Mami Wata is known for her beauty. But she is as seductive as she is dangerous. Those who pay tribute to her know her as a "capitalist" deity because she can bring good (or bad) fortune in the form of money. This relationship between currency and water makes sense. Her persona developed between the 15th and 20th centuries, as Africa became more present in global trade. The fact that the name Mami Wata is in pidgin English, the language used to facilitate this trade, shows the influence on foreign cultures on the spirit's image and identity.

Mermaid/mermen "nymphs" worshiped as goddesses and gods born from the sea are numerous in ancient African cultures history and spiritual mythology. Most were honored and respected as being "bringers of divine law" and for establishing theological, moral, social, political, economic and cultural foundations. Mami” is derived from “Ma” or ”Mama,” meaning “truth/wisdom,” and “Wata” is a corruption of not an English, but the ancient Egyptian word “Uati,” (or "Uat-ur" meaning ocean water), and the Khosian ("Hottentot") "Ouata" meaning “water.”

Mami Wata's primary role in the life of the devotee/initiate is "healing," by helping the initiate to achieve wholeness both spiritually, and materially in their lives. Mami is also responsible for protection, emotional, and mental healing, spiritual growth/balance, and maintaining social order by assuring that sacred laws imposed on both the initiate and the family in which she/he lives is maintained. When these requirements are met, Mami often blesses the initiate (and family) with material wealth.