Unity Bank Launches GenFi to Empower Kids and Teens with Financial Literacy
In a bid to revolutionize financial literacy in Nigeria, Unity Bank Plc has launched GenFi, a digital banking platform designed specifically for children and teenagers aged 8 to 18. The initiative aims to equip the younger generation with crucial financial skills that will help them manage money, track their allowances, set and achieve savings goals, and develop healthy spending habits—all under the guidance of their parents.
This launch comes on the heels of a concerning report from the Central Bank of Nigeria (CBN), which revealed that only 38% of Nigerian adults are financially literate. The low percentage highlights the pressing need for early financial education, and GenFi is Unity Bank’s solution to this problem, ensuring that children and teens are better prepared for financial independence in the future.
At the official unveiling of GenFi in Lagos, Ebenezer Kolawole, the acting Managing Director of Unity Bank, emphasized that this platform marks a significant milestone in the bank’s evolution within the retail banking sector. He stated, “As the bank continues to evolve, we are constantly innovating with technology to drive financial inclusiveness across various market segments.”
Kolawole further explained that the GenFi app was created with the goal of nurturing a financially literate generation that can make informed financial decisions. He highlighted the app’s focus on Generation Z and Generation Alpha, who are increasingly exposed to digital tools and need a solid foundation in managing finances. “GenFi stands for Generation Finance,” Kolawole explained, “and with this app, we are pioneering a solution designed to empower children and teenagers with essential financial literacy skills.”
Through GenFi, Unity Bank is not only addressing the knowledge gap that exists in financial education for young Nigerians but is also responding to the growing desire among parents to equip their children with vital skills for a successful financial future.
The app offers a comprehensive suite of features, including the ability for users to track their income or allowances, set savings goals, and manage their finances more efficiently—all while benefiting from parental supervision and guidance. With a focus on hands-on learning, GenFi provides a user-friendly platform where kids and teens can start their journey toward financial independence.
This launch further solidifies Unity Bank’s commitment to fostering financial inclusivity and advancing the nation’s digital literacy, particularly among the younger generation, as part of the bank’s broader mission to empower communities and promote financial independence.
