Unity Bank Unveils GenFi: A Groundbreaking Digital Platform to Boost Financial Literacy Among Nigerian Youths
In a pioneering stride towards fostering financial inclusion and literacy, Unity Bank Plc has launched GenFi, a cutting-edge digital banking application aimed at equipping Nigerian children and teenagers aged 8 to 18 with essential financial management skills.
The unveiling of GenFi comes on the heels of a report by the Central Bank of Nigeria which revealed that only 38% of Nigerian adults are financially literate—a stark reminder of the pressing need to begin financial education from an early age.
At a colourful launch event held in Lagos, the Managing Director and Acting Chief Executive Officer of Unity Bank Plc, Mr Ebenezer Kolawole, described the initiative as a milestone in the bank’s retail banking journey.
He stated, “As the Bank continues to evolve, the institution is constantly innovating with technology to enable us drive more financial inclusiveness in different segments of the market.”
Explaining the rationale behind the product, Mr Kolawole noted that GenFi—short for Generation Finance—was designed to inspire a financially savvy generation and empower them to make informed financial decisions early in life.
“With this app, the Bank is pioneering a solution designed to empower children and teenagers, particularly Gen Z and Gen Alpha, with essential financial literacy skills and a personal finance management tool,” he said.
GenFi enables young users to manage money effectively, monitor allowances or income, set and achieve savings goals, and develop smart spending habits, all under the watchful eyes of their parents or guardians.
Also speaking at the event, Mrs Adenike Abimbola, Divisional Head of Retail and SME Banking at Unity Bank, emphasised that GenFi is much more than a digital banking product.
“It’s a financial literacy ecosystem designed to inculcate financial management skills among Nigerian children through an engaging, gamified platform,” she explained.
“Financial literacy is not a luxury. It’s a life skill. And like most life skills, the best time to learn is from childhood. That’s 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,” Abimbola added.
The GenFi platform creatively leverages behavioural science and gamification to ensure that financial learning is both fun and practical.
Parents are able to track transactions, provide guidance, and initiate conversations around money management, helping to not only build financial awareness but also strengthen family bonds.
Illustrating the app’s potential, Abimbola cited the example of a 12-year-old saving for a bicycle. “Not only are they learning to save, but also patience, discipline, and the value of delayed gratification. That’s the GenFi advantage,” she remarked.
Reactions from attendees at the launch event further underscored the platform’s promising future. Master Ajayi Favour, a student of Victoria Island Junior Secondary School, praised the app as an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.” He expressed optimism that GenFi would achieve global recognition.
Sylvia Ezeora, a school proprietor who was also present, described the app as “user-friendly, educational, and motivational for children,” noting its potential to “empower parents to reinforce positive behaviour through rewards for completed tasks.”
Similarly, parent and guest, Genevieve Adindu, lauded Unity Bank for the innovation, saying that GenFi “provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo (local piggy bank) with a more effective digital tool.”
With its user-centric design and focus on long-term behavioural change, GenFi is poised to set a national benchmark in youth-focused digital banking.
The launch drew participation from key stakeholders in education, finance, and technology, as well as enthusiastic young students who are expected to be early adopters of the platform.
By targeting the next generation, Unity Bank’s GenFi is not only addressing a critical financial knowledge gap but also contributing to building a more financially inclusive and sustainable Nigerian economy.
