
For years, many money management platforms have excluded topical financial issues that specifically affect the modern African woman, Arese’s savvy media products not only breaks down financial jargon but also connects relevant financial products to the right audience. She has worked with some of Africa’s biggest brands including; Standard Chartered, GTBank, First Bank, Mastercard, Unilever, Bamboo and so on.
She is the host of the Smart Money Tribe Podcast which went to number one, in the first week of its release, on Apple’s Top Shows Podcast List. Arese has also spoken at and been featured on premium international platforms such as CNN.com, Bloomberg and Forbes Africa. In 2021, she was recognised as one of the Most Influential People of African Descent (MIPAD).
Arese is an independent director for Africa’s Largest Indigenous Make-up Brand-House of Tara International and an advisory Board Member for TW Magazine. She holds an MSc in Economic Development from University College London (UCL) and a BSc in Business and Management from Aston Business School, Birmingham. She is also an alumna of the Lagos Business School, INSEAD AbuDhabi, and The London School of Business executive education programmes.
Arese remains focused on creating TV shows and media products that breakdown financial barriers for African Women.
What inspired you to start a movement focused on financial literacy for African millennial women?
My own pain points with money inspired my journey to financial education. As Africans, we are not taught in any formal framework how to keep money or grow money. From a young age, we are just told to go out and earn, and by that time, we’ve made all the mistakes when it comes to debt, budgeting and investing. I wanted to create something that was useful for women like me who aspire to live a good life but don’t want to be poor in the long run.
How does storytelling play a role in the way you approach financial education?
Storytelling is a very powerful tool for learning, it helps shape cultures and change perspectives. ‘The Smart Money Woman’ tells the story of five women and their pain points with money. It explores the role money plays in their families, in love, friendship and life. Taking this approach made the financial education lessons more impactful and relatable.
What has been the most rewarding moment in your career since starting this movement?
I would say the journey of turning my books into two seasons of a TV series that has streamed on Africa Magic, Netflix and YouTube. With no formal film education, I’ve had to learn on the job the last few years, taught myself to write a script, raised capital to produce the series, put a super talented cast and crew together, and created something that has resonated so much and is loved so deeply by women across the content. The journey has been the greatest reward.
How do you develop relatable characters in ‘The Smart Money Woman?’ What influences their stories?
Each character has a little bit of my perspective in them but the stories are largely influenced by observation, observation of society, especially African society , observation of human behaviour in certain situations. Each character is used to tackle certain themes or thoughts I have around some societal norms. For example, Tami’s character represents entrepreneurs in Africa, the issues with raising capital and the frustrations that come with not having adequate infrastructure. Even though she’s a fashion designer, any entrepreneur that has ever been in her shoes can relate even if they are in a different industry.
What are some unique financial struggles that modern African women face, and how does the TV show address them?
The show tackles many financial issues that are specific to African women i.e black tax and the financial burden that it has specifically on first born children. Fatigue, when it comes to making investment decisions, the financial implications of the cultural burden that African women sometimes have to carry when it comes to marriage, divorce or death. Women going through marital strife will connect with Adesuwa’s character, any child who has ever experienced religious financial abuse will relate to Zuri’s situation with her mother this season.
Can you share experiences working with big brands and how that has shaped your platform?
We’ve had a remarkable opportunity to work with brands like Pernord Ricard, MAC, Mastercard, Bamboo , Bankly and Luno on The Smart Money Woman through product placement. At first, it was a tough sell trying to convince brands that pairing financial literacy with entertainment would be a hit, but we were able to illustrate how their products could act as solutions, and the pain points that were experienced by the characters or in some cases that it was a good lifestyle fit.
What do you think contributed to the immediate success of the Smart Money Woman Season 2?
I believe we are blessed to have an engaged fan base that has been garnered over time. I wrote and self-published the first book in 2016, went on a Pan African book tour to countries like South Africa, Tanzania, Kenya and then turned it into a TV series in 2019. It went on to be streamed on Africa Magic and then had a second window on Netflix in 2021, so by the time we announced that season 2 was coming to YouTube, the fans were set!
In what ways has your academic background influenced your approach to wealth management and financial literacy?
I studied business and management at Aston Business school and did a Masters in Economic Development at UCL so I’ve always been interested in how businesses work, how world economics works and the impact that allocating limited resources has on individuals.
How important is it to consider cultural nuances in financial education?
I think it’s very important. One of the factors that have made ‘The Smart Money Woman’ franchise so popular is the fact that it puts cultural nuances in context and forces us to see the positive and negative impact some of our financial decisions that are underpinned by culture can have.
What practical advice would you give to young African women who want to take control of their financial future?
Be audacious, take calculated risks, figure out what you are good at early and master your skills so it’ll be easier to apply them when the opportunities arise.
What valuable lessons have you learnt going from author to producing a TV series?
I’ve mostly learnt that I can do hard things. With writing a book, a lot of the creative process rests solely on you, with film, it’s a much bigger creative machine that requires a problem solving mindset every single day. Plan ,plan , plan because it’s in the details, so the more you map things out ahead of time, the smoother it’s likely to go, but you have to have several contingencies in place because there’s always one or ten unforeseen obstacles.
What advice do you have for creatives looking to produce impactful media on important social issues?
My advice would be to go for it but your conviction has to be greater than your fears, especially when it’s an unlikely idea. People may try to tell you it won’t work, or it’s not scalable, but when you have a strong conviction to birth that vision, nothing can stop you except you.
Share the success story of the Smart Money Woman especially the new series and what you hope for
Bringing Season 2 of the Smart Money Woman to life has been a lesson in ambition and perseverance. We were determined to make this season bigger and better. We had a bigger cast, shot in 3 cities, Lagos, Johannesburg and Cape Town. We created a beautiful show but struggled to find distribution that was reflective of the value we had created, so we went to YouTube and gave it directly to the audience. Dropping two episodes every week for 5 weeks and the audience are obsessed with it.
Our YouTube page Azuwa Studios went from barely 100k views to 8.1m views in two months, our subscribers went from 10k to 77k. Seeing the audience’s real time reaction to the content we produced had been nothing short of fulfilling. The comment section of our YouTube page is truly a party, a celebration of the characters, a celebration of the work that the cast and crew put into it. I’m super grateful for all the engagement so far and I pray this season opens doors to opportunities we can’t even see yet.
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