In a bid to promote financial literacy among Nigeria’s youth, Unity Bank Plc has launched GenFi, a new digital banking platform designed to equip children and teenagers between the ages of 8 and 18 with essential financial skills.
In a statement made available to our correspondent on Tuesday, the launch comes in response to a report by the Central Bank of Nigeria, which revealed that only 38 per cent of Nigerian adults are financially literate.
At the official launch event in Lagos, the Managing Director/Chief Executive Officer of Unity Bank, Ebenezer Kolawole, described the app as a significant milestone in the bank’s retail banking journey. He emphasized the bank’s commitment to fostering financial inclusion, noting that GenFi represents a pioneering step towards empowering the next generation to make smarter financial choices.
“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,” said Kolawole. “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 offers users the ability to manage their money, set and achieve savings goals, and track allowances or income with parental oversight. It incorporates gamification and behavioral science to make financial learning engaging, practical, and fun. Parents can monitor transactions and guide their children’s financial behavior, initiating conversations about money management.
The Divisional Head of Retail and SME Banking at Unity Bank, Adenike Abimbola, highlighted the significance of GenFi as a holistic financial literacy ecosystem.
She stated, “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.”
Abimbola further explained that the app empowers children to set financial goals, such as saving for a bicycle, teaching them not only how to save but also the value of patience and delayed gratification.
“That’s the GenFi advantage,” she said.
Additionally, a parent identified as Genevieve Adindu expressed her approval of GenFi, noting that it offers a modern, engaging approach to teaching children financial literacy, replacing traditional methods like the ‘kolo’ with a more effective digital tool.