In a strategic move to redefine financial literacy for the next generation, Unity Bank Plc has launched GenFi, a dynamic digital banking platform designed to empower children and teenagers between the ages of 8 and 18 with essential money management skills.
This innovation comes against the backdrop of a recent report by the Central Bank of Nigeria, which revealed that only 38% of Nigerian adults are financially literate—a statistic that highlights the critical need for early and impactful financial education.
GenFi (short for Generation Finance) is more than a banking app; it’s an interactive ecosystem that allows young users to track earnings, set savings goals, cultivate smart spending habits, and learn financial responsibility—all under the watchful guidance of parents or guardians.
At the launch event held in Lagos, Acting Managing Director/CEO of Unity Bank, Mr. Ebenezer Kolawole, described the initiative as a milestone in the bank’s journey to democratize financial access. “With GenFi, Unity Bank is innovating with purpose—creating an inclusive, tech-driven solution that nurtures financial intelligence in children and teenagers. It aligns with our long-standing mission to drive financial inclusion across all segments,” Kolawole said.
He added, “GenFi is a visionary product designed for Gen Z and Gen Alpha. It is a Personal Finance Management solution and a vital tool to close the knowledge gap in financial literacy among young Nigerians.”
Mrs. Adenike Abimbola, Divisional Head, Retail and SME Banking at Unity Bank, highlighted GenFi’s unique features. “This isn’t just another banking app. GenFi is a financial literacy ecosystem that uses gamification and behavioural science to engage, educate, and empower children. Financial literacy is a life skill, and there’s no better time to start than childhood,” she said.
She emphasized the app’s educational value: “Imagine a 12-year-old saving towards a bicycle. They’re not only learning to manage money but also learning discipline, patience, and the importance of delayed gratification.”
Parental involvement is central to the GenFi experience. The app enables parents to oversee transactions, monitor goals, initiate conversations around money, and even reward positive financial behaviours, fostering stronger bonds and a shared journey toward financial empowerment.
Feedback from the launch was overwhelmingly positive. Master Ajayi Favour, a student of Victoria Island Junior Secondary School, called GenFi an “innovative solution” that will “equip children with intelligence, financial management skills, and independence.”
School proprietor Sylvia Ezeora described the app as “user-friendly, educational, and motivational,” noting its dual value in educating kids and empowering parents. Meanwhile, Genevieve Adindu, a parent, lauded the platform for replacing outdated saving methods like the kolo (local piggy bank) with a more impactful and engaging tool for today’s digital-native youth.
GenFi is positioned to become a national benchmark in youth-focused digital banking and financial education. With strong potential to drive economic inclusion and instill sustainable habits from an early age, the initiative reinforces Unity Bank’s role as a catalyst for generational change.
The launch event brought together stakeholders from the education and financial sectors, technology partners, parents, students, and media representatives—underscoring the broad support and far-reaching impact of the GenFi vision.
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