Nigeria’s retail lender, Unity Bank Plc, has made a daring step to rethink the promotion of financial literacy by launching GenFi, a new digital banking platform designed to equip children and teens aged 8 to 18 with critical financial skills.
Only 38% of Nigerian individuals are financially literate, according to research released by the Central Bank of Nigeria. This concerning figure emphasises how urgently early financial education is needed. By providing young users with the tools to efficiently manage their finances, track and aggregate their income or allowances, set and meet savings targets, and form wise spending habits under parental supervision, GenFi seeks to buck this tendency.
Mr. Ebenezer Kolawole, Managing Director/Chief Executive Officer (Ag) of Unity Bank Plc, stated during the formal launch ceremony in Lagos that the GenFi App’s release marks a major turning point since Unity Bank’s entry into the retail banking market began several years ago.
According to him: “As the bank continues to evolve, the institution is constantly innovating with technology to enable us to drive more financial inclusiveness in different segments of the market.”
Continuing, he clarified that the goal of GenFi was to raise a generation of financially astute individuals and enable them to make more informed financial decisions. He stated: “GenFi is short for Generation Finance, and 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 Solution.
“GenFi is a market proposition that helps us address a critical knowledge gap among our kids and teens as it also connects with the strong passion of parents desirous to empower their wards with financial literacy,” he added.
GenFi is a financial product that extends beyond banking, according to Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking at Unity Bank. As such, it is a financial literacy ecosystem created to teach financial literacy skills to Nigerian children through an entertaining and gamified platform.
She had this to say: “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.”
By using gamification and behavioural research, the GenFi platform makes learning finance enjoyable and useful. Through transaction monitoring, financial behaviour guidance, and in-person discussions about money management, parents can foster solid family ties in addition to financial literacy.
She went on to say: “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.”
Master Ajayi Favour of Victoria Island Junior Secondary School, one of the kids who attended the launch, spoke following the ceremony and characterised GenFi as an: “Innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”
I am confident that the app will become popular among the target demographics and expand globally, he said.
Additionally, Sylvia Ezeora, a guest at the event and the owner of the school, characterised the GenFi app as: “User-friendly, educational, and motivational for children.”
According to her, “The app empowers parents to reinforce positive behaviour through rewards for completed tasks and promotes responsibility,” in addition to teaching financial literacy.
GenFi “Provides a modern, engaging approach to instilling saving habits early in life, replacing traditional methods like the kolo with a more effective digital tool, thereby becoming a powerful companion for children’s financial education,” said Genevieve Adindu, another guest and parent who praised Unity Bank for the creative solution designed for kids ages 8 to 18.
With the potential to promote sustainability and economic inclusion for all generations, GenFi is positioned as a national standard for digital banking targeted at young people. Key players from the media, education, and finance industries, as well as young students who will be early adopters, attended the inaugural ceremony.
