In a strategic push to reshape how young Nigerians learn about money, Unity Bank Plc has introduced GenFi, a digital banking platform designed to teach children and teenagers, ages 8 to 18, essential financial skills through gamified tools and parental collaboration.
The launch comes amid growing concern about financial literacy in Nigeria. According to a Central Bank of Nigeria report, only 38% of adults in the country are financially literate, a statistic Unity Bank hopes to address by starting education much earlier.
With GenFi, users can manage money, set savings goals, track allowances or earnings, and develop smart spending habits, all within an engaging, digital environment. Parents can guide and supervise their children’s financial decisions, creating teachable moments and strengthening trust.
At the official launch in Lagos, Unity Bank’s Acting Managing Director/CEO, Mr. Ebenezer Kolawole, described the app as a major milestone in the bank’s retail banking evolution. He stated that “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”.
Mr. Kolawole emphasized that GenFi — short for Generation Finance — was developed to empower Gen Z and Gen Alpha with practical money management tools. “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.”
Also speaking at the event, Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking at Unity Bank, highlighted GenFi as more than a financial product, calling it a “financial literacy ecosystem.”
“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,” she said.
GenFi’s design is rooted in behavioural science and gamification, offering children rewards for achieving goals, tracking progress, and completing tasks. The app encourages patience, goal-setting, and delayed gratification — all vital elements of responsible money habits.
Guests at the event echoed these sentiments. Master Ajayi Favour, a student from Victoria Island Junior Secondary School, called GenFi an “innovative banking solution that will equip children and teenagers with financial intelligence, management, and independence.”
Sylvia Ezeora, a school proprietor, described it as “user-friendly, educational, and motivational for children”, adding that it empowers parents to reward completed tasks and foster responsibility.
Genevieve Adindu, a parent, praised the app’s ability to modernise savings habits: “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.”
With GenFi, Unity Bank positions itself as a trailblazer in youth-focused banking, blending finance, technology, and education to promote long-term economic inclusion and intergenerational sustainability.
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