Unity Bank Unveils GenFi App to Boost Financial Literacy Among Children and Teens

Unity Bank Unveils GenFi App to Boost Financial Literacy Among Children and Teens Lagos, Nigeria – May 5, 2025 — In a strategic move to ...

Unity Bank Unveils GenFi App to Boost Financial Literacy Among Children and Teens

Lagos, Nigeria – May 5, 2025 — In a strategic move to deepen financial literacy among the younger generation, Unity Bank Plc has launched GenFi, a gamified digital banking platform specifically designed for children and teenagers aged 8 to 18.

The initiative responds to findings by the Central Bank of Nigeria, which revealed that only 38% of Nigerian adults are financially literate—highlighting the urgent need for early financial education.

GenFi, short for Generation Finance, provides a hands-on platform where young users can manage allowances, set savings goals, track spending, and learn essential financial habits under the supervision of their parents or guardians. It integrates behavioural science and gamification to make learning about money both fun and practical.

Speaking at the launch event held in Lagos, Unity Bank’s Acting Managing Director/Chief Executive Officer, Mr. Ebenezer Kolawole, described the app as a milestone in the bank’s retail banking journey.

“As Unity Bank continues to innovate and evolve, GenFi represents a bold step toward improving financial inclusiveness, particularly among Gen Z and Gen Alpha,” said Kolawole. “Our goal is to empower this demographic with lifelong financial skills, starting from an early age.”

Also speaking at the event, Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking, emphasized that GenFi is more than just a banking app.

“It is a financial literacy ecosystem crafted to teach children essential money management skills through an engaging, interactive experience,” she explained. “Financial literacy is a life skill, and the earlier it is acquired, the more effective it becomes.”

Parents can use the app to monitor transactions, set financial challenges, and reward achievements, encouraging children to develop discipline, responsibility, and delayed gratification.

Demonstrating its practical impact, a student attendee, Master Ajayi Favour from Victoria Island Junior Secondary School, praised GenFi as a tool that “will equip children and teenagers with financial intelligence, management, and independence.”

Similarly, Sylvia Ezeora, a school proprietor, lauded the app’s educational features and ease of use, stating it “empowers parents to reinforce positive behaviour through goal-setting and rewards.”

Parent and guest, Genevieve Adindu, noted GenFi’s potential to modernize financial education: “It replaces the traditional ‘kolo’ savings method with a digital alternative that engages kids and sets them up for long-term financial responsibility.”

GenFi is being positioned as a national model for youth-oriented digital banking and is expected to play a significant role in driving economic inclusion and financial sustainability for future generations.

The launch drew key stakeholders from the banking, education, and tech sectors, as well as students who will be among the app’s first users.