Unity Bank Plc, one of Nigeria’s leading retail banks, has launched GenFi, an innovative digital banking platform designed to foster financial literacy among children and teenagers aged 8 to 18. Unveiled at a ceremony in Lagos, GenFi aims to empower young Nigerians with essential financial skills, enabling them to manage money effectively, set savings goals, and develop smart spending habits under parental guidance. The launch marks a significant milestone in Unity Bank’s mission to drive financial inclusion and nurture a financially savvy generation.
The introduction of GenFi comes at a critical time, as a recent report by the Central Bank of Nigeria revealed that only 38% of Nigerian adults are financially literate. This alarming statistic underscores the urgent need for early financial education to bridge the knowledge gap and equip young people with the tools to make informed financial decisions.
GenFi, short for “Generation Finance”, is positioned as a pioneering solution to address this challenge, targeting Generation Z and Generation Alpha with a gamified, engaging platform that makes learning about money management both fun and practical.
Speaking at the launch event, Unity Bank’s Acting Managing Director and Chief Executive Officer, Ebenezer Kolawole, emphasised the platform’s role in advancing the bank’s commitment to financial inclusiveness. “The launch of the GenFi App represents a significant milestone since Unity Bank’s foray into retail banking started several years ago,” Kolawole said.
“As the bank continues to evolve, we are constantly innovating with technology to drive more financial inclusiveness in different segments of the market. GenFi was inspired by the desire to nurture a financially savvy generation and empower them to make smarter financial choices,” Kolawole explained.
How Unity Bank’s GenFi platform works
The GenFi platform leverages behavioural science and gamification to create an interactive experience that encourages financial discipline and independence.
Young users can aggregate and track allowances or income, set savings goals, and monitor their spending, all while engaging with a user-friendly interface designed to make financial learning enjoyable. Meanwhile, parents can monitor transactions, guide their children’s financial behaviours, and initiate conversations about money management, fostering not only financial skills but also stronger family bonds.
Adenike Abimbola, Unity Bank’s Divisional Head of Retail and SME Banking, described GenFi as more than just a banking app. “Financial literacy is not a luxury; it is a life skill. And like most life skills, the best time to learn is from childhood,” she said.
“That is why we created GenFi, not just as a banking app but as an interactive experience that nurtures discipline, planning, and financial independence from an early age. Imagine a 12-year-old setting a goal to save for a bicycle; not only are they learning to save, but they are also learning patience, discipline, and the value of delayed gratification. That’s the GenFi advantage.”
The launch event, attended by stakeholders from the education and finance sectors, technology partners, media, and young students, showcased the platform’s potential to transform financial education in Nigeria.
Master Ajayi Favour, a student from Victoria Island Junior Secondary School who attended the event, praised GenFi as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.” He expressed optimism about the app’s potential to gain global reach and resonate with its target demographic.
School proprietor Sylvia Ezeora, another guest at the event, lauded GenFi’s user-friendly design and educational value. “The app is motivational for children,” she said. “Beyond teaching financial literacy, it empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility.” Similarly, parent Genevieve Adindu commended Unity Bank for creating a modern, engaging tool to instil saving habits in children. “GenFi replaces traditional methods like the kolo with a more effective digital tool, becoming a powerful companion for children’s financial education,” she noted.
GenFi’s launch positions Unity Bank as a trailblazer in youth-focused digital banking, with the potential to set a national benchmark for financial education and economic inclusion. By combining cutting-edge technology with a deep understanding of the needs of young users and their parents, the platform addresses a critical gap in Nigeria’s financial landscape. As the country grapples with low financial literacy rates, initiatives like GenFi offer a promising path toward building a more economically empowered and sustainable future.
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