Unity Bank Introduces GenFi, a Playful Banking App for Young Nigerians
By Patience Ikpeme
As part of the bank’s contribution towards boosting financial literacy among the youth, Unity Bank Plc has launched GenFi, a novel digital banking platform specifically designed for children and teenagers aged 8 to 18.
This initiative aims to equip the younger generation with essential financial skills through an engaging and interactive mobile application.
The introduction of GenFi comes on the heels of a Central Bank of Nigeria report indicating that only 38% of Nigerian adults possess adequate financial literacy. This concerning statistic underscores the critical need for early and effective financial education to empower future generations.
GenFi seeks to address this challenge by providing young users with the tools to manage their money effectively. The platform allows them to aggregate and monitor their allowances or other income, establish and achieve personal savings goals, and cultivate responsible spending habits, all under the guidance of their parents or guardians.
Speaking at the official launch event held in Lagos, the Acting Managing Director/Chief Executive Officer of Unity Bank Plc, Mr. Ebenezer Kolawole, described the launch of the GenFi App as a pivotal moment in the Bank’s retail banking journey, which began several years ago. He stated 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 the inspiration behind GenFi was the aspiration to cultivate a generation that is financially astute and empowered to make informed financial decisions from an early age.
He elaborated, “GenFi, short for Generation Finance, represents the Bank’s pioneering solution crafted to empower Children and Teenagers, particularly those in Generation Z and Generation Alpha, with vital financial literacy skills and a comprehensive Personal Finance Management Solution.”
Mr. Kolawole also noted, “GenFi is a market proposition that helps us address a critical knowledge gap among our kids and Teens, while also aligning with the strong desire of parents to empower their children with financial literacy.”
Similarly, the Divisional Head of Retail and SME Banking at Unity Bank, Mrs. Adenike Abimbola, characterized GenFi as more than just a banking product. She described it as a comprehensive financial literacy ecosystem meticulously designed to instill crucial financial skills in Nigerian children through an engaging and gamified platform.
Mrs. Abimbola stated, “Financial literacy is not a luxury; it’s a fundamental life skill. And like most essential life skills, the optimal time to learn is during childhood. This is the core reason behind the creation of GenFi – not merely as a banking application, but as an interactive experience that fosters discipline, planning abilities, and financial independence from a young age.”
The GenFi platform strategically utilizes behavioral science principles and gamification techniques to make learning about finance both enjoyable and practical for young users. Parents retain the ability to monitor their children’s transactions, guide their financial behaviors, and initiate meaningful real-life conversations about money management. This approach not only promotes financial skills but also strengthens family communication and understanding around financial matters.
“Imagine a 12-year-old setting a goal to save for a bicycle,” Mrs. Abimbola illustrated, “they are not only learning the mechanics of saving but are also developing patience, discipline, and an understanding of the value of delayed gratification. This is the unique advantage that GenFi offers.”
Speaking after experiencing the GenFi platform, Master Ajayi Favour, a student from Victoria Island Junior Secondary School who attended the launch event, described it as an “innovative banking solution that will equip children and teenagers with financial intelligence, management skills, and financial independence.” He expressed confidence that the app has the potential to achieve global reach and popularity among its target demographic.
Also present at the launch, school proprietor Sylvia Ezeora lauded the GenFi app as “user-friendly, educational, and highly motivational for children.” She observed that beyond its role in teaching financial literacy, “the app empowers parents to reinforce positive behavior through rewards for completed tasks and promotes a sense of responsibility in children.”
Another guest and parent, Genevieve Adindu, commended Unity Bank for developing this innovative solution specifically tailored for children aged 8 to 18. She noted that GenFi “provides a modern and engaging approach to instilling saving habits early in life, effectively replacing traditional methods like the ‘kolo’ with a more efficient digital tool, thereby becoming a powerful companion for children’s financial education.”
GenFi is positioned as a potential national benchmark for youth-focused digital banking, with the capacity to significantly drive economic inclusion and financial sustainability across generations. The launch event witnessed the participation of key stakeholders from the education and finance sectors, technology partners involved in the app’s development, members of the media, and enthusiastic young students who are expected to be among the platform’s early adopters.
