In a bold move to redefine promotion of financial literacy, Nigeria’s retail lender, Unity Bank Plc, has unveiled GenFi, a new digital banking platform tailored to empower kids and teenagers between the ages of 8 and 18 with essential financial skills.
The launch follows a report by the Central Bank of Nigeria, which found that only 38% of Nigerian adults are financially literate. This alarming statistic underlines the urgent need for early financial education.
GenFi, therefore, aims to reverse this trend by offering young users the platform to manage money effectively, aggregate and track allowances or income, set and achieve savings goals, and develop smart spending habits with parental guidance.
Speaking at the official launch event in Lagos, the Managing Director/Chief Executive Officer (Ag) of Unity Bank Plc, Mr. Ebenezer Kolawole, said the launch of the Genfi App represents a significant milestone since Unity Bank’s foray into retail Banking started several years ago, adding 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 explained that Genfi was inspired by the desire to nurture a financially savvy generation, and empower them to make smarter financial choices.
He said, “GenFi is short for Generation Finance, and with this app, the Bank is pioneering a solution designed to empower Children, 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.”
Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, described GenFi as a financial product that goes beyond Banking: hence a financial literacy ecosystem designed to inculcate financial literacy skills amongst Nigerian Children through an engaging and gamified platform.
“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 explained.
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