In a bold move to promote financial literacy among Nigeria’s youth, Unity Bank Plc has unveiled GenFi , a cutting-edge digital banking platform tailored for children and teenagers aged 8 to 18 . The launch responds to a concerning report by the Central Bank of Nigeria (CBN) , which revealed that only 38% of Nigerian adults are financially literate.
At the official launch event in Lagos, Unity Bank’s Managing Director/CEO, Ebenezer Kolawole , described GenFi as a pivotal milestone in the bank’s retail banking journey.
“GenFi is short for Generation Finance, and with this app, we are empowering children, teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills,” Kolawole stated. “It’s not just a banking tool but a comprehensive solution that teaches children the fundamentals of personal finance and helps them develop good money habits.”
The platform equips users with tools to manage their money, set savings goals, and track allowances or income under parental oversight. Incorporating elements of gamification and behavioral science , GenFi makes financial learning engaging, practical, and fun. Parents can monitor transactions and guide their children’s financial decisions, fostering open conversations about money management.
Adenike Abimbola , Divisional Head of Retail and SME Banking at Unity Bank, emphasized the app’s role as a holistic financial literacy ecosystem.
“Financial literacy is not a luxury; it’s a life skill. The best time to learn is from childhood. GenFi is designed to teach children discipline, planning, and financial independence in an interactive and fun way,” she explained.
For instance, children can set financial goals, such as saving for a bicycle, teaching them patience, delayed gratification, and the value of planning.
A parent, Genevieve Adindu , praised GenFi for its innovative approach, replacing traditional methods like the ‘kolo’ with a modern, digital tool.
“This app offers a more effective way to teach children financial literacy while keeping them engaged,” she said.
With GenFi, Unity Bank is taking a pioneering step toward fostering financial inclusion and equipping Nigeria’s youth with the skills needed for smarter financial decisions. By blending technology, education, and parental involvement, the platform aims to shape a financially savvy generation capable of navigating the complexities of personal finance.
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