In a strategic move to promote early financial literacy and economic inclusion, Unity Bank Plc has launched GenFi, a digital banking platform designed for children and teenagers between the ages of 8 and 18. The platform aims to close Nigeria’s financial literacy gap by nurturing a new generation of financially informed citizens.
The initiative responds to a 2024 Central Bank of Nigeria report showing that only 38% of Nigerian adults are financially literate. Unity Bank hopes to shift this trajectory by starting early, teaching young users how to manage money, set savings goals, and develop smart spending habits, all under the guidance of their parents.
At the official launch in Lagos, Acting Managing Director and CEO of Unity Bank, Ebenezer Kolawole, described GenFi—short for Generation Finance, as a landmark achievement in the bank’s retail banking journey. He said the app reflects Unity Bank’s commitment to technological innovation and financial inclusiveness across all age groups.
Kolawole explained that the goal behind GenFi is to create a financially empowered generation capable of making smart money choices. “GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens, while connecting with the strong passion of parents who want to empower their children financially,” he said.
Divisional Head of Retail and SME Banking, Adenike Abimbola, emphasized that GenFi goes beyond traditional banking. She described it as an interactive, gamified ecosystem designed to teach essential money management skills in a fun, practical way. “Financial literacy is a life skill,” Abimbola said. “The best time to learn is in childhood, and GenFi makes that possible by combining education with engagement.”
The app integrates behavioural science and gamification features that allow users to learn financial habits by experience. Children can set savings targets, track allowances, and earn rewards for achieving financial milestones. Parents are also involved, monitoring transactions and encouraging discussions about money management within the family.
“Imagine a 12-year-old saving for a bicycle. That child isn’t just learning to save, they’re learning discipline and the value of delayed gratification,” said Abimbola.
The launch event featured testimonials from young students, educators, and parents. Master Ajayi Favour, a student from Victoria Island Junior Secondary School, called GenFi an “innovative solution” that would make financial education accessible and exciting. School proprietor Sylvia Ezeora described the app as user-friendly and motivational, adding that it promotes responsibility through task-based rewards. Parent Genevieve Adindu praised the platform for replacing outdated savings methods like the kolo with an effective, modern alternative.
Attended by stakeholders from the finance and education sectors, technology partners, and students, the event underscored Unity Bank’s vision for GenFi as a national benchmark for youth-focused digital banking. By embedding financial education into everyday life for children and teenagers, the bank hopes to build a more financially capable generation, equipped to sustain long-term economic growth.
