Unity Bank Plc has launched GenFi, a gamified digital banking platform designed to teach children and teenagers core money management skills, making a bold statement in the push for early financial literacy.
Targeting users aged 8 to 18, GenFi empowers young Nigerians to develop smart saving and spending habits under parental supervision. The platform allows them to track allowances, set savings goals, and gain practical knowledge of personal finance—an initiative inspired by troubling data from the Central Bank of Nigeria showing that only 38% of Nigerian adults are financially literate.
Speaking at the launch event in Lagos, Acting Managing Director and CEO of Unity Bank, Mr. Ebenezer Kolawole, described GenFi as “a pioneering solution” that reflects the bank’s ongoing commitment to innovation and inclusive finance.
“As the bank evolves, we’re leveraging technology to drive inclusiveness across all segments. GenFi is short for ‘Generation Finance’ and represents our vision to nurture a financially savvy generation from an early age,” Kolawole said.
Mrs. Adenike Abimbola, Divisional Head of Retail and SME Banking, noted that GenFi is more than a banking tool—it’s a complete financial literacy ecosystem. “Financial literacy is a life skill. With GenFi, we’re giving children and teens a fun, engaging way to learn discipline, planning, and independence,” she said.
The app uses gamification and behavioral science to make learning practical and enjoyable. Parents can supervise transactions, guide financial behavior, and foster money conversations at home.
“Imagine a 12-year-old saving for a bicycle—not only are they learning to save, but they’re also practicing patience and the value of delayed gratification. That’s the GenFi advantage,” Abimbola added.
Students and parents at the event welcomed the innovation. Master Ajayi Favour, a student from Victoria Island Junior Secondary School, praised GenFi as a solution that will “equip kids with financial intelligence.” Parent Genevieve Adindu called the app “a modern replacement for the traditional kolo box,” while school proprietor Sylvia Ezeora described it as “user-friendly, motivational, and empowering for both children and parents.”
With GenFi, Unity Bank is positioning itself as a front-runner in youth-focused digital banking, aiming to bridge financial knowledge gaps and promote a culture of savings from an early age.
